CHICAGO — Unitrin, which is Fireside Bank's parent company, announced today that the subsidiary is suspending new lending activity and exiting the auto finance business. Basically, Unitrin said this decision follows a review into the strategic alternatives for Fireside. The move will allow Unitrin to "substantially recoup its investment in Fireside of approximately $240 million over […] [Read More]

ONTARIO, Calif. — CUDL and Kia Motors America announced they have entered a  new partnership to provide credit union members discounts on new 2008 and 2009 vehicle purchases. The new partnership between the Credit Union Service Organization and KMA provides members at CUDL's partnering credit unions access to special manufacturer discounts on the purchase of new […] [Read More]

DETROIT — In a statement released this week, GMAC Financial Services said it is doing everything it can to provide broad-based funding support for dealerships during the difficult economy. For instance, even with the tight credit markets, the company said it is continuing to provide wholesale financing for about 75 percent of GM dealers, which it […] [Read More]

SCHAUMBURG, Ill. — This morning, Experian Automotive announced that 60-day past due climbed by double digits year-over-year from the fourth quarter of 2007 to 2008. More specifically, the company discovered that these delinquencies are up nearly 17 percent. Currently, 1.04 percent of all auto loans are 60 days past due, compared with 0.89 percent in the fourth […] [Read More]

DES MOINES, Iowa — Wells Fargo Preferred Capital announced this week that it recently added $20 million to Summit Financial Corp.'s existing Bank of America Business Credit facility of $55 million, bringing the total facility to $75 million. Currently in its 25th year, Summit provides auto financing to borrowers throughout Florida. Summit has $76.9 million in […] [Read More]

RANCHO SANTA MARGARITA, Calif. — Finance Express, a leading provider of Web-based financial services and technology for independent auto dealerships, recently announced that ComplyNet Corp. has entered an agreement to join the its online dealer management system. ComplyNet offers online and on-site compliance and risk management tools for dealers throughout the country. "The way a dealer […] [Read More]

CHICAGO — Throughout the nation, the 60-day auto delinquency rate climbed by almost 9 percent year-over-year in the fourth quarter, according to TransUnion.com. Discussing these results with SubPrime Auto Finance News, Pete Turek indicated that delinquencies will rise 41 percent through 2009, but that the market has already seen much of this increase occur. "Since the […] [Read More]

LOS ANGELES — Automotive Finance Consumer Division and Nowcom Corp. announced today that they will soon begin providing dealers access to new lender opportunities via XpressCredit. This lending platform will be made available through their fully integrated dealer management system called Dealer Desktop. "This new partnership brings additional lenders to our platform, which during these tough […] [Read More]

ALEXANDRIA, Va. — To help its members, the American International Auto Dealers Association's affinity partner, Key AutoFinance, has introduced Key Inventory Management. The program is a Web-based solution designed to help dealers take greater control of the management of floor plan accounts. Key Inventory Management can provide secure, online access to floor plan information 24 hours […] [Read More]

DETROIT — GMAC Financial Services issued a statement on Monday offering an update on how TARP funds have helped the company expand its retail automotive financing, in addition to floor planning for dealers. —Upon receiving TARP funds in late December, GMAC said it immediately expanded the retail credit available to consumers to facilitate the purchase of […] [Read More]