PHILADELPHIA — Just as many other components of the auto industry and vehicle finance world have moved to the online space, the process of lien titling has become more and more electronic as technology advances. And this paperless route for lien titling can be a good thing for the industry, both in terms of saving money and […] [Read More]

WINDHAM, N.H. — Stephens & Michaels' Avert Repo division says it is helping customers facing auto repossession retain their cars. Basically, Avert works with consumers and their lenders to get consumers back in good standing and prevent repossession. "We've prevented more than 24,000 repossessions in the last 6 months," reported Dan Pellegrini, president of Avert. By […] [Read More]

NORTH RICHLAND HILLS, Texas — Triad Financial and Innovate Auto Solutions today announced their partnership to promote Triad's vehicle loan servicing to finance companies, auto dealers, investors, credit unions and other potential clients. "We have personally known Innovate's leadership team for more than 10 years. They are the best in the business, and I'm excited to […] [Read More]

NEW YORK — Zoombak recently debuted its new product called Zoombak GPS Recovery — Risk, which is a new GPS locator package for Buy-Here, Pay-Here car dealers that can help to reduce their risk in financing auto sales. Zoombak GPS Recovery — Risk can accommodate the rapidly expanding subprime market by providing simple-to-install, reliable vehicle location with no […] [Read More]

FORT WORTH, Texas — AmeriCredit announced Monday that it now in compliance with all warehouse covenants. On Monday, the company explained that it has received an amendment and extension of its master warehouse credit facility. The amendment, which was approved by all 10 active lenders in the facility, reduces the size of the facility to $1.11 billion from […] [Read More]

BUFFALO GROVE, Ill. — During the fourth quarter of 2008, owners and managers of small automotive and other vehicle dealerships indicated that economic conditions are currently having the greatest impact on their businesses, but apparently they are looking forward to an improved economy in the next 12 months, according to the latest Small Business Research Board […] [Read More]

DEARBORN, Mich. — Ford Motor Credit Co. recently announced that its board of directors and the board of directors of Ford Motor Co. have approved a plan to restructure the companies' debt through a combination of a conversion offer by Ford and tender offers by Ford Credit. As part of this debt restructuring plan, Ford Credit […] [Read More]

WASHINGTON, D.C. — The average amount financed on a new-car loan at auto finance companies continues to remain at an extremely low level, according to the Federal Reserve. Its latest analysis found that this figure is $22,922, up just slightly from $22,769 in December. In November this figure was $25,041. On a comparison basis, this number […] [Read More]

MARBLEHEAD, Mass. — When explaining the central message of what FinCo Management can offer, company founder and president Toby Reiley challenges dealers with the following question: "How many subprime customers have you lost because you can't get them bought?" In other words, the premise of the company Reiley started to build three years ago is to […] [Read More]

WASHINGTON, D.C. — SubPrime Auto Finance News obtained a copy of a letter several members of Congress sent to Federal Reserve Board Chairman Ben Bernanke and Treasury Secretary Timothy Geithner yesterday that requests more auto industry relief from the Term Asset-Backed Securities Loan Facility. More specifically, 13 congressional members addressed the need for more accessible floor-planning securitization […] [Read More]