NEW  YORK — Earlier this week, GMAC Financial Services announced that it has named a corporate treasurer. Taking on the position is Jeffrey Brown, In this role, he will have responsibility for all treasury activities, including funding and balance sheet management. He will report to GMAC chief risk officer Sam Ramsey. "Jeff's experience and leadership will be […] [Read More]

ALEXANDRIA, Va. — U.S. consumer bankruptcy filings increased 29.2 percent nationwide in February from the same period a year ago, according to the American Bankruptcy Institute, which relies on data from the National Bankruptcy Research Center. The overall February consumer filing total of 98,344 represented nearly an 11-percent increase from the January total of 88,773. Chapter […] [Read More]

SALT LAKE CITY — Prestige Financial announced that it has established a three-year senior secured line of credit with Wells Fargo Preferred Capital. The facility will replace an existing line of credit and support ongoing financing activities.  WFPC will act both as lender and agent in the new facility, allowing additional lenders to participate in syndication […] [Read More]

SARASOTA, Fla. — CarBiz and Dealer Services Corp. of Indiana have partnered to launch a Lease-Here, Pay-Here program that can provide dealers with access to $100 million in new capital. The program will be formally launched during the National Alliance of Buy-Here, Pay-Here Dealers Conference in Las Vegas on May 12-14.  CarBiz and DSC of Indiana […] [Read More]

WASHINGTON, D.C. — The Department of Treasury and the Federal Reserve Board officially announced the launch of the Term Asset-Backed Securities Loan Facility this morning, saying the program has the potential to generate up to $1 trillion of lending for businesses and households. TALF, a component of the Consumer and Business Lending Initiative, is designed to […] [Read More]

SYRACUSE, N.Y. —  XpressCredit announced its technology is now available to the USA Auto Loans network of dealers through a new partnership. USA Auto Loans specializes in connecting independent dealers with subprime and prime lenders, as well as other products that aid dealers. Basically, the company handles dealer floor-plan lines of credit, service contracts, warranties and Red Flag compliance […] [Read More]

LAKE FOREST, Calif. — National Creditors Connection Inc. recently added three new national account managers to bolster the company's operations in the Northeast, Midwest and Southeast regions of the nation.  Katie Thibodeau, Ariel Lane and Keith Rowe will work to bring on new credit unions, local and state banks and finance and mortgage companies to the […] [Read More]

HOUSTON — There is finally some good news for dealerships and credit unions thanks to a new Auto Financial Group product that allows the companies to offer customers a new financing option which insures vehicle residual values. Auto Financial Group, an online provider of residual-based financing products for credit unions, rolled out the Driving Sense product recently […] [Read More]

NEW YORK — In its latest market analysis, Fitch Ratings shared its take on what 2009 will likely bring for auto finance metrics. Getting even more specific, Fitch took a close look at how some captive and non-companies are performing to support its overall conclusions. Kicking it off, Fitch explained that while it's a new year, […] [Read More]

SARASOTA, Fla. — CarBiz announced this week that it has successfully restructured its debt with a credit facility from Dealer Services Corp. of Indiana. DSC (of Indiana) purchased CarBiz's prior credit facility from SWC Services LLC, which is in bankruptcy in Illinois, the company said. In connection with the new credit facility, DSC has forgiven approximately […] [Read More]