BANDON, Ore. — While some automaker captives say that their criteria remains the same for approving auto loans, CNW Research reported this week that there are, indeed, some differences. Apparently, these financial institutions have altered the number of loans that fall into each credit tier. "Don't let the buzz fool you," Art Spinella, of CNW, said […] [Read More]

WESTLAKE VILLAGE, Calif. — Recent data from Power Information Network discovered that cash transactions for General Motors models have jumped considerably, which may indicate that these dealers are having a tough time getting financing for their customers. "GM's proportion of cash transactions, though, has jumped by almost 16 percentage points and now stands at an exceptionally […] [Read More]

SANTA MONICA, Calif. — While Jesse Toprak, of Edmunds.com, reports that the credit market is tighter than several months ago, he also indicates that credit is available for buyers. In fact, he attributes fewer sales more to the media than anything else. "Media reports about consumers who are unable to get auto loan financing are often […] [Read More]

KNOXVILLE, Tenn., and SAN DIEGO, Calif. — PROCON Inc., a leader in mobile resource management solutions, and DriveOK, a fast growing small fleet, buy-here, pay-here GPS tracking equipment and services provider, recently announced that the companies will merge. The merger enables PROCON, which serves the auto finance industry, to acquire 100 percent of DriveOK and its affiliates. […] [Read More]

LOS ANGELES — Westlake Financial Services announced it is expanding into the New Jersey market. The company now originates automotive loan contracts in a total of 35 states throughout the U.S. New Jersey contracts began being accepted on Nov. 1. Mark Vazquez, vice president of sales, indicated that Westlake already has a local dealer account manager […] [Read More]

HANOVER, Md. — The National Automotive Finance Association, J.D. Power and Associates, in addition to TransUnion, are teaming up for a Webinar Nov. 19 at 2 p.m. EST that looks at the status of the non-prime auto finance industry. "Non-Prime Auto Finance Industry Update" will offer a prime educational opportunity while taking into account increased job […] [Read More]

DALLAS — The purchase of an average-priced new vehicle took 24.1 weeks of median family income in the third quarter, according to the Auto Affordability Index compiled by Comerica Bank. The latest reading is up one week from the second quarter, but down 1.1 weeks compared with a year ago. Including finance charges, the total cost of […] [Read More]

Bankruptcies are at a three-year high, jobless claims at a 14-year high and both are increasing. So, what are the subprime lenders doing to remain profitable? What can you do to guarantee the survival of these needed financing sources? And where do you stand with your lenders?  More than 100,000 people filed and more than […] [Read More]

HOUSTON — Many subprime lenders are tightening their business and trimming back on dealer relationships, which is a boon to buy-here, pay-here dealers as many customers who normally went the more traditional finance route are now being pushed into these stores. "Subprime, if it's not dead, it's on life support," said BHPH dealer Ingram Walters, who […] [Read More]

NEW YORK — Fitch Ratings recently completed a review of the rated portfolio for public and privately placed auto lease-backed securitizations, and while indicating that its outlook is negative due to the mounting losses on lease residuals, overall, it remains generally stable. "Fitch's review determined that despite significantly higher expected losses on lease residuals, transaction structures […] [Read More]