FARMINGTON HILLS, Mich. — Chrysler Financial recently announced it is restructuring its business operations to better align to the current market environment. This restructuring includes a reduction in the company's work force of about 9 percent. Officials attributed this need for realignment to declining vehicle sales, tight capital markets and the decision to shift Chrysler Group […] [Read More]

DETROIT — On the heels of General Motors announcing it received bankruptcy court approval to sell its assets to a new company, GMAC Financial Services announced its reaction. The company indicated that it has been notified that the U.S. Bankruptcy Court has approved the sale of assets of GM Corp. to an entity sponsored by the […] [Read More]

ALEXANDRIA, Va. — U.S. consumer bankruptcy filings came in at a level that was 36.5 percent higher for the first six months of this year, compared to last year, according to the American Bankruptcy Institute. Based on data from the National Bankruptcy Research Center, ABI said bankruptcies came in at 675,351 nationwide during the first six […] [Read More]

WASHINGTON, D.C. — While indirect auto loan delinquencies showed some improvement in the first quarter, direct auto loan delinquencies were another story, according to the American Bankers Association. On the positive side, the ABA announced today that indirect delinquencies dropped slightly from 3.53 percent from the prior quarter to 3.42 percent. However, auto loan delinquencies grew from 2.03 […] [Read More]

ORLANDO, Fla. —  As an eroding economy impacts businesses and car shoppers across the board, many buy-here, pay-here dealers are often faced with the challenge of customers not being able to make their payments. But many times, there are alternatives to repossession that end up working better for all parties involved.  And many BHPH stores […] [Read More]

WASHINGTON, D.C. — Starting on Wednesday, auto, RV and other dealerships could start applying for Small Business Administration-guaranteed dealer floor plan financing, which can make it easier for these small businesses to borrow against their inventory and increase their cash flow. The new pilot program is one of the many tools SBA is making available to […] [Read More]

CHICAGO — In response to auto-loan delinquencies growing by more than 27 percent over the last year, TransUnion has launched new tools to help dealers and lenders better analyze consumers. To assist the industry in today's dynamic economic climate, TransUnion introduced the availability of Auto Summary and APR Estimator, new solutions to provide insight when evaluating a customer for […] [Read More]

COLLEYVILLE, Texas — The National Vehicle Certification Program Group announced it has partnered with Driveway Financial Services to bring additional lenders to independent and franchised dealers currently certifying vehicles through its program. The NVCP certified pre-owned program includes a physical inspection, visual inspection, Scientific Fluid Analysis for both engine and transmission, a test drive and photographic […] [Read More]

FOUNTAIN VALLEY, Calif. — In an effort to drive sales by enticing buyers, Hyundai announced it has added to its Assurance program by now guaranteeing a year's worth of gas at $1.49 per gallon. Basically, as gas prices typically grow over the summer months throughout the country, when many people are looking to hit the road, […] [Read More]

DETROIT — As many are aware, GMAC recently struck a deal to help Chrysler dealers; however, some these dealers are being left out in the cold because they do not meet credit requirements. GMAC confirmed late last week that not all Chrysler dealers who were approved for interim wholesale financing in May will receive long-term assistance. However, GMAC […] [Read More]