IRVINE, Calif. — When shoppers went to Kelley Blue Book to review options for a new-vehicle purchase in 2009, they flocked to models from two nameplates significantly more than all others. Kbb.com officials determined the most-researched new vehicles on their Web site in 2009 predominately were made by either Honda or Toyota. In fact, of the […] [Read More]

MT. LAUREL, N.J. — Automotive Resources International, a global fleet solutions provider, announced that Bill McKee would retire as president, effective July 31. However, he will immediately take on the role of chief executive officer. Meanwhile, promoted into the position of president will be Carl Ortell, an executive who has been with ARI since 1987. Ortell started […] [Read More]

FOUNTAIN VALLEY, Calif. — Giving its dealers even more selling points and tools to build consumer confidence, Hyundai announced it is enhancing its Assurance Program by adding its America's Best Warranty and 24-hour Roadside Assistance services to the package. The vehicle return program — which allows Hyundai customers to turn in their rides if they lose their income […] [Read More]

In what was a very tumultuous year for the auto finance industry, reflected by the top 10 stories, companies went out of business, cut back on lending for more credit-challenged customers and much more. SubPrimeNews.com kept our thousands of readers up-to-date on the turmoil as it happened, including GMAC seeking and gaining bank holdings status, Chrysler Financial […] [Read More]

SOUTHFIELD, Mich. — Earlier this month, Credit Acceptance announced the completion of a $110.5 million asset-backed non-recourse secured financing. For this transaction, the company said it contributed loans having a net book value of about $142.3 million to a wholly owned special purpose entity which will transfer these loans to a trust. Ultimately, this entity will […] [Read More]

ATLANTA — In addition to saying the company is making strides since it has come out of bankruptcy, Navigator Acceptance president Bobby Lazenby announced the company is putting up for sale a $3.2 million portfolio, consisting of 470 seasoned, subprime auto loans. According to officials, this portfolio consists of loans that are no more than seven […] [Read More]

CHICAGO — TransUnion is predicting that auto loan delinquencies, or borrowers 60 or more days past due, will climb by about 7 percent by the end of 2010. Given that this statistic is expected to come in at 0.86 percent at the end of 2009, this means that TransUnion is forecasting the figure to reach 0.92 […] [Read More]

SALT LAKE CITY — Though investors have been extremely hesitant of late when it comes to the subprime auto asset-backed securities market, Prestige Financial Services apparently bucked this trend by tapping the credit markets for such a securitization earlier this month. Prestige Financial believes this instance is just the second transaction of its kind to succeed in the market since […] [Read More]

CINCINNATI — Automobile Consumer Services recently launched the DriveItNow.net Lending Gateway to give dealers access to financing and leasing sources. DriveItNow.net is designed to help alleviate the problem dealers are having with a tightened credit market by providing a platform of financing and leasing sources they can offer to their customers. According to the company, more […] [Read More]

HOUSTON — For the second time this month, Wolters Kluwer Financial Services expanded a relationship with a credit union service organization. This time, the arrangement is with Credit Union Acceptance Co. so it can offer the AppOne platform in more markets. Now a total of 15 participating CUAC facilities in the Houston area and three other cities in […] [Read More]