NEW YORK — While tax rebates appeared to help consumers with paying down their debts, going forward, consumers will struggle with their bills and Fitch Ratings said it sees subprime auto losses climbing even more into the summer. More specifically, the company indicated that its 60-day plus delinquency index came in at 3.28 percent in June, […] [Read More]

CHARLOTTE, N.C. — Wachovia recently announced that its vehicle finance division is working to reduce the percentage of seven-year auto loans it is offering to consumers, setting a goal of 2 percent compared with a high of 6.5 percent. Moreover, the company reported it is increasing pricing in its auto portfolio. According to officials, managed auto loans came […] [Read More]

MINNEAPOLIS — Wolters Kluwer Financial Services announced the launch of RefundOne this week. Specifically designed for the auto dealership market, it is a patent-pending, integrated credit application and tax preparation service. RefundOne combines Wolters Kluwer Financial Services' AppOne dealership portal and trusted compliance and risk management expertise with expert tax preparation and electronic filing software. With […] [Read More]

SCOTTSDALE, Ariz. — The Automotive Dealership Institute recently announced that its first edition of the Encyclopedia of Finance and Insurance Management is now available through e-book at a limited-time cost of $49.95. This document comes in a PDF and covers almost the entire realm of the business in 772 pages. The executives involved with this publication are […] [Read More]

ORLANDO, Fla. — MenuVantage recently announced that since it was introduced in the third quarter of 2004, the company has quickly expanded and just recently achieved a major milestone of $1.5 billion in F&I product sales for its auto dealer clients. "Dealers using our software on average see $903 per unit compared to $633 per unit […] [Read More]

SAN FRANCISCO — Wells Fargo, Capital One and Chase all recently reported mixed second-quarter results, showing that the lenders remain under pressure in a challenging economic environment. Kicking it off, Wells Fargo Financial, which includes real estate and auto financing, in addition to consumer and private-label credit cards. The business segment recently posted revenue of $1.412 billion, […] [Read More]

LOS ANGELES — Westlake Financial's Board of Directors announced recently announced a new president. Taking on the position is Ian Anderson, who had been serving as senior vice president of production, business strategy and analytics since joining the company in 2005. Don Hankey, Westlake's chairman of the board and acting president, said, "Our industry has faced […] [Read More]

POWAY, Calif. — First Advantage CREDCO recently announced the availability of Red Flag IQ, which is a monthly report that summarizes potential fraud activity and related trends over a period of time. Offered free to U.S. automotive dealers who sign up for First Advantage CREDCO's complete Red Flag Solution, Red Flag IQ is available exclusively through […] [Read More]

SAN FRANCISCO — ChargeSmart LLC, a provider of online payment solutions to the financial and mortgage industries, recently reported that payments for automotive loans and leases are the most prominent transaction since the company launched its online service this past July. With a network of more than 4,000 billers, ChargeSmart's comprehensive Web-based payment application allows consumers […] [Read More]

CARY, N.C., and PHOENIX — The Lender Directory, which features almost 100 auto lenders throughout the U.S., is now available on the SubPrime Auto Finance News site. To access the directory, hover your mouse on "News" in the blue bar above this story, and you'll see the listing as a new option. The tough capital markets and economy have […] [Read More]