ALEXANDRIA, Va., and ROSELAND, N.J. — U.S. consumer bankruptcy filings jumped 30 percent nationwide during the first six months of 2008 from the same period a year ago, according to the American Bankruptcy Institute, which relies on data from the National Bankruptcy Research Center. Moreover, the June consumer filing total of 82,770 was 20.7 percent more […] [Read More]

CARY, N.C., and PHOENIX — The tough capital markets and economy have led many lenders to tighten underwriting requirements and pull back from the lower credit tiers. This has left many dealers throughout the country struggling to find indirect auto lenders willing to serve their special finance customers. However, the lenders are still out there. It […] [Read More]

NEW YORK — GMAC Financial Services announced earlier this week that it has selected a marketing team led by BBH New York as its new global marketing agency of record. This move is designed to better streamline the institution's marketing efforts across borders, according to officials. Basically, executives said this decision follows a comprehensive agency selection […] [Read More]

IRVINE, Calif. — Consumer Portfolio Services, which specializes in purchasing and servicing new- and used-retail auto contracts, announced this morning that it has closed a new $10 million senior secured financing with an affiliate of Levine Leichtman Capital Partners. The company indicated that it can receive an additional $15 million in financing if certain terms and conditions […] [Read More]

MINNEAPOLIS — Wolters Kluwer Financial Services recently announced that it has partnered with the California New Car Dealers Association to develop and market Wolters Kluwer Financial Services' automotive retail installment sale contracts. The company noted that it markets its retail contracts under the Bankers Systems brand name.  Form Source, the forms reseller division of the CNCDA, […] [Read More]

FARMINGTON HILLS, Mich. — Chrysler Financial recently announced its automated contract origination process has reached several industry breakthroughs. AutOrigination First Early this year Chrysler Financial completed a series of enhancements to its AutOrigination product to enable additional dealer service providers to seamlessly integrate. This industry exclusive contract data validation system edits more than 300 fields and […] [Read More]

POWAY, Calif. — First Advantage CREDCO recently announced the introduction of ACT Portfolio Management solutions to help dealers better manage their portfolio, as well as improve their collection and recovery process by monitoring customer financial and credit behaviors. Basically, the solutions are designed as a powerful suite of automated customer tracking tools, officials noted. The ACT […] [Read More]

CARMEL, Ind. — Automotive Finance Consumer Division, a part of KAR Holdings, announced this week that it will begin offering its dealers a bankruptcy direct mail marketing program through Allegiant Marketing Group. AMG is based out of Oklahoma City, Okla., and has positioned itself within the industry as a premier source of automotive direct mail programs […] [Read More]

ARLINGTON, Texas — Ken Burke, chief executive officer of Southside Financial Group, which was recently founded to specialize in acquiring auto portfolios, announced the name of the company's president. Taking on the position is Gary Perdue, a 30-year auto finance veteran. He most recently served as chief operating officer of Wolters Kluwer/AppOne. Prior to his time […] [Read More]

SAN BRUNO, Calif. — Nomis Solutions today announced that Chrysler Financial has selected its Price Optimizer for Auto Finance to invest in new pricing technology. The solution is expected to provide Chrysler Financial with improved continuity and efficiency in each of its eight regional business centers. By leveraging a more advanced approach to pricing, Chrysler Financial […] [Read More]