ALEXANDRIA, Va. — According to the American Bankruptcy Institute, which relies on data from the National Bankruptcy Research Center, U.S. consumer bankruptcy filings jumped by nearly 33 percent nationwide in 2008 from the previous year. The data showed that the overall consumer filing total for the 2008 calendar year (Jan. 1 through Dec. 31, 2008) reached […] [Read More]

DETROIT — GMAC Financial Services announced it has resumed auto financing for a broader spectrum of U.S. customers as a result of expanded access to funding as a bank holding company. The company said it has modified its credit criteria to include retail financing for customers with a credit bureau score of 621 or above, a […] [Read More]

CHICAGO — On Monday, TransUnion.com released its third-quarter analysis of auto lending trends. TransUnion.com found that the national 60-day auto delinquency rate (the ratio of auto loan borrowers 60 or more days past due) increased between the second and third quarter of 2008 from 0.68 percent to 0.80 percent. Additionally, on a year-over-year basis, the delinquency […] [Read More]

ATLANTA — Apparently, as of June, Manchester Inc. is now known as Navigator Holdings, according to a statement that came out Monday. The company and its subsidiaries emerged from Chapter 11 bankruptcy protection June 23, 2008. "Pursuant to the terms of the confirmed Chapter 11 Plan, Manchester's senior lender, Palm Beach Multi-Strategy Fund, LLC now owns […] [Read More]

ALEXANDRIA, Va. — Looking at third-quarter and nine-month bankruptcy statistics, the American Bankruptcy Institute reported that the 292,291 total of U.S. bankruptcies filed during the third quarter represent a 34-percent increase over the 218,909 cases filed over the same period in 2007. Based on data from the Administrative Office of the U.S. Courts, total filings for […] [Read More]

FORT WORTH — AmeriCredit recently announced a new member to its board of directors, in addition to retiring $108 million of senior notes due 2015. Becoming a board director is Bruce Berkowitz, meaning AmeriCredit now has 10 board directors. Offering a bit more about Berkowitz, officials said he is the president of Fairholme Funds Inc., and […] [Read More]

CARY, N.C. — Along with sharing the top 15 most-read online stories of 2008 and site growth statistics, the SubPrime Auto Finance News staff wishes all its readers a wonderful holiday season. After today, SubPrime Update is going on hiatus until after the new year to allow its staff to celebrate the holidays. We will return […] [Read More]

CHICAGO — Offering its take on what the auto industry can expect in 2009, Fitch Ratings reported this week that sales are expected to decline by about 10.7 percent from 2008. Playing a part in this decline is the "rationing of credit" by the financing arms of the Big 3 to the highest quality borrowers, in […] [Read More]

IRVING, Texas — CitiFinancial Auto has undergone some restructuring of late in response to the ongoing difficult sales environment. Kim Pulliam, senior vice president at CitiFinancial Auto, told SubPrime Auto Finance News this morning that the company notified dealers of the changes last week. Basically, she explained that the company has moved to a model which […] [Read More]

IRVINE, Calif. — Kelley Blue Book announced today that site visitors can now access their personal credit reports on kbb.com via an agreement with FreeCreditReport.com. FreeCreditReport.com, a Web site owned by ConsumerInfo.com Inc., which is an Experian company, provides consumers with quick access to their individual credit information, giving them the opportunity to assess their financial […] [Read More]