ALEXANDRIA, Va. — Despite the tough means test, the American Bankruptcy Institute reported that due to economic issues, particularly those in the mortgage sector, consumer bankruptcy filings jumped 27 percent nationwide during the first quarter, compared to the same period in 2007. And for the first time, Federal Reserve Chairman Ben Bernanke stated Wednesday that […] [Read More]

MIAMI — With some manufacturers and dealers now offering 84-month financing on auto loans, this could lead to more consumers ending up in negative equity, according LeaseTrader.com. Consumers who accept these terms are at particular risk with the current consumer credit situation, the company pointed out. LeaseTrader.com went on to compare the type of problems these […] [Read More]

HANOVER, Md. — The National Association of Dealer Counsel Board of Directors reported that it has submitted written comments to the House Judiciary Committee to express opposition to the Automobile Arbitration Fairness Act of 2008 (H.R. 5312). The March 17 letter signed by NADC president Michael Charapp challenged the assumption underlying the legislation that dealers routinely […] [Read More]

PORTLAND, Ore. — Compli announced that it has teamed up with Sacks Tierney P.A. to provide top-tier legal information, compliance consulting and technology to Arizona dealers. The services will be offered via Compli's Dealership Compliance Management System. Sacks Tierney, based in Scottsdale, Ariz., has a 10-member Auto Practice Group, serving more than 50 Arizona dealerships in areas […] [Read More]

SCHAUMBURG, Ill. — Experian Automotive announced Monday that it has launched an automotive-specific credit profile report. Designed expressly for dealers and lenders, officials said Experian's Automotive Credit ProfileSM can help those financing auto loans more quickly and accurately make the best decision in financing the right vehicle for the right buyer. Basically, to be successful in […] [Read More]

WESTLAKE VILLAGE, Calif. — In its latest market analysis, Power Information Network reported that the retail auto business is continuing to embrace longer loans. "Six-year loans (taken out at the dealership) now account for four of every 10 new-vehicle loans, almost double the mix five years ago," the J.D. Power and Associates affiliate indicated. Additionally, the […] [Read More]

MINNEAPOLIS — To meet the growing demand for paperless finance transactions within the auto finance industry, Wolters Kluwer Financial Services announced Monday that it is offering dealers, work flow aggregators and lenders new standardized and customizable motor vehicle lease agreements in an electronic format.  The new lease documents, which are also available in paper format, are offered […] [Read More]

SARASOTA, Fla. — CarBiz recently announced that it has received a dealer license for the state of Texas. According to the company, this marks the final dealer license for CarBiz to obtain following its major acquisitions of 26 dealerships in the Midwest and one in Houston. The Houston dealership is the company's first "superstore" facility. Executives […] [Read More]

NEW YORK — Given the state of the credit markets, it was somewhat unsurprising that subprime auto asset-backed securities' performance showed higher delinquencies and losses during the fourth quarter of 2007, according to Fitch Ratings. "On a month-over-month basis, the indices remain relatively unchanged, moving up less than 5 percent," Fitch officials reported in a recent […] [Read More]

BATON ROUGE, La. — AppOne, a part of Wolters Kluwer Financial Services, along with Payless Car Sales, recently announced a partnership to provide Payless Car Sales dealers access to the AppOne platform. The AppOne platform provides Payless dealers with access to prime and subprime lenders, in addition to the ability to price and print documentation for […] [Read More]