DEARBORN, Mich. — Ford Motor Credit announced net income of $62 million in the second quarter, down $242 million from earnings of $304 million a year earlier. The decrease in earnings primarily reflected higher borrowing costs, lower credit loss reserve reductions, higher depreciation expense for leased vehicles and higher net losses related to market valuation adjustments […] [Read More]

ATLANTA — Although women have a lot of power when it comes to purchasing vehicles, there are not a lot of resources specifically geared to help females feel comfortable with process of buying a car, explained Sheronde Glover, founder and chief executive officer of Car-Buy-Her. She came to that conclusion herself back in 2003 when […] [Read More]

WASHINGTON, D.C. — Among other trends, the Federal Reserve discovered that household credit decreased marginally since its last report. In fact, several districts observed higher delinquencies on mortgages and other consumer loans. For example, New York, Richmond, Chicago, Kansas City and San Francisco posted a declining demand for mortgages, which officials said was coupled with […] [Read More]

DALLAS — Ristken Software Services announced it has integrated rates from the Asset Protection division of Protective Life Corp. into its MenuPro product. The move was done to offer dealerships direct access to Protective's rates, in addition to rates from other providers such as Zurich, CNA Warranty and Premier Dealer Services, according to executives. Protective […] [Read More]

MCLEAN, Va. — As summer is in full swing, teens and young adults throughout the country are preparing to make the single largest purchase of their young lives — their first car. In its annual Rules of the Road survey, Capital One Financial Corp. asked these young adults what they expect to experience when purchasing […] [Read More]

HUNTINGTON BEACH, Calif. — A Triad Financial Corp. spokesperson told SubPrime Auto Finance News this week that company officials have decided to relocate remaining operational functions to their facility in North Richland Hills, Texas. After reviewing business, executives determined the move makes sense and will improve efficiencies. As part of this decision, the company said […] [Read More]

FARMINGTON HILLS, Mich. — RouteOne announced this morning that Drive Financial Services, which works in the nonprime indirect auto finance industry, has joined the growing number of finance sources on its platform. Drive Financial is a privately held company owned by Grupo Santander, which is the seventh largest global bank by profit, with a market […] [Read More]

PHOENIX, Ariz. — Dealers Auto Auction of the Southwest announced it has created an exclusive subprime lease and repossession lane for its lender clients to run vehicles. These lenders include Lobel and Westlake Financial, in addition to six other subprime lenders, with more to come. Stephanie Gingras, the facility's lease and marketing manager, is in […] [Read More]

SOUTHFIELD, Mich. — Credit Acceptance Corp. recently launched an updated corporate Web site, which is designed to better benefit dealer clients, investors and customers. The new site was created to be easier to navigate via an updated graphical layout, enhanced functionality and expanded content, executives reported. According to officials, new features on the site include: […] [Read More]

IRVINE, Calif. — In addition to discussing second-quarter financial results, Consumer Portfolio Services' officials explained exactly how their business works in their annual report. The company is an indirect specialty finance lender working in the subprime arena. For the second quarter of this year, CPS reported that it purchased $340 million contracts from dealers, compared […] [Read More]