S&P Global Ratings described collateral performance for the subprime sector in its latest U.S. Auto Loan ABS Tracker as “mixed.” Overall on a year-over-year basis, analysts indicated the performance for both the prime and subprime sectors exhibited higher losses and ... [Read More]

With officials saying some auto finance companies “deceived” individuals in multiple ways, the Consumer Financial Protection Bureau recently tabulated that its supervisory actions during the first four months of the year uncovered “illegal activities” that led to approximately $24.5 million ... [Read More]

During the past month, Reynolds and Reynolds added three more states to its network associated with Reynolds Document Services. Joining the ranks are New Mexico, Idaho and Kentucky. Dealerships in 22 states can now access a comprehensive catalog of standardized, legally ... [Read More]

For the seventh consecutive year, the American Financial Services Association and the National Automobile Dealers Association co-sponsored an executive forum to discuss legislative, regulatory and operational challenges facing dealers and finance sources. Led by David Paul, chair of AFSA’s Vehicle ... [Read More]

Heritage Acceptance hopes to increase its financing efficiency and speed by teaming up with defi SOLUTIONS. The subprime finance company announced recently that it is now utilizing the defi SOLUTIONS loan origin system (LOS), after going live with the solution ... [Read More]

An important number that the nation’s auto dealers should know is 2663. NADA’s battle to tame the Consumer Financial Protection Bureau continues and Senate bill S. 2663 is the next chapter. This bill, entitled, “Reforming CFPB Indirect Auto Financing Guidance ... [Read More]

For the third time in the span of about a year, New York attorney general Eric Schneiderman announced a settlement with a dealership regarding either the advertising or the financing practices conducted by the store. The most recent development is ... [Read More]

Ally Financial has added a former General Electric executive to its own board of directors. The company announced this week that William “Bill” Cary has been appointed to the Ally board of directors, filling the role left by Cerberus Capital ... [Read More]

The size of the U.S. subprime population is getting smaller — at least that’s what FICO says. And large finance companies such as General Motors Financial again acknowledged that the segment of its portfolio composed of subprime paper will continue to ... [Read More]

Security National Automotive Acceptance Co. (SNAAC) was recently named a top workplace in the Cincinnati area, due to positive feedback from employees. SNAAC announced that it has been selected as one of Greater Cincinnati’s Top Workplaces for the third time ... [Read More]