WASHINGTON, D.C. — May saw a considerable downfall in consumer bankruptcies both month-over-month and year-over-year, according to the American Bankruptcy Institute. Sliding by 16 percent year-over-year, data from the National Bankruptcy Research Center showed that May's overall consumer filings totaled ... [Read More]

FORT WORTH, Texas — Soon after word spread about an upcoming dealer floor plan program, GM Financial this week revealed pricing of a $1 billion offering of automobile receivables-backed securities through lead managers Barclays Capital, RBS and Wells Fargo Securities. ... [Read More]

DALLAS — Citing strong demand, Vehicle Acceptance Corp. announced it is bringing its buy-here, pay-here services to a new office in the Northwest. VAC entered the Portland, Ore., market last year in anticipation of the branch opening, management explained. "We ... [Read More]

DES MOINES, Iowa — As lenders look to grow profitability and market share, subprime could become an attractive avenue again, albeit with tighter underwriting criteria. In perhaps one indication of the subprime market's slow return, Chase Auto Finance announced today that ... [Read More]

JOPLIN, Mo. — As the company's dealership barely escaped severe damage, CarHop is broadening its efforts to serve customers in Joplin, Mo., site of nation's deadliest single tornado since the National Weather Service started keeping records in 1950. Along with ... [Read More]

PHILADELPHIA — VINtek announced that its consumer auto finance Web portal is now compatible with the Apple iPhone and iPad. The company's TitleMyCar website can enable dealers to cut down on processing time and costs by electronically delivering documents to borrowers for ... [Read More]

LOS ANGELES — Westlake Financial Services recently finalized a revolving securitization facility with Wells Fargo Securities worth $250 million. The company said the deal closed May 26. "This latest securitization is another step towards realizing our goal of becoming a ... [Read More]

ANAHEIM, Calif. — In conjunction with hiring a new senior vice president and team leader for its commercial banking group, Sunwest Bank revealed it's now offering rediscount lines of credit to indirect subprime auto lenders from its Anaheim, Calif., office. Rediscount ... [Read More]

FORT WORTH Texas — General Motors dealers who use GM Financial to service subprime buyers could be using the company for more store financing operations later this year. GM Financial confirmed Wednesday that it plans to give franchise dealers a ... [Read More]

BANDON, Ore. — CNW Research's May used-vehicle sales figures show how independent and buy-here, pay-here dealers struggled somewhat to maintain retail traction because of inventory limitations. Independent dealers sold 1,490,749 used vehicles in May, a decline of 4.4 percent from ... [Read More]