CINCINNATI — Security National Automotive Acceptance Corp. recently received revolving credit facilities from both Wells Fargo Preferred Capital and Fifth Third Bank to expand its auto finance and insurance operations. The total amount SNAAC secured was $200 million. "We are extremely ... [Read More]

NEW YORK — After conducting analysis spotting a significant need, Sparta Commercial Services this week is launching a new consumer leasing program targeted at the non-prime powersports market. Fueled by a multimillion-dollar line of credit it closed recently, Sparta believes it ... [Read More]

NEW YORK — Fitch Ratings recently revealed that U.S. prime auto delinquencies declined 33 percent on a year-over-year basis. On a month-to-month basis, delinquencies inched higher just a bit, however, which Fitch attributes mostly to seasonal trends. Fitch found that prime ... [Read More]

SALT LAKE CITY — Prestige Financial Services announced late last week it established an asset-backed commercial paper conduit facility through J.P. Morgan Chase Bank, N.A. in Chicago. Executives indicated the facility totaled $150 million. They went on to note the ... [Read More]

DES MOINES, Iowa — For the second time this month, Wells Fargo Preferred Capital handed out a revolving credit facility to a regional non-prime lender that works with franchise and independent dealerships. The latest facility coming to fruition last week was for ... [Read More]

BANDON, Ore. — As of August, the share of used-vehicle sales to consumers with FICO scores under 619 apparently rose to the highest level since March 2008. However, on the new-car side, buyers with a FICO below 619 have risen only ... [Read More]

IRVINE, Calif. — On Monday, Consumer Portfolio Services announced the closing of its first rated-term securitization in more than two years. The transaction represents the company's first senior subordinate securitization since 1993, according to management. In the transaction, qualified institutional buyers ... [Read More]

NEW YORK — The Standard and Poor's/Experian Consumer Credit Default Indices discovered that auto loan defaults climbed for the second consecutive month from 1.96 percent in July to 2.05 percent in August. "Except for auto loans, the consumer credit default indices ... [Read More]

HOUSTON — The National Alliance of Buy-Here, Pay-Here Dealers finalized agenda reveals that the new Consumer Protection Agency and the impact this will have on BHPH dealers will be a key topic at the upcoming Underwriting and Collection Conference. Featured speakers now ... [Read More]

HANOVER, Md. — Topics ranging from lease accounting to Red Flags and social media are on the docket for the National Vehicle Leasing Association's daylong fall workshop. Besides those three subjects, the association's workshop is set to touch on bankruptcy and GPS tracking ... [Read More]