WASHINGTON, D.C. — Nearing the lowest point so far in 2010, the Federal Reserve indicated the average interest rate on new-car loans at auto finance companies slipped again in June. Federal officials pinpointed the average at 4.02 percent. Back in January, ... [Read More]

FORT WORTH, Texas — Not long after announcing that General Motors is acquiring AmeriCredit in an all-cash transaction valued at about $3.5 billion, the subprime auto lender announced its fiscal fourth-quarter and full-year financial results. The company more than doubled its ... [Read More]

SCOTTSDALE, Ariz. — Carbiz announced that as of July 29, the company has new management and a new board of directors to assume operational control. According to the company, the new management was put into place because of the prior management ... [Read More]

SOUTHFIELD, Mich. — Stabilizing returns greatly aided Credit Acceptance Corp. in making significant gains in both consolidated and adjusted net income during the second quarter. The company reported earlier this week that its consolidated net income for the quarter that ended June 30 ... [Read More]

SAN ANTONIO — Military personnel and their families who use USAA for assistance in making a vehicle purchases now can put an iPhone to work during the process. Officials from USAA recently rolled out an app for their assistance program, Auto ... [Read More]

ATLANTA — In an interview with SubPrime Auto Finance News on Manheim's Mid-Year Used-Car Market Report, Tom Webb explained that repossessions are declining throughout the industry and that loans performed well given the big loss in unemployment. He also indicated that ... [Read More]

ALEXANDRIA, Va. — The American Bankruptcy Institute reported this week that bankruptcy filings are up 9 percent over last month and the previous year. More specifically, bankruptcy filings came in at 137,698 in July, compared with 126,434 in July of last year, ... [Read More]

TROY, Mich. — Open Dealer Exchange and Westlake Financial Services reached an agreement Tuesday that's geared to help dealers with credit applications. The partnership is meant to integrate credit applications directly into the store's dealership management system. Executives from both companies believe ... [Read More]

MINNEAPOLIS — Wolters Kluwer Financial Services revealed recently that another finance company has joined its AppOne platform. This time, executives from Consumer Portfolio Services made the decision to use AppOne, which can assist with the automation of indirect lending, credit approval ... [Read More]

NEW YORK — Ally Financial had plenty of positive financial news to share Tuesday as executives announced the company posted its second consecutive quarter of profitability and its sixth profitable quarter in a row for its core automotive business. Ally reported ... [Read More]