McLEAN, Va. — Realizing that access to credit is still limited for both domestic and import dealers, the National Auto Dealers Association said it is working with Congress, the Department of the Treasury and the Federal Reserve Board to expand the ... [Read More]

RICHMOND, Va. — CarMax announced today that it has completed a private placement securitization. More specifically, the securitization is a private placement of $490 million principal amount of CarMax Auto Owner Trust 2009-A Asset-Backed Notes. J.P. Morgan Securities Inc. acted as adviser on ... [Read More]

RANCHO SANTA MARGARITA, Calif. — In the latest turn of events in ongoing legal battle between Finance Express, DealerTrack and RouteOne, the companies involved announced that the judge ruled this week that one of DealerTrack's patents involved in the dispute is ... [Read More]

WASHINGTON, D.C. — Reviewing the records available from the Federal Reserve, SubPrime Auto Finance News discovered that the median amount financed at auto finance companies reached a new record in May. This could perhaps be indicative that despite the struggling economy, ... [Read More]

FORT WORTH — AmeriCredit Corp. announced Wednesday the pricing of a $725 million offering of automobile receivables-backed securities through lead managers Credit Suisse and Deutsche Bank Securities. Co-managers are Barclays Capital, J.P. Morgan, RBS and Wells Fargo Securities. Basically, AmeriCredit uses ... [Read More]

LOS ANGELES —Westlake Financial Services announced its expansion into three new states, including Maine, Connecticut and Alaska. The company began business in these states starting July 1. The company also names Kyle Dietrich the new assistant vice president of sales. ... [Read More]

FARMINGTON HILLS, Mich. — Chrysler Financial recently announced it is restructuring its business operations to better align to the current market environment. This restructuring includes a reduction in the company's work force of about 9 percent. Officials attributed this need for ... [Read More]

DETROIT — On the heels of General Motors announcing it received bankruptcy court approval to sell its assets to a new company, GMAC Financial Services announced its reaction. The company indicated that it has been notified that the U.S. Bankruptcy Court ... [Read More]

ALEXANDRIA, Va. — U.S. consumer bankruptcy filings came in at a level that was 36.5 percent higher for the first six months of this year, compared to last year, according to the American Bankruptcy Institute. Based on data from the National ... [Read More]

WASHINGTON, D.C. — While indirect auto loan delinquencies showed some improvement in the first quarter, direct auto loan delinquencies were another story, according to the American Bankers Association. On the positive side, the ABA announced today that indirect delinquencies dropped slightly ... [Read More]