DEARBORN, Mich. — Ford Motor Credit Co. recently announced that its board of directors and the board of directors of Ford Motor Co. have approved a plan to restructure the companies' debt through a combination of a conversion offer by Ford ... [Read More]

WASHINGTON, D.C. — The average amount financed on a new-car loan at auto finance companies continues to remain at an extremely low level, according to the Federal Reserve. Its latest analysis found that this figure is $22,922, up just slightly from ... [Read More]

MARBLEHEAD, Mass. — When explaining the central message of what FinCo Management can offer, company founder and president Toby Reiley challenges dealers with the following question: "How many subprime customers have you lost because you can't get them bought?" In other ... [Read More]

WASHINGTON, D.C. — SubPrime Auto Finance News obtained a copy of a letter several members of Congress sent to Federal Reserve Board Chairman Ben Bernanke and Treasury Secretary Timothy Geithner yesterday that requests more auto industry relief from the Term Asset-Backed Securities ... [Read More]

NEW  YORK — Earlier this week, GMAC Financial Services announced that it has named a corporate treasurer. Taking on the position is Jeffrey Brown, In this role, he will have responsibility for all treasury activities, including funding and balance sheet management. He ... [Read More]

ALEXANDRIA, Va. — U.S. consumer bankruptcy filings increased 29.2 percent nationwide in February from the same period a year ago, according to the American Bankruptcy Institute, which relies on data from the National Bankruptcy Research Center. The overall February consumer filing ... [Read More]

SALT LAKE CITY — Prestige Financial announced that it has established a three-year senior secured line of credit with Wells Fargo Preferred Capital. The facility will replace an existing line of credit and support ongoing financing activities.  WFPC will act both ... [Read More]

SARASOTA, Fla. — CarBiz and Dealer Services Corp. of Indiana have partnered to launch a Lease-Here, Pay-Here program that can provide dealers with access to $100 million in new capital. The program will be formally launched during the National Alliance of ... [Read More]

WASHINGTON, D.C. — The Department of Treasury and the Federal Reserve Board officially announced the launch of the Term Asset-Backed Securities Loan Facility this morning, saying the program has the potential to generate up to $1 trillion of lending for businesses ... [Read More]

SYRACUSE, N.Y. —  XpressCredit announced its technology is now available to the USA Auto Loans network of dealers through a new partnership. USA Auto Loans specializes in connecting independent dealers with subprime and prime lenders, as well as other products that aid dealers. ... [Read More]