Wednesday, April 30, 2008 - 8:00pm

McLEAN, Va. — Capital One and Wells Fargo, two out of three national auto lenders SubPrime Auto Finance News reviewed, reported reductions in origination volume and tightened their auto lending standards during the first quarter. The last, Chase, interestingly enough, actually grew origination volume. However,... Read More

Wednesday, April 30, 2008 - 8:00pm

TRENTON, Maine — USA Computer Systems' chief operating officer recently announced that in addition to accepting reservation dates for its early fall installation process, his company's DMS, The Answer, is going Web-based. Basically the company is moving from its current Microsoft Accounting... Read More

Wednesday, April 30, 2008 - 8:00pm

IRVINE, Calif. — Consumer Portfolio Services announced a climb in managed receivables and took action to reduce contract purchases in the first quarter to better stay in line with the current economic environment. For the quarter, CPS said it purchased $176.1 million of contracts from dealers,... Read More

Monday, April 28, 2008 - 8:00pm

FORT WORTH, Texas — AmeriCredit's management described the fiscal-year third quarter as difficult despite processes they have already taken to trim dealer relationships, raise minimum cutoff scores, lower loan-to-value and control other credit costs. In addition to the tighter lending requirements, the... Read More

Monday, April 28, 2008 - 8:00pm

NEW YORK — Results in the black for GMAC's global auto finance division and insurance business were unable to prevent the overall company from reporting a loss for the first quarter. GMAC Financial Services posted a net loss of $589 million, compared with $305 million in the same quarter of 2007. The... Read More

Monday, April 28, 2008 - 8:00pm

DEARBORN, Mich. — A higher provision for credit losses, along with deeper depreciation expenses for leased vehicles, contributed to Ford Motor Credit reporting a drop in net income for the first quarter. The company recently posted net income of $24 million for the period, down $169 million from earnings of... Read More

Monday, April 28, 2008 - 8:00pm

CHICAGO — The latest statistics from TransUnion.com identified states throughout the country showing the highest average auto debt, along with the lowest. Coming in with the highest median auto debt is Nevada, averaging $16,133. This state is followed by the District of Columbia, which averaged... Read More

Wednesday, April 23, 2008 - 8:00pm

LOS ANGELES, Calif. — Nowcom Corp., a leading providers of dealer management solutions, recently announced the release of its newest used car dealer service, Dealer Websites. This new service, which includes easy to use inventory management, credit applications and a unique inventory search, is poised to... Read More