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Auto loan delinquencies and repossession rates rose in the first quarter, according to Experian Automotive’s State of Automotive Finance Report. When compared with 1Q12, 30-day delinquencies rose 1.3%, 60-day delinquencies had an uptick of 12.4%, and repos increased 16.9%.
"Obviously, we never want to see a rise in delinquencies or repossessions, but when you compare the current findings with previous years, they are still lower than the recession-level rates," said Senior Director of…Continue
General Motors Co. plans to spend more than $200 million to help dealers in metro regions of California, New York, and New Jersey renovate, move, or close showrooms, people close to the matter told The Detroit News.
The move is geared toward increasing sales and gaining marketshare in these regions, where the automaker…Continue
Amendments pending in 18 states would require financiers to translate consumer contracts into 300 languages, according to an analysis by the American Financial Services Association. Such translation, AFSA state government affairs committee said in a recent white paper, would impose "a significant burden on the industry."
Specifically, California, Nevada, and New Mexico have gone beyond the U.S. Civil Rights Act of 1964 to propose or enact legislation or regulations for the contracts,…Continue
BMW Group Financial Services yesterday announced changes to its U.S. executive team that will take effect June 1.
Shaun Bugbee will move to Germany to become the head of new markets for Europe, and Fred Isele will assume his role of vice president, sales and marketing for BMWFS, which supports BMW, Mini, Rolls-Royce, and BMW motorcycles. Isele joined BMWFS in 2001 after 11 years at BMW North America. He became president of Alphera Financial Services, which finances…Continue