Today, the government agency announced the launch of a new portal
that will help consumers file comments and complaints to the FCC faster, among other functionality. Indeed, with the launch of the new portal -- dubbed the Consumer Help Center -- the "File a Consumer Complaint"… Continue
Added by Mary Wisniewski on July 28, 2010 at 3:37pm —
CollectionTechnology.net, AutoFinanceNews.net's sister site, starts a new chapter this week as AccountsRecovery.net
The name change reflects the growing evolution of CollectionTechnology.net’s content and community from just “collections” to an online community for all AR professionals, in addition to third-party execs. AccountsRecovery.net, we believe, accurately reflects that expanded community.
In addition to the new name…
Added by Mary Wisniewski on July 27, 2010 at 9:00am —
Shaun Bugbee, a vice president at BMW Financial, and Bruce Harris, chief risk officer at VW Credit, have joined the roster of stellar speakers at the upcoming Auto Finance Summit.
Bugbee will participate in a discussion entitled “The Prognosis for Leasing Amid Strong Tailwinds.” The panel will address topics including the Detroit Three’s return to leasing, residual trends and auction values, and the outlook for fleet leasing.
Harris will present a session called… Continue
Added by Marcie Belles on July 26, 2010 at 11:30am —
Ford Motor Credit chalked up its 35% increase in earnings last quarter to lower losses and higher auction values. But don’t expect that trend to continue in the second half, the Ford Motor Co. captive warned, as loss-improvement will likely slow and auction prices are due to drop.
Here’s the comment from the company’s 2Q10 earnings release today:
“Ford Credit now expects full year 2010 profits to be higher than its 2009 profits. The second… Continue
Added by Marcie Belles on July 23, 2010 at 12:30pm —
In a first-ever move to codify best practices for the auto finance industry, the Auto Finance Council, a new group of lending and leasing executives that advocate on behalf of the entire industry, have published the Auto Finance Code of Business Conduct and Ethics.
The Code of Ethics is meant to serve as a baseline for companies in the auto finance sector that identifies the proper way an auto finance venture should act. The code consists of five sections: Customer and… Continue
Added by Marcie Belles on July 23, 2010 at 11:00am —
This deal is aimed at the two segments where GM is at a greatest competitive disadvantage: lease and subprime (ACF's base is FICO 500-700, half homeowners with $60K-65K gross incomes, not "buy-here-pay-here"
customers). It's not clear from ACF's current business how they will handle
leases, but GM does not claim they will expand rapidly in that segment.…
Added by Michael Smitka on July 23, 2010 at 10:40am —
For all the commentary out there questioning GM’s return to the subprime business, I take an opposite view.
I think the acquisition of AmeriCredit could bolster the auto finance industry’s place in the financial services market. In a sense, this might be just the move that will confirm that auto finance — even subprime auto finance — is a far cry from the exotic mortgages that set off the financial meltdown.
Admittedly, subprime auto lenders got caught up in some… Continue
Added by Marcie Belles on July 22, 2010 at 1:40pm —
There’s no question, AmeriCredit is one of the premier nonprime auto lenders in the nation. The company has weathered storms that have sunk many of its competitors. It has invested heavily in technology to bolster underwriting and risk-based pricing, and has a solid management team at the helm. It has treasure troves of historical data to help it map credit trends within its core customer base.
As such, the 20-year-old Fort Worth, Texas-based lender is an ideal partner for General… Continue
Added by Marcie Belles on July 22, 2010 at 1:05pm —
General Motors, in agreeing to acquire AmeriCredit Corp., has reshaped the auto finance landscape.
In this one move, GM solves its financing dilemma, freeing it from the whims of outside providers of financing and returning it to arguably its most profitable historical endeavor: vehicle finance.
Meanwhile, AmeriCredit jumps to the top of the auto finance heap with its marriage to GM. The venture gives it access to a deluge… Continue
Added by JJ Hornblass on July 22, 2010 at 10:30am —
We will be live-blogging the GM-AmeriCredit conference call regarding the carmaker's proposed acquisition of the finance company at 10 a.m. ET. We invite AutoFinanceNews.net members to post comments here about the call and live-blog.
Refresh page for live-blog updates.
10:00 AM ET: Call starts on time. GM IR director introduction/disclaimers. Ed Whitacre, Dan Berce Chris Laddel will will offer comments.
Mark Royce… Continue
Added by JJ Hornblass on July 22, 2010 at 9:30am —
Coverage from around the web:
Added by JJ Hornblass on July 22, 2010 at 9:00am —
Moments ago, Pres. Barack Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act, meant to protect borrowers from abusive lending practices.
The legislation, one of Obama’s top priorities since taking office, is intended to prevent another massive credit crisis like the one that rocked the stock market and prompted the current economic troubles.
“These reforms represent the strongest consumer financial protections in history," Obama said just… Continue
Added by Marcie Belles on July 21, 2010 at 12:00pm —
Auto finance was a bright spot for JPMorgan Chase last quarter.
Year over year, origination volume at Chase Auto Finance grew 9.4% to $5.8 billion, bolstering the auto portfolio 10.7%, to $47.5 billion.
Higher auto loan and lease balances helped prop up revenue for the bank’s mortgage banking and consumer lending division last quarter. Net revenue hit $2 billion, up 10% from the prior-year quarter.
As for loan performance, the net chargeoff rate for the auto… Continue
Added by Marcie Belles on July 15, 2010 at 1:50pm —
I've heard Jamie Dimon, the CEO of JPMorgan Chase
, speak in person several times and he always comes across as the straightest of shooters. He's blunt. He's honest. He's going to tell it to you like it is.
Which is why the warning he just issued this morning deserves more than cursory attention. Dimon's warning: competition will heat up in auto finance.
Dimon said in response to… Continue
Added by JJ Hornblass on July 15, 2010 at 9:30am —
In exchange for business, investment banks have been known to trade a Yankees ticket or two (Legends seats a few rows off the field, of course) or perhaps a box at the US Open.
General Motors Continue
, however, appears to be taking the gratuity idea to a whole new level in preparation for its initial public offering, according to a…
Added by JJ Hornblass on July 14, 2010 at 9:36am —
Wells Fargo plans to shutter its 638 Wells Fargo Financial offices in favor of direct lending via the Wachovia branch network it acquired in 2008. As part of the closure, Wells Fargo will lay off 3,800 employees in the next year.
The 100-year-old Wells Fargo Financial unit had been originating auto loans, subprime mortgages, and credit cards. Instead, Wachovia branches will originate auto and credit card loans, as well as mortgages guaranteed by the Federal Housing Administration.… Continue
Added by Marcie Belles on July 8, 2010 at 2:00pm —
Mazda North American Operations launched a new certified pre-owned program today.
Model year 2006 to 2010 Mazda cars, SUVs, and trucks with less than 60,000 miles may qualify for the program. Every Mazda CPO vehicle will offer either the remaining balance of the factory warranty or an additional 12-month/12,000-mile comprehensive warranty, as well as a seven-year/100,000-mile powertrain warranty. Also, all CPO vehicles will receive roadside assistance — including flat-tire changing,… Continue
Added by Marcie Belles on July 6, 2010 at 2:04pm —
HOLLYWOOD, Fla. — “The best way to predict your future is to create it.”
Financiers will have to heed that advice if they want to grow despite challenging regulatory and competitive environments, said a panel of executives discussing the future of banking at the Consumer Bankers Association conference last month. Banks of the future will be marked by innovative products, optimal usage of collected data, and an unparalleled customer experience.
“One of finance’s dirty words… Continue
Added by Marcie Belles on July 2, 2010 at 11:30am —