In an effort to optimize collections while reducing operating costs, World Omni Financial Corp. has signed a seven-year, multi-million dollar contract to implement CGI Group Inc.'s comprehensive collections and recovery managed service, CGI Collections360.

CGI Group is a provider of information technology and business process services. As of Sept. 30, CGI's revenue was $4.3 billion.

The goal of the new agreement is to use CGI’s…

Shoppers skipped, jumped and even trampled their way into local malls and shops over the weekend to get, what they thought, were the best deals around. Surprisingly, the enthusiastic buyers managed to set record-breaking numbers, spending $52.4 billion, up 16% from $45 billion last year, according to a survey by the National…

During the Citi 2011 North American Credit Conference on Nov. 16, Chris Choate, CFO of GM Financial, talked about some of the goals and strategic planning for the captive and took a look at the current environment for vehicle financing.

Describing consumer demand as relatively “constrained compared to pre-recession levels,” the CFO noted that activity in the subprime auto finance market remains at around 50% of 2006 and 2007 volumes.

He added that credit availability has…

Though auto loan delinquencies and losses rose in September, they remain low overall and well within 2005-2007 levels. Those were the key findings from a report released this week by Fitch Ratings. Fitch's “In the Auto ABS Driver’s Seat” newsletter for 3Q11 also notes that auto loan asset-backed securities were marginally weaker during the prior-year quarter.

The publication covers prime and…

The FTC’s third Motor Vehicle Roundtable will be held tomorrow in Washington, D.C. The main focus: consumer leasing.

Panels will tackle what has been learned about auto sales, financing, and leasing at the previous roundtables; consumer…

A web site that helps consumers with not-so-perfect credit aims to merge vehicle choices with the best lending sources in a mainly online atmosphere. DriverCredit.com's approach to the subprime spectrum is to have shoppers begin to apply for financing online and then speak with their best-match lender to obtain a loan for the vehicle of their choosing prior to entering a dealership.

Specializing in past credit issues, bankruptcy auto loans, pre- and post-repossession loans, bad credit…

An auto finance company seeking to use social and financial data to secure lower rates for first- and second-time car buyers took top prize at a Silicon Valley event for startups this week.

The company, called Neo, notched the grand prize at the Founder Showcase, a quarterly event that enables early stage businesses with less than $250,000 in funding to pitch ideas to CEOs and investors with the hopes of acquiring seed money.

Neo, founded by Navin Bathija, intends to partner…

MINI Financial Services aims to turn customers into fans as it announced the launch of the brand’s first social navigation mobile application. The app comes on the heels of the success of the recently launched BMW Financial Services “Ultimate Drive” mobile app, which was a first within the captive finance industry.

MINIMotoring, as the app is named, acts as a virtual gaming device turning driving experiences into a game for MINI drivers and lovers. It allows users to discover their…

Ford Motor Credit Co. has announced the launch of Lincoln Automotive Financial Services to provide a customized customer experience for the luxury brand.

The new finance company will provide financing to consumers who own or plan to purchase Lincoln models. Customers who currently use Ford Motor Credit to finance their Lincolns were transferred automatically to LAFS on Oct. 3.

LAFS is providing customers with the same…

Direct lender U.S. Bank has launched the U.S. Bank Auto Buying Service to offer consumers upfront pricing and easy access to financing information.



U.S. Bank teamed up with TrueCar for the online service, an effort meant to save consumers time and money. To date, TrueCar has facilitated the sale of more than 350,000 vehicles.



How does it work? When logging onto the…

Looser underwriting standards are propping up subprime loan volume at finance companies. In fact, originations are up 47% compared with 2009, outpacing bank and credit union lending to consumers with Equifax credit scores below 640, according to a new report.

“Banks and credit unions are being more selective in their loan processes, opening lending back up to pre-recession levels at a much slower rate than captive lenders,” Daryl Toor, an Equifax spokesman, told…

When customers step foot into their nearest Costco warehouse, they can pick up the necessities: bulk food items, clothing, electronics ― and beginning this month, a brand new General Motors vehicle.



Well, it may not work exactly like that, but being a Costco member continues to have its perks. Beginning Nov. 1, members can take part in a new GM-Costco Auto Program partnership that offers special GM Preferred Pricing on the purchase or lease of any one of eight eligible 2011 and…