Mary Wisniewski's Blog (9)

Wells Fargo Branch Eliminates Nearly 200 Auto Finance Loan Collection Employees

Wells Fargo eliminated 192 auto finance loan collections employees from a Kansas City site, reports the Kansas City Business Journal.

The news source says the financial institution offloaded the collections work to other Wells Fargo sites nationwide. Eliminated employees will receive severance… Continue

Added by Mary Wisniewski on February 7, 2011 at 5:00pm — No Comments

New FCC Portal Makes Filing Telecom Complaints Easier

Creditors and collection agencies beware: The Federal Communications Commission is making it easier for consumers to complain.

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 — No Comments

Introducing AccountsRecovery.net

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…

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Added by Mary Wisniewski on July 27, 2010 at 9:00am — No Comments

FTC Delays Red Flags Rule (Again)

Much like the Energizer Bunny, it's the extension that just keeps on going.

Slated to be enforced on June 1, the Federal Trade Commission has pushed back its Red Flags Rule deadline to Dec. 31, 2010, while Congress contemplates legislation that "would affect the scope of entities covered by the Rule," according to the commission.

The Rule, which requires creditors to…

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Added by Mary Wisniewski on June 1, 2010 at 12:02pm — No Comments

Unemployment Rate Drops

Signs of financial improvement are what everybody wants, but it's been some time to see any. Today delivers one small gem. Well, kind of. The unemployment rate inched down to 10% in November, down from 10.2% in October. The number is still huge, but at least the unemployment rate took a decline hiatus in November.

In December 2007 -- the beginning of the recession -- the number of unemployed persons was 7.5 million, and the jobless rate was 4.9%.…

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Added by Mary Wisniewski on December 4, 2009 at 11:30am — No Comments

GMAC’s CEO de Molina Resigns

Alvaro de Molina has resigned as GMAC Financial Services' chief executive and director. The GMAC Board of Directors has named Michael A. Carpenter, a board member since May 2009, as his replacement.

Carpenter's previous experience includes chief executive positions at Citigroup's Global Corporate & Investment Bank, Salomon Smith Barney, Travelers Life & Annuity and Kidder Peabody. He has also held senior positions at GE Capital, General Electric, and Boston Consulting… Continue

Added by Mary Wisniewski on November 16, 2009 at 4:30pm — 3 Comments

BMW Auto Portfolio Sold

A portfolio of 45,000 auto loans originated in 2007 by BMW Financial Services and subsequently charged off by the captive was sold this week.

The price was not disclosed.

The portfolio, which was sold by Collection Services Inc., a brokerage firm, had loans originated nationwide and was scrubbed for inaccurate informations within 14 days of the sale.

Added by Mary Wisniewski on October 1, 2009 at 9:00am — No Comments

GMAC LLC: The Biggest Loser

Auto and home lender GMAC LLC came out as one of the biggest losers in yesterday’s stress test results from the Federal Reserve, which estimated that GMAC needs to raise $11.5 billion in capital.

The stress test projects that GMAC needs to raise $4 billion in the "other" category. (The term "other" usually means automotive finance in Fed lingo.) This approximation came out on the heels of GMAC reporting its first-quarter losses, which leapt to $675 million in the first quarter of… Continue

Added by Mary Wisniewski on May 8, 2009 at 4:30pm — No Comments

Carfinco Buys Castel Dialer Solution

Castel Inc. had Carfinco Income Fund at hello. Well, almost.

Carfinco Income Fund, Canada’s specialty auto finance fund, has purchased a dialer solution from Castel Inc. Prior to this contract, Carfinco relied on manual dialing.

Carfinco and Castel held their initial negotiations at last spring’s Auto Finance Risk Summit. The Auto Finance Risk Summit is presented by Auto Finance News and AutoFinanceNews.net.

Troy Graf, Carfinco’s chief financial officer, said… Continue

Added by Mary Wisniewski on November 6, 2008 at 10:09am — No Comments