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Ford Credit Affiliate Pays $2.5M Discrimination Case Settlement


Primus Financial Services, a Ford Motor Credit affiliate, to pay almost $2.5M settlement in car loan discrimination case

Company accused of discriminating against minorities in lending practices
Specifically of "marking up" loan interest rates to discriminate against black consumers

Company admits no wrongdoing, says suit settled due to mounting costs

Significant Points

Primus to pay $1.9M in fees to plaintiffs' attorneys, $550K in court-related expenses

3 named plaintiffs to get individual payments between $10K - $20K

Lawyers for both sides negotiated directly, and w/ federal mediator

Primus will limit difference between buy rate and APR on contracts purchased from dealers as part of settlement Read Quotes

Click Here for Full Digest and Source Article:
http://www.automotivedigest.com/view_art.asp?articlesID=20725

Associated Press via Detroit News, November 9, 2006

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Auto News

FED OFFICIAL SEES EASING INFLATION, BUT CONCERNS ABOUT PRICES REMAIN: Federal Reserve Bank of San Francisco President Janet Yellen said Monday that while she remains concerned about the current level of inflation, she believes the present stance of monetary policy appears well suited to bring those pressures back in line over time. "I do want to see inflation move down, but I believe policy may now be well-positioned to foster exactly such an outcome while also giving due consideration to the risks to economic activity," Ms. Yellen said in comments prepared for delivery before the California Independent Bankers 16th Annual Convention in Laguna Beach, Calif. Wall Street Journal

GM CERTIFIED USED VEHICLES OFFERS FINANCING INCENTIVE: GM Certified Used Vehicles has kicked off a nationwide fall rate-incentive program for select GM vehicles. The new rate incentive went into effect last week and will last until Jan. 2, 2007. It provides well-qualified buyers with GMAC 3.9 percent or 5.9 percent APR financing for up to 60 months on select GM Certified Used Vehicles purchased from participating dealers. Auto Remarketing

NATIONALEASE, AMERIQUEST TO MERGE: One of largest leasing networks in North America has signed an agreement to merge with AmeriQuest Transportation and Logistics Resources Corp.Under the agreement with NationaLease Purchasing, AmeriQuest will be the provider of purchasing and value-added services and will have annual revenues in excess of $500 million...Upon completion of the merger, the leasing members of both AmeriQuest and NationaLease will unite to form one of the largest full-service leasing systems in North America. Today's Trucking

GM: THINGS ARE ABOUT TO GET NASTY: So it begins. Billionaire Kirk Kerkorian, who owns 9.9% of General Motors' (GM) stock, may be drawing up battle lines for a proxy fight with the troubled automaker.Just a few days after GM's board unanimously voted down Kerkorian's proposal to get the carmaker in an alliance with Renault-Nissan (NSANY), the billionaire's liaison to the board, Jerome York, abruptly quit. Business Week

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TOTING THE NOTE CARRIES HEAVY BURDEN: The reason for getting into the buy-here, pay-here business is simple: the chance to make a lot of money. And the reason for avoiding it is simple too: the chance to lose a lot of money. Used Car News

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AmeriCredit to Offer $500 Million Convertible Senior Notes

AmeriCredit to Offer $500 Million Convertible Senior Notes
September 12, 2006

AmeriCredit Corp. announced today its intention to offer, subject to market and other conditions, $250 million principal amount of Convertible Senior Notes due 2011 and $250 million principal amount of Convertible Senior Notes due 2013 in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities of 1933, as amended. In certain circumstances, the notes may be converted into cash up to their principal amount, and into shares of AmeriCredit common stock for the conversion value above the principal amount, if any.

The interest rate, conversion rate and other terms of the notes will be determined by negotiations between AmeriCredit and the initial purchasers of the notes. AmeriCredit expects to grant the initial purchasers a 15-day option to purchase up to $25 million principal amount of additional 2011 notes and up to $25 million principal amount of additional 2013 notes, in each case, solely to cover over-allotments.
AmeriCredit plans to use the net proceeds from the offering of the notes for:

• 
  The purchase, from affiliates of one or more of the initial purchasers, of convertible note hedges with respect to AmeriCredit's common stock, which are expected to reduce the potential dilution upon conversion of the notes. Concurrently with entering into the convertible note hedges, AmeriCredit will issue warrants to purchase its common stock. In connection with establishing their initial hedges of the convertible note hedge and warrant transactions, AmeriCredit has been advised that the counterparties to such transactions or their respective affiliates expect to enter into various derivative transactions with respect to AmeriCredit's common stock and/or purchase AmeriCredit's common stock in secondary market transactions concurrently with, or shortly after, the pricing of the notes, and may enter into various derivative transactions with respect to AmeriCredit's common stock and/or purchase or sell AmeriCredit's common stock in secondary market transactions following pricing of the notes. If the initial purchasers exercise their option to purchase additional notes, AmeriCredit expects to use a portion of the net proceeds from the sale of the additional notes to enter into additional convertible note hedge transactions. AmeriCredit may also enter into additional warrant transactions, if the over-allotment is exercised.
  
• The repurchase of approximately $200 million of its common stock in privately negotiated transactions concurrently with the offering of the notes.
  
• General corporate purposes, including repurchasing shares of AmeriCredit common stock in the open market or in privately negotiated transactions from time to time.

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A Mid-Year Report On the Buy Here, Pay Here Industry

A Mid-Year Report On the Buy Here, Pay Here Industry
By Kenneth B. Shilson, CPA

My CPA firm recently completed an informal survey of several Buy Here, Pay Here dealer clients nationwide to determine how the first six months of 2006 compare with the same period in 2005. Based upon responses from our sample, most dealers indicated that sales revenues were either flat or down slightly from the preceding year. Although our survey is not purported to be a true statistical sampling of the estimated 30,000 Buy Here, Pay Here dealer marketplace, it does provide a reasonable indicator of 2006 industry performance.

We also discussed the possible causes for the apparent market decline, and dealers offered the following explanations:

1) Gasoline prices have hovered around $3.00 per gallon for most of 2006. These higher fuel prices have reduced the disposable cash flow of their credit impaired customers which has impaired their ability to make large purchases.

2) Higher energy and utility bills have also reduced customer’s disposable cash flow. A particularly warm summer throughout the US made utility bills particularly expensive.

3) Immigration reform has left considerable unrest among many Buy Here, Pay Here customers. Fears of job loss and possible deportation have made these customers more reluctant to make large purchases. The loss of or reduction in Hispanic customer traffic has been particularly noticeable. Immigrants are an important part of the Buy Here, Pay Here customer base.

4) New car franchise sales have been softer during 2006. This seems to have a corresponding effect on the Buy Here, Pay Here market. Buy Here, Pay Here customer traffic has apparently been lighter this year compared to last, according to most dealers we talked to.

It is difficult to pinpoint which of the factors above have had the single biggest effect. In addition, consumer prices for virtually all daily living expenses have continued to rise more rapidly than subprime customer income. In my opinion, all of these factors have combined to make the Buy Here, Pay Here marketplace more challenging.

Fortunately for the industry, it provides transportation to customers who have limited transportation alternatives. Therefore, it is my belief that these customers will eventually adapt to the factors above and find ways to purchase vehicles which are vital to their employment. Unfortunately, these adjustments take time and therefore, in the short term, softer market conditions may continue.

Although most Buy Here, Pay Here operators can withstand short-term fluctuations in sales, collections are a different matter. Collections are the fuel which drives the Buy Here, Pay Here engine, particularly during softer sales periods. Most of the dealers I surveyed reported that collections have remained strong even while sales have softened.

It is my belief that dealers with good underwriting and collection procedures always fare better whether in good or bad economic times. In periods like 2006, where customer cash flow is tighter, dealers must compete for every dollar. This really requires that dealers be on “top of their game” in the underwriting and collection areas. Technology such as starter interrupt and GPS tracking devices facilitate the collection process. These devices discipline customers to make timely payments and enable dealers to recover vehicles quicker when customers don’t pay. In addition, collection costs are reduced by improved efficiencies caused by the use of these devices.

In addition to electronic payment devices, techniques for skip-tracing and for locating customers who have defaulted have improved. The Internet and other new technology have increased recoveries for those dealers who use them.

On another positive note, most dealers reported that vehicle acquisition costs (which spiked sharply during the first quarter of 2006) have now declined. Some argue that these costs have really reached a level where they should have been all along! Although the industry no longer sees sharp declines in vehicle cost during the summer months that it did a few years ago, a more moderate leveling of costs seems to have occurred. Vehicle cost reductions will enable dealers to manage portfolio risk more easily in the months ahead while staying competitive in the marketplace. This occurs because payment terms and the length of customer contracts don’t have to be increased to absorb vehicle cost increases.

Unfortunately, some uncertainties are still ahead. Will gas go to $4.00 per gallon or drop to $2.00? Will utility prices decline? How will immigration laws change? All of these factors could impact Buy Here, Pay Here sales during the rest of 2006 and beyond. However, in the past, successful operators have solved these challenges, made the necessary adjustments, and have prospered. Collections should be your focus during these challenging economic times. Good luck!

Kenneth B. Shilson, CPA, is Managing Partner of Shilson, Goldberg, Cheung & Associates, LLP, a Houston based CPA firm which serves the used car industry. He is President of Subprime Analytics, which performs electronic portfolio analysis. Mr. Shilson is also the founder of the National Alliance of Buy Here Pay Here Dealers (NABD) which will host a BHPH Collection Academy near Atlanta, Georgia, at the Manheim DRIVE Center, January 9 – 11, 2007. For further information, visit the NABD website at www.bhphinfo.com or call 713-290-8171.

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Rising Oil Prices Could Trigger Worst Vehicle Sales Downturn in Decade

Situation:

• Oil prices surged to all-time high of $78.40/bbl
• Fears that conflict in Middle East could widen
• Some energy market analysts have said oil could reach $100/bbl
• Implies future US gasoline prices of $4/gal, up from just under $3 now
• US automakers already reeling from consumer flight from SUVs, trucks
  Now face risk that higher oil prices will trigger worst sales downturn in more than decade
  

Significant Points :

• High energy prices, weakening housing market, rising interest rates threaten economic growth, consumer confidence
  
• Economic growth less than 2% could tip auto sales into cyclical downturn
  
• Every $10 increase in crude oil drops US annual vehicle sales 200-400 units
  
• Aggressive sales incentives, discounts last 5 years have pulled demand forward
• Read QuotesRead Background
• Click Here for Full Digest and Source Article:
  http://www.automotivedigest.com/view_art.asp?articlesID=19634
  

Sourced From: Reuters via Automotive News, June 14, 2006
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CON ARTISTS RUN SCAM FROM COAST TO COAST:

The targeting of used-car dealerships in financing scams nationwide continues to expand. Several dealerships in Wisconsin have been approached by a Washington company called Instant Funding Systems. This companys methods are almost identical to Auto Credit Solutions, which is now being investigated by the FBI for taking nearly $130,000 from dealerships in Arizona, Michigan, Georgia, Wyoming and Oklahoma.
Read full story here Used Car News

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As Online Automotive Retailing Evolves, Diversification is Key to Survival

Situation:

1. Fewer consumers using 3rd-party web sites for vehicle price quotes
2. Automakers, dealers generating more leads through own web sites
3. Analysts say only large operators likely to survive market shakeout
4. Autobytel, Dealix Corp, AutoUSA have large, established dealer networks
5. Investing in technology to improve lead quality, consumer/dealership interactions
6. Are diversifying into businesses other than lead generation

Significant Points:


1. Consumers want more info than price alone, faster response from dealers
2. Dealer web sites becoming more sophisticated, interactive
3. Rising search marketing prices squeeze marginal lead generation operations
4. Dean Evans, Dealix VP of marketing: "Ping" technology reduces lead duplication
5. Says marginal players can't afford such software
6. Major players providing content on web sites to attract leads w/o paid searches

Click Here for Full Digest and Source Article:
http://www.automotivedigest.com/view_art.asp?articlesID=19512
Sourced From: Automotive News, June 26, 2006

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ADESA Income Up 3.7% in 1st Q; Revenue up 17.7%

1. ADESA reports 1st Q results
2. Income of $36.3M up 3.7% over 1st Q 2005
3. Revenue of $285.6M up 17.7% over same time 2005
4. ADESA notes company strengthened senior management during quarter
5. Named A R Sales as president/COO; Ron Beaver as EVP/chief information officer
6. Also acquired NE Penn salvage, Sarasota used vehicle auctions

1. Officials say favorable Canadian currency exchange impacted revenue by $3.3M
2. Auction and Related Services (ARS) revenue up 17.2%
3. Revenue per vehicle sold in ARS segment at $471, up from $415 in 1st Q 2005
4. More institutional vehicles drove revenue; require more ancillary services
5. Dealer financing (AFC) revenue up 21.4%; revenue per loan transaction up 20%
6. AFC operating profit up 25.9%


"I am particularly pleased with the growth of AFC and with the signs of improving volumes that we are seeing in our ARS operations and across the industry." -- David Gartzke, chairman and
CEO, ADESA

"In addition, during the quarter we have taken significant actions to strengthen our management team by adding A. R. Sales and Ron Beaver, which will enable us to more effectively implement our key strategic initiatives." -- Gartzke

"These actions, together with numerous other actions that are being implemented across the company, position us well to take advantage of the improving industry trends." -- Gartzke

Sourced From: ADESA.com, May 1, 2006

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Upside Down Deals Tougher To Complete

Situation
1. JD Power says 1/3 of US car buyers were upside w/ trade-ins in 2005
2. Mitsubishi, Isuzu, Suzuki, Kia see about 1/2 of buyers w/ negative equity trade-ins
3. Upside-down buyers lean toward those brands; looking for inexpensive vehicles
4. Suzuki had lowest average transaction price of any company at $16,390
5. Low residuals also hurt; Kia, Isuzu, Suzuki hold 34% or less of value after 3 years
6. Typical value of all brands in 2005 was 44%

Significant Points

1. Reasons for negative equity include no money down, trade-ins w/ poor resale value
2. Customers w/ highest negative equity generally own most expensive vehicles
3. Negative equity doesn't necessarily reflect customer's credit worthiness
4. Dealers, finance companies also suffer when customers are upside down
5. Dealers see customers applying rebates to reduce negative equity

Click Here for Full Digest and Source Article:
http://www.automotivedigest.com/view_art.asp?articlesID=18935
Sourced From: Automotive News, April 17, 2006

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J.D. Byrider founder dies in plane crash

J.D. Byrider founder dies in plane crash
Son-in-law and pilot also killed; James DeVoe started chain in 1989
By Jeff Swiatek
jeff.swiatek@indystar.com
March 24, 2006
J.D. Byrider Systems vowed Thursday to carry on with the used-car franchising formula developed by its founder and head, James F. DeVoe, 62, who died in a fiery plane crash in Florida.
The crash, which also killed DeVoe's son-in-law Steele Gudal and a pilot, leaves the Carmel firm without the man who turned J.D. Byrider into the nation's largest used-car chain.
Sheriff's investigators in Brevard County, Fla., said autopsies will be needed to positively identify the three badly burned bodies on the twin-engine private plane that crashed Thursday on the outskirts of the coastal city of Melbourne. But J.D. Byrider officials confirmed they were DeVoe, Gudal and an unnamed pilot.
DeVoe had been visiting with Gudal's family in Jacksonville, Fla., and apparently was flying to Melbourne to check out a possible location for a franchise that Gudal wanted to open there, said Bill Ackermann, vice president of franchise operations.
"It's a real tragic loss," Ackermann said.
Gudal, who owned six Byrider franchises, had earned a pilot's license in the past year and may have been piloting the plane, which crashed in a wooded area, miles short of the runway to Melbourne Airport.
"My guess is he was flying it," Ackermann said of Gudal.
The crash was "pretty devastating," setting off brush fires, said Lt. Andrew Walters, a spokesman for the Brevard County Sheriff's Office.
On Tuesday, DeVoe and other company officials had wrapped up a meeting with franchise operators and owners in Atlanta, Ackermann said.
The company "will go on" without its chairman, president and chief executive, he said. "It's not going to cripple the business. We have a very solid management team."
The company is "very privately held," with DeVoe the primary shareholder, Ackermann said.
In 1989, DeVoe, then a Marion car dealer, founded J.D. Byrider and built it into a chain of 123 dealerships in 28 states. They generated revenue in 2004 of $523 million.
DeVoe's idea was to standardize the used-car sales concept and offer financing to buyers whose credit wasn't good enough to get them conventional bank loans. He sometimes was called the Colonel Sanders of the used-car business. He gave the company his own initials and took the name Byrider from an early electric car.
Carmel Mayor James Brainard said DeVoe was a good corporate citizen and a quiet man who helped others without making a big splash. "I particularly admire his business experience and his contributions to the community," Brainard said.
DeVoe was a contributor to a school for autistic children, Ackermann said. The school was founded by Gudal and his wife, Amy.
DeVoe lived in Fishers with his wife, Andrea L. DeVoe. They have six children. One, James Jr., is president of the 13 company-owned

By Jeff Swiatekjeff.swiatek@indystar.com

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Cars Really Are Lasting Longer

Seen as good news/bad news, columnist says factories compelled to build cars that last
Latest survey finds 50% cars lasting 13 years, drivers can get about 152K miles
In 1977, only 1/2 cars built lasted 10.5 years, expectation of 107K miles
Honda, Toyota have 22% fewer breakdowns than industry average, challenge to automakers


Consumers hanging onto cars longer, creates challenges for automakers/dealers
Today, people buying cars for same reason buying dishwashers, want them to last
Car dealers forced to accept "skinnier margins," says Mark Rikess, consultant
Longevity results in growing number of coffee bars, kiddie play rooms in service areas

Click Here for Full Digest and Source Article:
http://www.automotivedigest.com/view_art.asp?articlesID=18459
Sourced From: Wall Street Journal, February 27, 2006

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NATIONAL BUY HERE PAY HERE CONFRENCE

MAY 8-10TH2006
LAS VEGAS HILTON
Exclusively Buy Here, Pay Here!Expanded Exhibit Hall!Newly Renovated Hotel!
REGISTER TODAY!

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American Preference for Imports Poses Problem for Used-Car Market

American consumer increasingly favors non-American vehicles
Creates challenge for used-vehicle industry
US vehicles make up greater share of used-vehicle market
But more Americans complain about poor quality, fuel economy of Big-3 vehicles
Significant Points
Even when prices better for US cars, many consumers choose import
Perception of quality, better resale value influence choices
Experts find flaws in some consumer surveys ranking imports higher in quality
Say domestics can be cheaper to repair than imports, balancing out equation
Imports tend to update vehicles more often; domestics tend to change names

Read Quotes

Click Here for Full Digest and Source Article:
http://www.automotivedigest.com/view_art.asp?articlesID=18406 Sourced From: Used Car News, February 20, 2006

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Warning Concerning Instant Funding Systems

The Division of Finance and Corporate Securities warns consumers and businesses about doing business with a consumer finance company purporting to operate out of Portland, Oregon.
Instant Funding Systems is not licensed with the Division, although their business may require that the company be licensed as a consumer finance business.. Information has come to the attention of the Division that Instant Funding Systems may be offering consumer financing for automobile purchases. Under Oregon law, Oregon Revised Statutes Chapter 725, a person or entity making consumer finance loans under $50,000.00 is generally required to be licensed with the Division. Anyone who has been in contact with this company should contact the Division of Finance and Corporate Securities, (503) 378-4140, and ask to speak to Rob Brunner or Charles Donald.
Consumers and businesses can check to see if a business they are planning on doing business with is licensed with the Division, as well as find other useful information, on the Internet at http://www.dfcs.oregon.gov.
Sourced from: Division of Finance & Corporate Securities

According to the United States Secret Service, Instant Funding is running a fraudulent scheme across the country. If you are an NIADA member and have been a victim of this scheme please contact Executive Vice President and CEO Michael R. Linn at mike@niada.com or by phone at (817) 640-3838. He will then forward the information to the Secret Service. Information has been received that IFS is also operating as Sub Prime Dealer Services.
Sourced from:WFI Infopoint

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This information is, to the best of our knowledge, current and correct. However we caution you not to use this information as the final authority.

Manufacturers’ Woes Impact Auto Sales

Manufacturers’ Woes Impact Auto Sales
By Ted Craig

U.S. auto manufacturers and their suppliers are announcing major job cuts daily and that’s bad news for many used-car dealers.Ford Motor Co. announced a restructuring Jan. 23 that will slash up to 30,000 jobs and close 14 plants over the next few years.A few days later, General Motors Corp. announced an $8.6 billion loss for 2005. Part of its difficulties stem from problems at Delphi Corp., the largest and latest parts supplier to declare bankruptcy.More bad news will come. There are 700 to 800 parts suppliers on the brink of insolvency, according to the Center for Automotive Research (CAR).All this is problematic for used-car dealers because of the impact on used-car buyers.Automotive jobs pay more than any other manufacturing sector. The average auto plant worker makes $63,825, while the average manufacturing worker makes $33,075, according to CAR.Auto workers may not be typical used-car buyers because they receive employee or supplier discounts and they are highly paid. But the money they generate in their communities is crucial to used-car sales.Every worker that builds a car in the U.S. creates 6.5 jobs in the national economy, said Kim Hill, director of CAR’s automotive communities project.The disposable income of auto workers attracts retail development to an area. When a town becomes home to a new Toyota plant, it also becomes home to a new Wal-Mart, a new Home Depot and numerous other big box retailers.When a plant closes, those stores stay away, Hill said. Real estate values plummet.People may stay in town, but they likely won’t be auto workers any more and their salaries will reflect that, Hill said.There’s no better example than Flint, Mich., whose woes from auto cutbacks were the basis for the 1989 movie “Roger & Me.”The town has never recovered from the plant closings of the 1980s, said dealer Don Hall, owner of Cars R Us.He estimates 60 percent of the area’s residents make significant commutes for work.Most of the local jobs don’t pay more than $7 or $8 an hour.All this is actually helping Hall, a buy-here, pay-here dealer with multiple locations.“The used-car market is great,” he said. “The worse the economy does, the better I do.”Even when a plant stays open, a town can suffer. DaimlerChrysler AG sold its New Castle, Ind., parts plant to Metaldyne Corp. in 2003, which eliminated 1,000 jobs and cut the wages of the 220 employees who remained.This has had a major impact on the local economy and what people can afford.“They buy a little less because they make a little less,” said Roy Denney, owner of Cardinal Sales in New Castle.Dealers who depended on local buyers for their sales suffered, he said.Denney’s family has been in the car business since 1946, but he worked in other fields before opening his store in 1996.“It didn’t scare me to advertise,” Denney said.He runs ads in all the automotive publications.He had somebody teach him how to build his own Web site, and it now accounts for about 80 percent of his sales. A year and a half ago, Denney started selling cars on eBay Motors.He recently sold a 1997 cargo van to a customer in San Jose, Calif.It helps that Denney also sells RVs, but he moves plenty of average cars, such as Toyota Camrys.He said other dealers who have been unwilling to look beyond New Castle have suffered.Not every town is affected the same when a plant closes.“If a community is fairly diverse in its employment, they can absorb it,” Hill said.An example is Hazelwood, Mo., one of the sites Ford is closing.The St. Louis area where the plant is located has a fairly vibrant economy that is home to a variety of companies from brewers to retailers.“We’re definitely concerned, but we’re hopeful,” said Tom Dean, general manager of GMT Auto Sales in nearby Florissant.While the domestic manufacturers are making massive cuts, the number of auto workers nationally has remained fairly stable as foreign manufacturers open plants in the U.S.Nissan Corp. recently opened a plant in Canton, Miss., for example.Because of the hurricanes that have battered the Gulf States, it’s been hard to judge the plant’s impact on the local used-car market, said John Rea, general manager of Rea Brother’s Mid-South Auto Auction in nearby Pearl.But there has been a definite impact on buying patterns, with more Nissans on the road.“Mississippians are going to buy Mississippi products,” Rea said.Because of the major impact of auto factories have on their local communities, Hill said it is in the best interests of used-car dealers, like all small business owners, to do what they can to keep and attract these plants.

Sourced from Used Car news

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Automotive Sales to Individuals with Discharged Bankruptcies to Reach Record High

From PR Newswire

Automotive Sales to Individuals with Discharged Bankruptcies to Reach Record High
Phoenix, AZ- Feb 2, 2006-- Due to record filings the 2nd half of 2005, the Federal Bankruptcy Courts are publishing discharges at record rates.

According to the Administrative office of the U.S. Courts, 3rd and 4th quarters of 2005 set bankruptcy filing records at triple digit increases. Filings were up to 542,002 for the 3rd quarter and 672,320 for the 4th quarter.

"We are beginning to see the 1.2 million BK filings from the end of 2005 mature into discharges", explained Robert Davies, President of Direct Marketing Associates, Corp. "Our OnlineBKmanager.com marketing system is delivering weekly discharges at record volume levels. We anticipate this influx of discharges to completely enter the market during the next 5 to 10 months. We know that nearly 450,000 of these individuals will purchase a vehicle within thirty (30) days of their discharge."

Other Related News –

Due to pressure from federal regulators, credit grantors have announced they are increasing minimum monthly payments on credit card balances from 2% to 4%.

"Some card holders could be devastated by the change," said Davies. "Those consumers hanging on by a thread will not be able to handle this monthly increase. If a consumer is living paycheck to paycheck and their minimum monthly payments go from $350 to $700 per month, this extra money may not be available in an already stretched household budget." Bank of America has anticipated this scenario and has set aside an extra $130 million to cover projected losses from defaulting cardholders.

"In short, Bankruptcies will not be a thing of the past anytime soon," concluded Davies. "Consumers will continue to over extend themselves and require the protection of the BK courts."
Direct Marketing Associates, Corp.

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Disappointing Response to Bankruptcy Counseling Law

Situation
New bankruptcy law requires credit counseling to determine repayment ability
In 1st 3 months of new law, most applicants can't qualify for debt management
Overwhelming majority filing for bankruptcy instead of using repayment plans
Credit counselors say they are seeing people "with true hardships"
Many debtors in such financial distress say they can't afford counseling fee
Financial industry says not ready to give up on steering consumers into repayment plans
Significant Points
Banks, credit card issuers hoped counseling provision would keep consumers out of bankruptcy court
Say too early to tell how well new requirement working because so many consumers filed under old, less-restrictive law
Critics of old law suggested bankruptcy protection used by spendthrifts who might be able to repay debts
But counselors say not seeing that type of debtor
American Bankers Association's Philip Corwin says consumers filing now not representative sample
Credit counselors expect bankruptcy filings to rise in next few months Read QuotesClick Here for Full Digest and Source Article:
http://www.automotivedigest.com/view_art.asp?articlesID=18099

Sourced From: Washington Post, January 17, 2006

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It won't be long and Tax season will be in full swing. How's your inventory are you a little lite? Maybe you should consider selling some of your older auto notes for cash now, use the money to buy more inventory without borrowing money or paying high interest on a floor plan. We can turn your two month plus accounts into cash. Fast pricing and quick closing, in the buy here pay here business cash flow is important, make sure you make the most of what you have. We can give you a quote in 48 hrs and could close the deal in seven days or less. Use your notes to generate even more cashflow for your business. Call us today and let make you some money!!

Russell Crosby
615-414-6708

www.auto-bulk.com

Used-Car Dealers May be Out in the Cold This Winter

1. Consumers feeling high energy costs, layoffs, weaker housing market, rising interest rates
2. Putting chill on consumer spending
3. Big drop in demand for auto loans in Oct as consumers keep cars longer
4. New federal guidelines will require higher minimum credit payments, stretch more budgets
5. Buy-here, pay-here dealers will have to put more money out on street
6. Strong wholesale prices will cut into gross

Points
1. Housing market weakness reducing refinancing as source of consumer spending cash
2. Consumers paying more when borrowing money for car
3. More consumers seeking to refinance credit card debt
4. Creditors will benefit from higher rates, can afford more risk
5. Positive side for dealers--many consumers will see buying used as smart economic decision


Background
1. Consumer borrowing down by record amount in dollar terms in Oct
2. Decline of 4.9% in category that includes auto loans
Sourced From: Used Car News, December 5, 2005; Detroit News, December 8, 2005

Are you a buy here pay here dealer? Do you need cash? Sell some of those notes you have on the books. Get cash today buy and sell more cars tomorrow. We buy auto notes, we get top dollar for your auto paper. Call us today!!

Russell Crosby 615-414-6708

www.auto-bulk.com