ATLANTA — With the subprime slice at levels “essential for a healthy economy,” the latest Equifax National Consumer Credit Trends Report indicated the total balance of auto loans midway through 2014 soared to a record high.
Sparked by a growth rate of more than 10 percent, Equifax said on Thursday the total balance of auto loans in finance company portfolios now stands at $902.2 billion.
Showing posts with label auto notes. Show all posts
Showing posts with label auto notes. Show all posts
Thursday, July 24, 2014
Monday, July 21, 2014
Turn Your Auto Notes Into Cash!
Sales of new cars and trucks from the Detroit automakers were stronger than expected.
All three beat expectations with Chrysler showing a bigger-than-forecast 9.2% gain, Ford showing a shallower-than-forecast 5.8% dip and General Motors overcoming more recalls to eke out a 1% gain instead of a predicted drop in sales vs. last June.
2015 Dodge Challenger Hellcat Production Limits May Cause Massive Markups - Torque News
http://news.google.com Mon, 21 Jul 2014 16:39:49 GMT
Precedent setting year for vehicle recalls - www.insidebrockville.com/
http://news.google.com Thu, 17 Jul 2014 18:38:50 GMT
Precedent setting year for vehicle recallswww.insidebrockville.com/Recalls are still in the news with more GM, Ford, Chrysler, and Subaru recalls being announced. Most carmakers offer a ... No matter what you drive, make sure your auto maker has your ...
Friday, June 27, 2014
CFPB Interest In BHPH Dealers Growing
The Consumer Financial Protection Bureau is intensifying its regulatory aim at this industry. Recently during a panel discussion at the National Alliance of Buy-Here, Pay-Here Dealers last month in Las Vegas.
Rick Hackett offered a strong warning. The Consumer Financial Protection Bureau is intensifying its regulatory aim at this industry. And Hackett should know; he spent about two years at the CFPB before officially joining Hudson Cook in March.
The bureau focuses on the risk of a product to consumers,” Hackett said during a panel discussion during the National Conference hosted by the National Alliance of Buy-Here, Pay-Here Dealers last month in Las Vegas.
“Buy-here, pay-here is viewed as a high risk product because it’s expensive and it’s given to folks whose financial lives are relatively volatile, and therefore, it’s a risky situation from the perspective of consumer outcomes,” continued Hackett, who formerly was the head of the Office of Installment and Liquidity Lending Markets in the Division of Research, Markets and Regulations at the CFPB. His responsibilities at the bureau included advising all of the regulator’s divisions with respect to market information and policy issues in the installment and specialty lending areas, including vehicle finance, student lending and payday lending.
You can read more here
Rick Hackett offered a strong warning. The Consumer Financial Protection Bureau is intensifying its regulatory aim at this industry. And Hackett should know; he spent about two years at the CFPB before officially joining Hudson Cook in March.
The bureau focuses on the risk of a product to consumers,” Hackett said during a panel discussion during the National Conference hosted by the National Alliance of Buy-Here, Pay-Here Dealers last month in Las Vegas.
“Buy-here, pay-here is viewed as a high risk product because it’s expensive and it’s given to folks whose financial lives are relatively volatile, and therefore, it’s a risky situation from the perspective of consumer outcomes,” continued Hackett, who formerly was the head of the Office of Installment and Liquidity Lending Markets in the Division of Research, Markets and Regulations at the CFPB. His responsibilities at the bureau included advising all of the regulator’s divisions with respect to market information and policy issues in the installment and specialty lending areas, including vehicle finance, student lending and payday lending.
You can read more here
At Financial Solutions we Turn Auto Notes Into Cash!!
Give us a call 615-414-6708
Sunday, June 01, 2014
FTC Fines CPS $5.5 Million
Consumer Portfolio Services Inc. will pay more than $5.5 million to settle Federal Trade Commission charges that the company used illegal tactics to service and collect consumers’ loans.
The FTC alleged that the Irvine, Calif.-based company collected money that consumers did not owe, harassing consumers and third parties, and disclosing debts to friends, family, and employers.
CPS has agreed to refund $3.5 million on 128,000 accounts and to halt collections on another 35,000 accounts to settle the charges. CPS will pay another $2 million in civil penalties for alleged violations of the Fair Debt Collection Practices Act and the Fair Credit Reporting Act.
The FTC alleged that the Irvine, Calif.-based company collected money that consumers did not owe, harassing consumers and third parties, and disclosing debts to friends, family, and employers.
CPS has agreed to refund $3.5 million on 128,000 accounts and to halt collections on another 35,000 accounts to settle the charges. CPS will pay another $2 million in civil penalties for alleged violations of the Fair Debt Collection Practices Act and the Fair Credit Reporting Act.
Need Cash For Inventory? Give us a call.
615-414-6708
Thursday, April 24, 2014
GO Financial completed the sale of a substantial equity interest in GO Financial to Manheim today
Subprime auto finance company GO Financial completed the sale of a substantial equity interest in GO Financial to Manheim today, furthering connecting the dealer-support efforts of GO Financial and NextGear Capital.
GO Financial is now majority owned by DriveTime chairman Ernie Garcia and DriveTime president and chief executive officer Ray Fidel and minority owned by Manheim. NextGear Capital still is wholly owned by Manheim.
- See more at: http://www.autoremarketing.com
GO Financial is now majority owned by DriveTime chairman Ernie Garcia and DriveTime president and chief executive officer Ray Fidel and minority owned by Manheim. NextGear Capital still is wholly owned by Manheim.
- See more at: http://www.autoremarketing.com
Tuesday, March 18, 2014
Ally Names Dealer Services CEO
Ally Financial Inc. has named Jeffrey Brown, currently senior executive vice president of finance and corporate planning, to the role of president and CEO of the dealer financial services business.
In this role, Brown will have oversight for the company's leading automotive finance, insurance and auto servicing operations. He will continue to report to Ally CEO Michael A. Carpenter.
sellautonotes.com
Monday, March 17, 2014
CFPB Names Assistant Director
The Consumer Financial Protection Bureau has named an assistant director for the division that oversees auto finance.
Jeffrey Langer has joined the CFPB as the assistant director of installment and liquidity lending markets in the Bureau’s Research, Markets, and Regulations Division.
sellautonotes.com
Jeffrey Langer has joined the CFPB as the assistant director of installment and liquidity lending markets in the Bureau’s Research, Markets, and Regulations Division.
sellautonotes.com
Thursday, March 13, 2014
CFPB Names New Regulator to Oversee Auto Finance
CFPB Names New Regulator to Oversee Auto Finance
WASHINGTON, D.C. — More than eight months after Rick Hackett left the Consumer Financial Protection Bureau, the agency tapped a replacement regulator on Wednesday whose main jurisdiction is the auto finance market.
sellautonotes.com
Monday, March 10, 2014
Carfax Adds Vehicle Listings
Carfax Adds Vehicle Listings
Carfax has added vehicle listings to its website.
At carfax.com, online shoppers now can search for used cars with specific vehicle history details – such as no accidents reported to Carfax, service records and Carfax 1-Owner.
Carfax has added vehicle listings to its website.
At carfax.com, online shoppers now can search for used cars with specific vehicle history details – such as no accidents reported to Carfax, service records and Carfax 1-Owner.
Friday, March 07, 2014
Audi Opens Largest Store In Country
HOUSTON — On Thursday, Audi cut the ribbon on its largest store in the nation, Audi Central Houston. The new flagship store boasts a more than 142,000-square-foot facility, which houses a 10-car showroom.
“Houston, along with the entire state of Texas, remains a high priority region in the Audi U.S. growth strategy. The opening of Audi Central Houston indicates considerable progress toward our goal of becoming the country’s top luxury automaker,” said Mark Del Rosso, executive vice president and COO of Audi of America. “This new dealership exemplifies the growing investment of our dealer body and will lead by example by providing benchmark levels of customer and ownership experience.”
Read more at fi-magazine.com
sellautonotes.com
“Houston, along with the entire state of Texas, remains a high priority region in the Audi U.S. growth strategy. The opening of Audi Central Houston indicates considerable progress toward our goal of becoming the country’s top luxury automaker,” said Mark Del Rosso, executive vice president and COO of Audi of America. “This new dealership exemplifies the growing investment of our dealer body and will lead by example by providing benchmark levels of customer and ownership experience.”
Read more at fi-magazine.com
sellautonotes.com
Wednesday, March 05, 2014
Invoce Factoring for BHPH Dealers
Since the economic downturn in 2008, Auto Dealers across the country have sometimes found it hard to find the funds they need to grow.
Banks won’t lend and cash flow is hard to come by. That’s where invoice finance comes in.
What exactly is invoice finance? How does it work? How can invoice factoring help a business to grow? Who uses invoice finance? Let’s take a look:
What is invoice factoring?
Invoice Factoring
Invoice finance raises money against unpaid invoices. It means businesses can get an agreed cash lump sum in return for an invoice they’re yet to issue to a client.
Using an invoice as the asset, as opposed to assets or future earnings, invoice finance means you can receive up to 95% of the invoice’s value.
How invoice factoring works – in three simple steps
1. A company performs a service for a client and prepares an invoice to issue to their customer.
2. The company then sends the invoice to an invoice factoring company in return for a percentage of the value of the bill.
3. The invoice factoring company collects the money that was due to you in the invoice.
Who uses Invoice Factoring?
The popular stereotype of a business that uses invoice finance is the small enterprise, existing from day to day and needing quick cash flow to meet its costs. However, the reality is somewhat different.
Invoice finance is used by small and large businesses in a wide range of industries, including:
• Logistics
• Wholesalers
• Creative agencies
• Engineering
• Recruitment
• Acquisitions and management buyouts
Whether it’s to finance investment, buy essential kit, restructure your company or to alleviate cash flow problems, invoice finance is used by many thousands of growing businesses.
The history of invoice factoring
Factoring came to gained popularity in the United States in the 1900's
In 1955 the US factoring volume was 3.7 billion
It skyrocketed in popularity during the ‘boom’ years of the early and mid-2000s. However, it was after the credit crunch of 2008 – when securing funding from traditional banks became increasingly hard – that cash-strapped businesses would use invoice factoring as a way of raising finance.
Thanks to increasing economic confidence, banks are slowly becoming less reluctant to lend money to businesses and invoice finance remains a very popular way for businesses to raise money – for a wide array of reasons.
Why is invoice factoring so popular?
• It’s flexible – businesses in need of cash flow can tap into as much, or as little, money as they currently have lying about in unpaid finances.
• It’s easy to access – all you need is ten or more unpaid invoices to access cash funds.
• Anyone can use it – you don’t need to justify your finance through your company’s accounts or a credit score.
• It doesn’t involve assets – your invoices are your assets. You don’t have to put fixed assets on the line to secure funding.
• It’s quick – you can access cash often within a few days.
How is invoice finance different to invoice discounting?
Although invoice finance and invoice discounting both tap into the cash flow found in invoices, they aren’t the same.
Invoice finance assumes all responsibility to the factoring company once the cash has been cleared. So it’s the factoring company’s duty to chase payment from the client and their problem if the client decides to try and dodge the payment.
However, invoice discounting keeps a lot of the responsibility in the court of the business to whom the debt is owed. An invoice discounting business will merely supply money to a business in trust that they will be repaid once the invoice had cleared.
Whereas invoice finance is more of a ‘payment’ for the slightly larger sum tied up in the invoice, discounting is a loan against the value of the invoices that are owed – just like a mortgage provider will take into consideration your future earnings from employment before issuing a loan.
Talk toFinancial Solutions about invoice factoring today
At Financial Solutions, we’ve been helping businesses to grow on their terms with invoice factoring services for years. Whether you’d like to invest and take your company to the next level or find a way to tap into the value stored away in unpaid invoices, we can help.
Invoice Factoring
Call us today! We Turn Auto Notes Into Cash!
615-414-6708
Banks won’t lend and cash flow is hard to come by. That’s where invoice finance comes in.
What exactly is invoice finance? How does it work? How can invoice factoring help a business to grow? Who uses invoice finance? Let’s take a look:
What is invoice factoring?
Invoice Factoring
Invoice finance raises money against unpaid invoices. It means businesses can get an agreed cash lump sum in return for an invoice they’re yet to issue to a client.
Using an invoice as the asset, as opposed to assets or future earnings, invoice finance means you can receive up to 95% of the invoice’s value.
How invoice factoring works – in three simple steps
1. A company performs a service for a client and prepares an invoice to issue to their customer.
2. The company then sends the invoice to an invoice factoring company in return for a percentage of the value of the bill.
3. The invoice factoring company collects the money that was due to you in the invoice.
Who uses Invoice Factoring?
The popular stereotype of a business that uses invoice finance is the small enterprise, existing from day to day and needing quick cash flow to meet its costs. However, the reality is somewhat different.
Invoice finance is used by small and large businesses in a wide range of industries, including:
• Logistics
• Wholesalers
• Creative agencies
• Engineering
• Recruitment
• Acquisitions and management buyouts
Whether it’s to finance investment, buy essential kit, restructure your company or to alleviate cash flow problems, invoice finance is used by many thousands of growing businesses.
The history of invoice factoring
Factoring came to gained popularity in the United States in the 1900's
In 1955 the US factoring volume was 3.7 billion
It skyrocketed in popularity during the ‘boom’ years of the early and mid-2000s. However, it was after the credit crunch of 2008 – when securing funding from traditional banks became increasingly hard – that cash-strapped businesses would use invoice factoring as a way of raising finance.
Thanks to increasing economic confidence, banks are slowly becoming less reluctant to lend money to businesses and invoice finance remains a very popular way for businesses to raise money – for a wide array of reasons.
Why is invoice factoring so popular?
• It’s flexible – businesses in need of cash flow can tap into as much, or as little, money as they currently have lying about in unpaid finances.
• It’s easy to access – all you need is ten or more unpaid invoices to access cash funds.
• Anyone can use it – you don’t need to justify your finance through your company’s accounts or a credit score.
• It doesn’t involve assets – your invoices are your assets. You don’t have to put fixed assets on the line to secure funding.
• It’s quick – you can access cash often within a few days.
How is invoice finance different to invoice discounting?
Although invoice finance and invoice discounting both tap into the cash flow found in invoices, they aren’t the same.
Invoice finance assumes all responsibility to the factoring company once the cash has been cleared. So it’s the factoring company’s duty to chase payment from the client and their problem if the client decides to try and dodge the payment.
However, invoice discounting keeps a lot of the responsibility in the court of the business to whom the debt is owed. An invoice discounting business will merely supply money to a business in trust that they will be repaid once the invoice had cleared.
Whereas invoice finance is more of a ‘payment’ for the slightly larger sum tied up in the invoice, discounting is a loan against the value of the invoices that are owed – just like a mortgage provider will take into consideration your future earnings from employment before issuing a loan.
Talk toFinancial Solutions about invoice factoring today
At Financial Solutions, we’ve been helping businesses to grow on their terms with invoice factoring services for years. Whether you’d like to invest and take your company to the next level or find a way to tap into the value stored away in unpaid invoices, we can help.
Invoice Factoring
Call us today! We Turn Auto Notes Into Cash!
615-414-6708
Vehicle Leasing Reaches Record
Experian Automotive announced that more consumers are choosing to lease vehicles, bringing the share of new vehicles financed with a lease to its highest level since the company began publically reporting the data in 2006.
According to its latest State of the Automotive Finance Market report, Experian Automotive found that 28.4 percent of all new vehicles financed were leases in the fourth quarter, up from 24.8 percent the previous year.
sellautonotes.com
According to its latest State of the Automotive Finance Market report, Experian Automotive found that 28.4 percent of all new vehicles financed were leases in the fourth quarter, up from 24.8 percent the previous year.
sellautonotes.com
MO AG Sues Dealers for Missing Titles
AG Sues Dealers for Missing Titles
The Missouri Attorney General’s office filed seven civil lawsuits and two criminal cases against car dealers and financers in Springfield, St. Louis, Lee’s Summit, and Ozark, for failing to provide titles for sold vehicles as required by law.
Investigators from the attorney general’s office, following up on consumer complaints, identified a number of cases in which dealers failed to pay financing companies for cars sold to Missouri consumers. As a result, the financing companies refused to relinquish title to the vehicles, and the consumers were left having paid for cars they did not legally own and therefore could not legally register.
sellasutonotes.com
The Missouri Attorney General’s office filed seven civil lawsuits and two criminal cases against car dealers and financers in Springfield, St. Louis, Lee’s Summit, and Ozark, for failing to provide titles for sold vehicles as required by law.
Investigators from the attorney general’s office, following up on consumer complaints, identified a number of cases in which dealers failed to pay financing companies for cars sold to Missouri consumers. As a result, the financing companies refused to relinquish title to the vehicles, and the consumers were left having paid for cars they did not legally own and therefore could not legally register.
sellasutonotes.com
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