Financial

DETROIT — The Ally Financial Board of Directors recently declared quarterly dividend payments for certain outstanding preferred stock, with the largest dividend to be paid out to the U.S. Department of Treasury. Basically, a quarterly dividend payment was declared on Ally's Fixed Rate Cumulative Mandatorily Convertible Preferred Stock, Series F-2, of about $257 million, or […] [Read More]

ATLANTA — The importance of the repossession industry to our economy is something that is often overlooked or misunderstood. Lenders of all types and sizes rely on hundreds of repossession agencies throughout the country as a crucial form of recourse when loans default. As repossessions soared during the last two years, new processes and technologies gave […] [Read More]

NEW YORK — LexisNexis Risk Solutions recently rolled out a new tool intended to boost skip-tracing productivity for collectors and recovery agencies. The company contends LexisNexis Accurint for Collections Skip Wizard can simplify skip-tracing and turn novice collectors and recovery agents into skilled skip-tracers without expensive training. Executives explained Skip Wizard can improve efficiency and productivity […] [Read More]

AUSTIN, Texas — Innovative Funding Services, a financing company for lessors and fleet management businesses, recently highlighted how last year's facility relocation has propelled it to significant growth in the past quarter. Company executives revealed additional partner opportunities and internal initiatives led IFS to a growth rate of more than 33 percent. Rob McKie, the chief […] [Read More]

DES MOINES, Iowa — Auto Remarketing learned that Wells Fargo Financial is in the process of restructuring, which includes closing 638 stores named for this division. Auto loans previously offered by Wells Fargo Financial will be mixed in with other similar products offered by the company and will be available through the financial institution's network of […] [Read More]

HOUSTON — Group 1 Automotive revealed on Tuesday a new lending partner in its syndicated credit facility to take the spot of BNP Paribas. Joining the $1.35 revolving credit facility was Mercedes-Benz Financial, which bumps the number of captive lenders in the facility up to four. Along with the four captives (Mercedes-Benz Financial; Toyota Motor Credit […] [Read More]

DEARBORN, Mich. — Strong sales performances and execution of other company strategies evidently are doing plenty to help Ford's balance sheet. The automaker revealed on Wednesday that it's reducing its debt by more than $4 billion. Management explained much of this newest reduction stems from retiring debt owed to the UAW Retiree Medical Benefits Trust ahead […] [Read More]

ELIZABETH, N.J. — A simple Google search can result in hundreds of stories of repossessions gone wrong — from repossessors impersonating police to repossessors getting shot and killed. On Dec. 9, 2009, a badge-wearing repo man was arrested and charged with impersonating a police officer after dragging and injuring a woman whose vehicle he was attempting to […] [Read More]

RALEIGH, N.C. — Consolidated Asset Recovery Systems has scheduled a free Webinar to share the strategies and technological platforms the company believes has streamlined the recovery process. Co-founder and senior vice president Terry Groves plans to discuss how CARS can provide a suite of services and technology to enable lending organizations to achieve the highest repossession […] [Read More]

DALLAS — Santander Consumer USA is quickly ramping up its market penetration in the U.S., especially in used-vehicle auto loans. In addition to originations, the company has been quietly buying up auto loan portfolios and making servicing deals and origination deals with such companies as Chrysler, Triad Financial, CarMax, HSBC and in the most recent multibillion-dollar […] [Read More]