Financial

Giving credit to strong results from its recent conversion offers, Ford announced it will be cutting more than $1.9 billion off its automotive debt and plans to become “clearly net cash positive” before the year ends. Moreover, Ford said the conversion offers will help lead an approximate $180 million reduction in annualized interest costs. [Read More]

Recovery Assurance, a repossession management firm recently founded by American Collateral Recovery Group, has now partnered with Inilex, a provider of GPS-enabled telemetry solutions.  Company officials explained Inilex has developed a proprietary program specifically designed to assist in monitoring and recovering lost vehicles. With this unique program, Recovery Assurance insists it can monitor and coordinate […] [Read More]

Is sending letters through the mail still the best way for debt collectors to make a connection with consumers in default? The most recent monthly membership survey of ACA International, the Association of Credit and Collection Professionals, showed the effectiveness of letters could be wavering. The association first asked participants to evaluate their use of […] [Read More]

Federal officials announced last week that the early proceeds from General Motors’ initial public offering allowed the automaker to pass a significant threshold in money returned to the U.S. Department of the Treasury. With GM sending $11.7 billion to the Treasury, the total amount of Troubled Asset Relief Program funds returned to taxpayers now exceeds […] [Read More]

Just a few days after revealing record second-quarter and first-half results, RIFCO announced it has signed on to the DealerTrack Canada national online credit application network. As such, possibly more than 5,000 dealers utilizing DealerTrack will be able to tap into RIFCO’s lending program, officials noted. [Read More]

As an attorney for General Motors who specializes in securities work, when it came to the automaker’s initial public offering, Robert Shrosbree had his work cut out for him. “This began back in May when we started interviewing underwriters,” he explained on the Faces of GM Blog. Since that time, Shrosbree indicated he has been […] [Read More]

In what the company described as a response to broadening expansion, Innovative Funding Services recently promoted one its executives to director of operations. Taking on the role at the financing company for lessors and fleet-management businesses is Robert Rohner. When IFS moved to its new location on Burnett Road in Austin, Texas, last year, management […] [Read More]

A debt collection agency is being charged with doing more than just poking a friend on Facebook. A Florida woman has filed suit against MarkOne in a Florida court claiming the company went far beyond the usual phone calls in an attempt to recoup $362 for an unpaid vehicle loan. The company allegedly contacted the […] [Read More]

Top executives from Digital Recognition Network and MVTRAC are taking advantage of an opportunity from the National Automotive Finance Association to educate lenders and repo agents about the capability of license plate recognition technology. The NAF Association is hosting them for an hourlong Webinar on Dec. 1 beginning at 2 p.m. EST. Cort DeHart, president […] [Read More]

Several automakers pulled out of leasing during the widespread auto and economic crises in the last two years, but it appears leasing has made a healthy comeback in 2010. Shedding some light on the current strength of leasing, CNW Research offered some insight into the lease market in its latest Retail Automotive Summary, in addition to providing Auto […] [Read More]