| Popular Auto Adopts Fortis Document Management Software for ...
Popular Auto, the auto loan unit of Banco Popular, uses Fortis document management software to manage auto and boat loan contracts, titles, liens, correspondence and associated documentation. The Fortis solution provides the bank's customer service center with immediate access to customer information and provides customers with self-service online and secure access to documents. Popular Auto improved its overall customer satisfaction ratings, achieved a competitive advantage and has met compliance regulations with the Fortis document management solution. Branford, CT (PRWEB) July 10, 2007 -- Westbrook Technologies, a leader in enterprise document management software for the mid-market and one of Deloitte and Touche's 2005 and 2006 "Fast 50" technology companies in Connecticut, today announced that their Puerto Rican distributor, Infomax, has completed an expansion of the implementation of Westbrook's Fortis document management software at Popular Auto, the auto loan unit of Banco Popular, the largest bank in Puerto Rico and the Caribbean.
Payday lenders lose interest in Oregon
Scores of Oregon payday and car title lenders have closed their doors as a 36 percent interest rate cap and other new regulations took effect last week. Gone are the 520 percent annual interest rates that were common among payday lenders before the Legislature recently passed new regulations. Gone, too, are many of the lenders. But among those who remain, borrowers will find their small, short-term loans cost about a third of what they cost before. At least 60 payday loan stores have closed or surrendered their licenses since June 1, says Charles Donald, supervising examiner at the state Department of Consumer and Business Services. Luanne Stoltz left a 20-year career as a high school math and science teacher years ago to open two payday stores in Portland.
How to Get a Car Loan if Your Credit Rating is Low
In this era of purchasing a car financed through a bank, there is a big rush to get the best deal. However before indulging in any kind of deal everyone should check their credit rating. Credit rating plays a vital role in making a good deal both for the car dealers and the customer. Car dealers prefer buyers with good credit rating. On the other hand if you hold a good rating you are likely to get one of the best deals, which others could only long for. Moreover, it entitles you for the loan in first place and leaves you happy and satisfied and saves your time too. Having a bad credit rating does limit your options for getting a car loan but it doesnt leave you completely out in the cold. There are some options for you, and things that you can do, to get closer to having your new car.
Payday pretenders
Dozens of payday and car title lenders have closed their doors across Oregon since a new state law capping their annual interest charges at 36 percent went into effect this month. Boo hoo. Well, not exactly. Few Oregonians are shedding any tears for an industry that claims it won't stick around unless it can charge annual interest rates of 520 percent. Such rates were standard payday lender fare before the Legislature passed the much-needed usury cap earlier this year. Theatrics are obviously involved here. An estimated 60 payday loan stores statewide have closed or surrendered their licenses since June 1. That leaves about 200 payday lenders still doing business under the new regulations. Because 29 other states have imposed interest rate caps similar to Oregon's, it seems likely that the industry will adapt and continue to exist in this state, as it has elsewhere.
Former Clemson star McNeal arrested
COLUMBIA — Oakland Raiders reserve defensive end Bryant McNeal was arrested Thursday on an outstanding warrant following a traffic stop in South Carolina. McNeal, 27, was wanted in Florida for selling a Land Rover to a pawn broker for $15,000 when he didn't own it, said Clearwater, Fla., police officer Wayne Shelor. When McNeal, who spent the 2005 training camp with the Tampa Bay Buccaneers, didn't return to claim the car, Carbucks Corp. tried to collect the title. However, the company found that McNeal had not paid off a bank loan. The former Clemson football star was stopped at 3:35 a.m. Thursday in Lexington County where he lives and charged with driving with a suspended license and operating a vehicle without a headlight. He will remain at the Lexington County jail until Florida authorities make arrangements for his extradition.
Title Loans Drive Many Consumers Into Deeper Debt
As of late 2004, Missouri had licensed over 230 title loan locations. In California, car title loans amount to a $20 million industry, according to a recent report issued by the Center for Responsible Lending. Title Loans of America, one of the country’s major title lenders, have 150 title loan stores in 18 states, issuing approximately 250 loans each year, the report says. Using cars as collateral, this new form of "predatory lending" is marketed toward cash strapped consumers. However, failure to meet the terms of the loan can result in a late-night repossessions by lenders who have a duplicate set of keys. Title loans trap borrowers in perpetual debt through unaffordable balloon payments, high interest costs, and the threat of repossession," said Ms.
New act could add billions to college aid
What may be the federal government's largest investment in higher education since the GI Bill, the College Cost Reduction Act of 2007, will be discussed this week in the U.S. House of Representatives. The bill, which was introduced by Rep. George Miller (D-Calif.), aims to boost college financial aid by $19 billion over the next five years. The bill proposes for the federal government to cut excess subsidies paid to private loan lenders, instead of having money taken from tax money to finance the aid. If the bill passes, the interest rates on federally subsidized student loans would be cut in half over the next five years. Students facing "economic hardship" would have their loans forgiven after 20 years. Also, among other measures, Pell Grant funding would increase by at least $500 per student over the next five years, and the annual income level of students who qualify for the grant would also increase to $30,000 - expanding eligibility, according to Rachel Racusen, spokeswoman of the House's Education and Labor Committee.
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