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March 2, 2010

AmeriCredit Expands and Extends Warehouse Credit Facility

AmeriCredit Corp. announced Monday the expansion and extension of its warehouse credit facility to $1.3 billion, which includes commitments from eight lenders.

Tags: AmeriCredit, credit facility

January 28, 2010

Originations Infrastructure Rebuilt, Says AmeriCredit

Touting year-over-year improvements in originations, credit performance and earnings, AmeriCredit officials said on Jan. 27 the company is in a good position to rebuild its business in 2010.

Tags: AmeriCredit, subprime finance

October 22, 2009

AmeriCredit Posts 1Q Profit, Activates Approximately 3,000 Dealers

AmeriCredit Corp. reported net income of $26 million for its fiscal first quarter, a higher profit than analysts predicted and an improvement from a net loss of $5 million in the year-ago period.

Tags: AmeriCredit

October 15, 2009

AmeriCredit to Finance GM’s Subprime Customers

Through a recent partnership, AmeriCredit will provide auto financing to General Motors Co.’s subprime customers.

Tags: AmeriCredit, General Motors

September 1, 2009

Auto ABS Losses to Increase Despite Stronger Used-Vehicle Values

Used-vehicle values continued to increase in July, which benefited auto ABS performance by constraining loss severity levels. But loss levels are still expected to increase in the latter half of 2009, consistent with seasonal trends, said Fitch Ratings.

Tags: AmeriCredit, auto ABS portfolios, Fitch Ratings

August 6, 2009

AmeriCredit Posts 4Q Profit; Looks to Sign Up Dealers

Not only did AmeriCredit post a fiscal fourth-quarter profit, but the auto finance company said it plans to sign up new dealers after successfully executing its first subprime auto securitization in 2009.

Tags: AmeriCredit

July 1, 2009

Standard & Poor’s Downgrades AmeriCredit’s Ratings

Standard & Poor's Ratings Services said that it lowered two credit ratings for AmeriCredit Corp., saying the auto finance company faces further deterioration in its loan portfolio.

Tags: AmeriCredit, securitizations, Standard and Poor's

May 13, 2009

Fitch Downgrades AmeriCredit Ratings

Fitch Ratings assigns a revision rating and downgraded 14 classes from six AmeriCredit Automobile Receivables Trusts. The ratings remain on Rating Watch Negative.

Tags: AmeriCredit, Fitch Ratings

April 24, 2009

First Quarter Snapshot: Captives and Non-Captives Report Lower 1Q Losses

The auto finance industry struggled through the first quarter of this year, but several companies reported lower losses compared to the fourth quarter 2008.

Tags: AmeriCredit, BMW Financial Services, Capital One, Ford Motor Credit, General Electric, JPMORGAN CHASE, quarterly finance report, WELLS FARGO

March 9, 2009

AmeriCredit Announces Amendment, Extension of Warehouse Credit Facility

AmeriCredit Corp. has announced an amendment and extension of its master warehouse credit facility. The amendment, which was approved by all 10 active lenders in the facility, reduces the size of the facility to $1.11 billion from $2.25 billion, and extends the revolving period to March 2010 from October 2009.

Tags: AmeriCredit

February 5, 2009

AmeriCredit Reports Q2 Loss; Originations Being Scaled Back

AmeriCredit Corp. said it expects to reduce its loan portfolio by nearly one-third this year, as executives said the company will continue to focus on maximizing cash collections from its loan portfolio and managing the business to preserve capital and liquidity.

Tags: AmeriCredit

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