E-NEWSLETTER

Subprime auto lender AmeriCredit Corp. released its quarterly finances for the first time following the announcement of its impending acquisition by General Motors Co. The company was able to increase both income and originations while decreasing charge-offs and delinquency rates compared to the same quarter last year.

Tags: AmeriCredit, subprime finance

Chase Auto Finance announced Monday that it opened a new Custom Finance office in Des Moines, Iowa, to serve the subprime financing needs of dealers in the central Plains area.

Tags: Chase Auto Finance, subprime finance

Subprime lender Credit Acceptance Corp. reported year-over-year improvements in net income and revenue for the first quarter of 2010. The company also added several new dealer partners and reported gains in loan volume and average loan volume per dealer.

Tags: Credit Acceptance Corp., subprime finance

Saying economic conditions have reached the optimal period for new loan originations, Dan Berce told investors and media outlets that AmeriCredit increased originations during the March quarter by $245 million.

Tags: AmeriCredit, loan originations, subprime finance, used-vehicle market

Nationwide Acceptance Corporation opened a new division to provide $1 million to $5 million lines of credit to buy-here, pay-here dealers in markets the company serves.

Tags: BHPH, buy-here, pay-here , credit lines, National Acceptance Corporation, subprime finance

Westlake Financial Services, a full-spectrum indirect auto finance company, formed a new division which will specialize in portfolio acquisition services.

Tags: subprime finance, Westlake Financial Services

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

RouteOne LLC announced Jan. 14 that it has completed integration with independent subprime lender Nationwide Acceptance Corporation (NAC). Dealers in all of the markets served by NAC may now process credit applications electronically to NAC through the RouteOne platform.

Tags: lending platform, Nationwide Acceptance Corporation, nonprime finance, RouteOne, subprime finance

Consumer Portfolio Services Inc., a subprime financing source, entered into a $50 million two-year credit facility on Sept. 25 with Fortress Credit Corp., an affiliate of Fortress Investment Group.

Tags: Consumer Portfolio Services Inc., credit facility, subprime finance