ATLANTA — CompuCredit Corporation has acquired San Diego-based ACC Consumer Finance (ACC). The company was majority owned by Rocco Fabiano, formerly of Household International Inc., who now joins CompuCredit as Advisor to the president.
In conjunction with this purchase, CompuCredit also has acquired a $195 million auto loan portfolio from Patelco Credit Union. These assets were originated and are serviced by ACC on behalf of Patelco.
“Rocco Fabiano and the entire ACC team bring a track record of success in indirect auto lending,” said David Hanna, chairman and CEO of CompuCredit. “We are pleased to add their complementary business and product offerings to our expanding suite of financial products and services.”
Rocco Fabiano, chairman of ACC added, “We are extremely pleased to be joining the CompuCredit team. With CompuCredit's resources and consumer credit expertise, I believe we can redefine the auto finance industry and establish ourselves as the premier automobile lender to those consumers who are underserved by traditional auto lenders.”
ACC currently services approximately $275 million in auto finance receivables and operates in 12 states with collection centers in San Diego, Calif. and Denver, Colo.