CHICAGO — 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.
The asset-based senior credit lines will be offered to dealers in the following states: Arizona, California, Georgia, Idaho, Illinois, Indiana, Kansas, Louisiana, Michigan, Mississippi, Missouri, Nebraska, Nevada, New Mexico, Ohio, Oregon, South Dakota, Tennessee, Utah, Washington, West Virginia and Wisconsin.
“We are very excited to be able to provide this product during a time when many traditional lending sources have decided to exit this market,” stated Martin Less, Nationwide’s president. “We feel our experience in the subprime auto finance industry makes us uniquely qualified to provide these credit lines and work closely with buy-here, pay-here dealers to help achieve their goals.”
The company will provide more details about its credit line program at the 2010 National Conference for Buy Here, Pay Here scheduled for May 11-13 at the Venetian Hotel in Las Vegas. Conference attendees can learn more about Nationwide’s credit line program at the “Capital Markets General Session” from 11:15 a.m. to noon on Wednesday, May 12, where Less will participate in a panel discussion.
For more information about the program, call Less directly at (800) 622-7605 ext. 1291.