CINCINNATI — Security National Automotive Acceptance Corporation (SNAAC) has secured a $200 million revolving credit facility from Wells Fargo Preferred Capital and Fifth Third Bank.
Founded in 1986, SNAAC is a specialty finance company that purchases and services retail installment sales contracts acquired from auto dealers in the sale of used automobiles to military personnel. Today, the company operates in 30 states and employs 125 people at their Mason, Ohio facility.
“We are extremely pleased that our relationship with Wells Fargo Preferred Capital and Fifth Third Bank continues to expand. This growth capital will allow our very talented associates to continue to offer quality products and services to our expanding dealer base,” said Ted Catino, SNAAC’s chief executive officer.
Tom Murphy, president of Wells Fargo Preferred Capital, added, “This facility expands the Wells Fargo relationship with SNAAC, enabling them to help consumers purchase cars that will meet their personal needs; SNAAC is well known for its strong reputation and dedication to its customers.”
When asked about the credit facility, David Fuller, vice president of structured finance at Fifth Third Bank, said, “We are enthusiastic about growing with SNAAC. SNAAC and Fifth Third have had a long relationship. Since the beginning, I have always been impressed with SNAAC’s company performance.”
SNAAC managed by a seasoned team of executives led by Brian McDonald, chief operating officer, Adam Contino, chief financial officer and Rich Oakes, vice president of sales and business development.
“We have complete confidence in our management team. They have produced record breaking performance in a very difficult economy. Their innovation, creativity and hard work have allowed SNAAC to become a leader in the industry,” said Becky Catino, SNAAC’s president.