AmeriCredit Plans to Increase Subprime Loans
AmeriCredit Corp., a leading lender in the subprime market, intends to increase the dollar amount of vehicle loans it writes by 10 to 15 percent a year, according to Automotive News.
Fort Worth, Texas—AmeriCredit Corp., a leading lender in the subprime market, intends to increase the dollar amount of vehicle loans it writes by 10 to 15 percent a year, according to Automotive News.
AmeriCredit wrote $6.2 billion in vehicle loans in the fiscal year that ended June 30, out of a total loan portfolio of $12.2 billion. The company has also doubled the size of its marketing staff to about 250 employees in the last three years, due to its anticipation of growth in the subprime market.
Dan Berce, AmeriCredit CEO, said that the largest part of the company’s expansion is signing up more dealers. He noted that the company is also enacting direct-to-consumer lending, which he hopes will become a larger part of their business over time.
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