AmeriCredit Reports Increased Loan Purchases
AmeriCredit Corp. reported auto loan purchases increased to $1.37 billion in its third-quarter of the fiscal year, compared to $953.8 million in the March 2004 quarter, according to Automotive News.
FORT WORTH, Texas -- AmeriCredit Corp. reported auto loan purchases increased to $1.37 billion in its third-quarter of the fiscal year, compared to $953.8 million in the March 2004 quarter, according to Automotive News.
Its loan purchases for the nine months ending March 31 reached $3.58 billion, compared to $2.40 billion in the same period last year.
Executives at AmeriCredit said managed auto receivables 31-60 days delinquent were only 4.9% of the company's portfolio as of March 31, down from 5.5% last March. Accounts more than 60 days delinquent were down from 2% of the portfolio in March 2004 to 1.8% as of March 31.
Net income for the company reached $75.6 million in the fiscal third quarter, compared to $63.8 million at the same time last year. For the nine-month period, AmeriCredit reported a net income of $209 million, up from $144.3 million in 2004.
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