AmeriCredit Reports Second Quarter Operating Results
Automobile loan purchases increased to $1.12 billion for the second quarter of fiscal year 2005, reported Fort Worth, Texas-based AmeriCredit Corp.
Automobile loan purchases increased to $1.12 billion for the second quarter of fiscal year 2005, reported Fort Worth, Texas-based AmeriCredit Corp.
This is compared to $700 million in the December 2003 quarter. Loan purchases for the last six months of 2004 were $2.21 billion compared to $1.45 billion for the same period last year.
Annualized net charge-offs totaled 7 percent of average managed auto receivables for the December 2004 quarter compared to 9.1 percent for the December 2003 quarter. Annualized net charge-offs for the six months ended Dec. 31, 2004, were 6.6 percent compared to 8.3 percent for the same period last year.
"The December quarter is historically a more challenging time of year in our business," said Clifton Morris, chairman and CEO of AmeriCredit. "Yet loan volume was strong in the quarter and we finished the calendar year with good credit results. This positive momentum positions us well to deliver on our earnings forecast as we enter the second half of our fiscal year."
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