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SEARCHFORT WORTH, Texas -- AmeriCredit Corp. has agreed to purchase Bay View Acceptance Corp, which is the auto finance subsidiary of Bay View Capital Corp.
FORT WORTH, Texas -- AmeriCredit Corp. has agreed to purchase Bay View Acceptance Corp, which is the auto finance subsidiary of Bay View Capital Corp.
BVAC acquires retail auto installment contracts from dealers in 32 states, in addition to offering specialized products such as extended-term financing and larger advances to customers with prime credit scores. As of June 30, the company had approximately 33,000 customers and $684 million in managed auto receivables.
Company executives said the acquisition is an all-cash transaction that values BVAC at $62.5 million. The transaction is expected to close in the first half of 2006.
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