SNAAC Sells to Investor Group, Secures Expanded Credit Facilities
Security National Automotive Acceptance Corp. announced it has closed on the sale of the company to a group of private investors and has secured $450 million of senior debt financing.
CINCINNATI – Security National Automotive Acceptance Corp. (SNAAC) announced that it has closed on the sale of the company and its TriStar insurance affiliates to a group of private investors. The company also announced it has secured $450 million of senior debt financing to fund its growth plan over the next several years.
The existing senior management team will continue to lead the company under its new ownership, according to SNAAC.
“This transaction aligns our management team with partners who can deliver the resources to support them in their future growth. We are pleased to provide a bright future to our talented and dedicated associates,” said Becky Catino, co-founder and former co-CEO of SNAAC.
The national specialty finance company was formed in 1986 by Ted and Becky Catino, and has $280 million in finance receivables and a broad line of products operating under the TriStar brand. TriStar offers a full line of vehicle service contracts, insurance products and roadside assistance products.
More Auto Finance
Auto Refi Savings Surge
Consumers with 84-month auto loan terms who refinanced saved the most on monthly payments, according to a new report by auto refinancing provider Caribou.
Read More →
Subaru Enters Lending Business
The automaker follows other brands in adding captive financing in the U.S., and says the move will strengthen its position here.
Read More →
Positive Equity Reaches Record High
Mainstream vehicle owners who bought a car seven years ago are likely to have positive equity when trading in for a new vehicle, according to second-quarter Edmunds data.
Read More →
Dealerships Are Paying the Price for Extended Car Loans
Growing negative-equity scenarios mean such lengthy terms should be addressed in a forward-looking way to make them work for the dealer and the consumer down the road.
Read More →
Trade-Ins in Negative Equity Reach New Heights
As such trade-ins rise in frequency, so do monthly loan payment amounts and interest rates, according to second-quarter data compiled by Edmunds.
Read More →
Auto Credit Plentiful
June numbers show lenders are readily granting access, including to risky borrowers, as consumers leverage themselves to take on high prices.
Read More →
Automotive Consumers Sink Further in Debt
Most financing metrics hit records in the second quarter as more buyers locked themselves into long terms and high monthly payments.
Read More →
Porsche Financial Services Shifts Structure
After 36 years with Porsche, the Financial Services Chief Financial Officer Konrad Riedl is retiring, and the department is realigning its management structure.
Read More →
Tariffs Could Raise Insurance Premiums
As U.S. import tariffs affect repair costs, consumers might find it more affordable to replace a damaged vehicle, according to recent Insurify tariff analysis.
Read More →
Smaller Loans, Longer Terms
The youngest generation of car buyers is more likely to finance less expensive vehicles, more than half of generation Z consumers borrowing less than $25,000.
Read More →