Wells Fargo Provides $50 Million Credit Line to Automotive Credit Corp.
Wells Fargo Preferred Capital, a subsidiary of Wells Fargo & Company, recently provided a $50 million senior credit facility to Automotive Credit Corporation (ACC), an indirect auto finance company.
DES MOINES, Iowa – Wells Fargo Preferred Capital, a subsidiary of Wells Fargo & Company, recently provided a $50 million senior credit facility to Automotive Credit Corporation (ACC), an indirect auto finance company.
Founded in 1992, ACC is headquartered in Southfield, Mich. The company has partnerships with hundreds of independent and franchised auto dealers throughout the United States and provides financing for consumers with limited access to traditional sources of consumer credit.
“Wells Fargo Preferred Capital’s industry knowledge and expertise gives us great comfort as we enter into a relationship with them,” said Jim Blasius, ACC’s president and CEO. “Their commitment to provide us with additional capital enables us to expand the business we have successfully built over the past 17 years.”
Wells Fargo Preferred Capital has extended $265 million worth of credit line commitments to new client companies during 2009, said Tom Murphy, Wells Fargo Preferred Capital’s president. Preferred Capital is a specialized lender that provides senior-secured credit facilities — or lines of credit — to consumer and auto finance companies.
"We have significantly expanded our client base and positioned our company for future growth as new clients like Automotive Credit Corporation are able to grow their businesses through greater access to capital," Murphy said. “The expansion of our business demonstrates Wells Fargo's commitment to the consumer and auto finance industry. Our customers have more than $3.1 billion of available credit lines with Wells Fargo Preferred Capital, enabling them to extend in excess of $5 billion in consumer loan products.”
More Auto Finance

Interest Rates Further Squeeze Auto Consumers
Last month’s hike and a potential second increase this month add to a growing list of inflation woes that could continue to dent overall car sales.
Read More →
Mind Your Process
Consistent steps taken in various aspects of the F&I office can make valuable differences over time, similar to an outline for a best-selling book.
Read More →
Top Five Credit Application Fraud Flags
Compliance audits regularly reveal bad habits that can lead to fraud charges and should have been stamped out decades ago.
Read More →
More Auto Loans for the Taking in August
Riskier categories were on the uptick for the month as lenders loosened access in several areas while balancing out the exposure in another, Cox Automotive reported.
Read More →
July Was Hot for Auto Borrowers
Credit proved readily available for many, but most loans left buyers in negative territory, Cox Automotive said.
Read More →
Dealer Lender Preferences Revealed
When lenders provide consistent, fast service, their overall satisfaction scores with dealers greatly improve, according to JD Power research.
Read More →
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 →