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Web Exclusive: GMAC Insurance Opens Up About Recent Moves

With the auto finance unit of the Ally Financial hitting its stride, F&I and Showroom magazine decided to find out how GMAC Insurance is faring these days. Gregory Arroyo, the magazine’s executive editor, went one-on-one recently with Tom Callahan, the executive heading up the company’s global insurance operations.

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AmeriCredit Prices $850 Million Asset-Backed Securities

AmeriCredit Corp. announced Wednesday the pricing of an $850 million offering of automobile receivables-backed securities.

Charting the Recovery

The magazine’s resident finance expert points out the good, the bad and the ugly about the recovery. He then offers his take on what lending sources are really saying these days.

AmeriCredit Selects Wolters Kluwer’s AppOne Platform

Wolters Kluwer Financial Services announced today that independent automobile finance company AmeriCredit Corp. will utilize its AppOne platform to help further expand loan originations in the auto finance market.

AmeriCredit Announces Fiscal Fourth Quarter Earnings

Subprime auto lender AmeriCredit Corp. released its quarterly finances for the first time following the announcement of its impending acquisition by General Motors Co. The company was able to increase both income and originations while decreasing charge-offs and delinquency rates compared to the same quarter last year.

GM to Acquire AmeriCredit

To meet customer demand for leasing and non-prime financing for GM vehicles, General Motors and AmeriCredit Corp. announced July 22 that they entered into a definitive agreement for GM to acquire the subprime auto finance company in an all-cash transaction valued at approximately $3.5 billion.

Recovery Yet to Reach Showrooms

Nonprime auto finance continues to show signs of recovery, but dealers say they will need more than just good feelings to ride out the storm.

Exeter Adds Former AmeriCredit Exec to Management Team

Exeter Finance Corp., a specialty auto finance company, has named Mark Floyd, a former AmeriCredit executive, as its CEO and vice chairman of the board.

Fitch Upgrades AmeriCredit Corp.'s Rating to B+

Fitch Ratings upgraded the long-term issuer default rating (IDR) of AmeriCredit Corp. to 'B+' from 'B-' and the senior debt rating to 'BB-/RR3' from 'B/RR3'. The rating outlook is stable. Approximately $532.6 million of debt, at par, is affected by this action.

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AmeriCredit Increases Originations and Dealers

Saying economic conditions have reached the optimal period for new loan originations, Dan Berce told investors and media outlets that AmeriCredit increased originations during the March quarter by $245 million.

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