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Standard & Poor’s Downgrades AmeriCredit’s Ratings

Standard & Poor's Ratings Services said that it lowered two credit ratings for AmeriCredit Corp., saying the auto finance company faces further deterioration in its loan portfolio.

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Fitch Downgrades AmeriCredit Ratings

Fitch Ratings assigns a revision rating and downgraded 14 classes from six AmeriCredit Automobile Receivables Trusts. The ratings remain on Rating Watch Negative.

First Quarter Snapshot: Captives and Non-Captives Report Lower 1Q Losses

The auto finance industry struggled through the first quarter of this year, but several companies reported lower losses compared to the fourth quarter 2008.

AmeriCredit Announces Amendment, Extension of Warehouse Credit Facility

AmeriCredit Corp. has announced an amendment and extension of its master warehouse credit facility. The amendment, which was approved by all 10 active lenders in the facility, reduces the size of the facility to $1.11 billion from $2.25 billion, and extends the revolving period to March 2010 from October 2009.

AmeriCredit Reports Q2 Loss; Originations Being Scaled Back

AmeriCredit Corp. said it expects to reduce its loan portfolio by nearly one-third this year, as executives said the company will continue to focus on maximizing cash collections from its loan portfolio and managing the business to preserve capital and liquidity.

Our New Reality

I was asked at the magazine’s September F&I Conference and Expo when I thought this mess we’re in would turn around. My response was, “Ask me again this time next year.”

Fighting for the Fifth "C"

Have we as an industry forgotten about the fifth component of the lending Cs? You know, character. It’d be a shame if F&I managers lost the ability to call up a buyer or lender rep to fight for their customer. Isn’t that what made this industry fun?

Laser-Targeted Lending?

Did you catch that news item about “subprime” being voted the Word of the Year? Apparently, the American Dialect Society thought the adjective dominated the attention of the press and the public throughout 2007.

The Year of the Used Car

I’m sure you’re tired of all the media coverage surrounding the subprime mortgage arena, and all the doom-and-gloom talk floating around. But it’s not going to stop. What’s important is that you read between the lines.

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Dealing With Subprime’s Messy Image

Is it me or is just about everyone looking for that one kink in the armor of our business? Yes, blame the subprime-mortgage market all you want, but the reality is that it’s going to be guilt by association from here on out. What’s important now is that we don’t prove those “Chicken Littles” right.