AmeriCredit Corp. announced Monday the expansion and extension of its warehouse credit facility to $1.3 billion, which includes commitments from eight lenders.
With the capital markets on the mend, special finance could be on the comeback trail, that’s if bank regulators and financial services reform don’t get in the way. Insider breaks down the market.
Touting year-over-year improvements in originations, credit performance and earnings, AmeriCredit officials said on Jan. 27 the company is in a good position to rebuild its business in 2010.
AmeriCredit Corp. announced Monday the appointment of Robert Sturges to its board of directors and the resignation of Bruce Berkowitz.
AmeriCredit Corp. reported net income of $26 million for its fiscal first quarter, a higher profit than analysts predicted and an improvement from a net loss of $5 million in the year-ago period.
Through a recent partnership, AmeriCredit will provide auto financing to General Motors Co.’s subprime customers.
The subprime and nonprime auto finance industry has definitely seen better days, but there are signs of a rebound on the horizon. Finance expert weighs in on the situation.
The industry shows signs of improvement in July and August, with AmeriCredit reporting a 4Q profit and DealerTrack increasing its number of active finance sources.
Used-vehicle values continued to increase in July, which benefited auto ABS performance by constraining loss severity levels. But loss levels are still expected to increase in the latter half of 2009, consistent with seasonal trends, said Fitch Ratings.
Not only did AmeriCredit post a fiscal fourth-quarter profit, but the auto finance company said it plans to sign up new dealers after successfully executing its first subprime auto securitization in 2009.
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