AmeriCredit finds gold in subprime

FORT WORTH, Texas - Business is booming for subprime auto lender AmeriCredit Corp. The company said it expects to originate $1.8 billion to $2 billion in auto loans in the fourth quarter.

For the fiscal year that ends June 30, the company expects to originate $8.15 billion to $8.55 billion worth of auto loans. AmeriCredit purchased just over $2 billion in loans in the quarter ended Sept. 30, a 45 percent increase compared with the same months last year. The company is feasting on less competition and the low cost of funds.

Tags: AmeriCredit

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