Protective buys Lyndon
BIRMINGHAM, Ala. - Protective Life Insurance Co. has acquired Lyndon Insurance Group from Frontier Insurance Group Inc. Controller Jerry DeFoor said Protective paid $163.5 million. Lyndon markets credit life insurance, credit disability insurance and vehicle and marine service contracts through financial institutions and auto dealers. Protective also owns San Diego-based Western Diversified Services Inc., another F&I provider. Lyndon, based in St. Louis, sold insurance corresponding to $165 million in premiums in 1998. The Lyndon acquisition was announced in October 1999 and took effect Jan. 20. Lyndon had an exhibit at last month's National Automobile Dealers Association convention in Orlando, Fla., but the company referred visitors to the new parent's booth.
ONYX SELLING NOTES
FOOTHILL RANCH, Calif. - Auto lender Onyx Acceptance Corp. announced it is selling $23 million worth of $1,000 face value subordinated notes. The company expects net proceeds of $17.9 million, which it will use to pay down debt to its own lenders, Merrill Lynch Mortgage Capital Inc. and Salomon Smith Barney Realty Inc. Onyx specializes in the 'near prime' segment, just below prime risk. The company's net income increased 61 percent to $9.8 million in 1999, according to a prospectus filed with the Securities and Exchange Commission earlier this month. The company bought $1.1 billion worth of loans in the first nine months of 1999, compared with $734.3 million in the year-ago period.
DCX OFFERS NET APPLICATION
AUBURN HILLS, Mich. - Chrysler Financial Corp. introduced an Internet credit application that allows customers to apply online and check the status of their application via e-mail. Consumers fill out a single screen of basic personal information, select a dealer in their area and then submit the application. The dealer selected by the consumer also is notified of the consumer's application status. Tom McAlear, COO of parent DaimlerChrysler Financial Services (debis) North America, said the new credit application uses existing systems and processes so dealers do not have to invest in new equipment or training. The applications are at: