FORT WORTH, Texas -- AmeriCredit Financial Services Inc. plans to acquire Bay View Acceptance Corp., an auto finance provider. The buyer is a subsidiary of AmeriCredit Corp., a vehicle finance company here that specializes in subprime lending.
Bay View Acceptance is a subsidiary of Bay View Capital Corp., of San Mateo, Calif. It buys long-term, prime retail auto finance contracts from dealers in 32 states.
AmeriCredit says it expects the deal to close in the first half of 2006. The cash transaction is valued at $62.5 million.