In Depth Analysis: CalculatedRisk Newsletter on Real Estate (Ad Free) Read it here.

Wednesday, August 06, 2008

AmeriCredit: Auto Loan Originations Down Sharply

by Calculated Risk on 8/06/2008 05:31:00 PM

From auto lender AmeriCredit: AmeriCredit Reports Fourth Quarter and Fiscal Year 2008 Operating Results

AmeriCredit today announced a net loss of $150 million ...

The allowance for loan losses as a percentage of receivables increased to 6.3% at June 30, 2008, from 5.7% at March 31, 2008.
Originations were $780 million for the quarter ended June 30, 2008, compared to $2.51 billion for the same quarter last year.
"We have taken proactive steps to conserve liquidity and position the business to withstand the weak macroeconomic environment and the dislocation in the capital markets," said AmeriCredit President and Chief Executive Officer Dan Berce.
Wow. Originations were off almost 70% compared to the same quarter last year. Talk about less lending.