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Data point of the day: Stunning decline in loan applications at AmeriCredit

Go to page 11 of AmeriCredit's latest investor presentation to see the sharp drop-off in applications for auto loans as well as a more modest decline in approval rates. When the declines in applications and approvals are considered jointly, it's clear that funded loans have become a rarity. AmeriCredit has stated it will fund no more than $100 million of new loans per month in '09, down from the previous level of more than $500 million per month.

AmeriCredit (NYSE:ACF) recently received capital injections from Leucadia (NYSE: LUK) and Fairholme Capital Management.

Posted by manualofideas on February 12, 2009 04:19 PM |

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