ACC Consumer Finance completes asset-backed security.SAN DIEGO--(BUSINESS WIRE)--Dec. 18, 1996--ACC Consumer Finance Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ACCI ACCI Australian Chamber of Commerce and Industry ACCI American Council on Consumer Interests ACCI Association of Crafts & Creative Industries ACCI American Consortium of Certified Interpreters ACCI African Center for Crop Improvement ACCI Air Compliance Consultants Inc. ) Wednesday announced the completion of the sale of $60,016,000 of automobile installment contracts through the issuance of certificates backed by these contracts. The certificates pay a fixed rate of interest of 6.25% and are rated AAA AAA: see American Automobile Association. (Triple A) A common single-cell battery used in a myriad of electronic devices of all variety. Like its double A (AA) cousin, it provides 1.5 volts of DC power. When used in series, the voltage is multiplied. by Standard & Poor's Rating Services and Aaa by Moody's Investors Service Moody's Investors Service A leading global credit rating, research and risk analysis firm. Moody's Investors Service A leading firm engaged in credit rating, risk analysis, and research of fixed-income securities and their issuers. Inc. Financial Security Assurance Inc. issued an irrevocable guarantee of the certificates and CS First Boston acted as the sole placement agent for the offering. The certificates were issued by ACC See adaptive cruise control. Auto Grantor Trust Grantor trust A mechanism of issuing MBS wherein the mortgages' collateral is deposited with a trustee under a custodial or trust agreement. 1996-D, a trust formed specifically for the purpose of completing the offering. The credit enhancement Credit Enhancement A method whereby a company attempts to improve its debt or credit worthiness. Notes: Credit enhancements take many different forms. An example of a credit enhancement would be conversion rights added on to a debt instrument in order to lower the issuing for this transaction consisted of only a reserve account and did not include a subordinate class of certificates, thereby improving the overall execution for the company. Gary Burdick, ACC's president observed, "This transaction represents our seventh quarterly securitization. We are pleased with the new structure and the expansion of our investor base with each new transaction." ACC Consumer Finance specializes in the indirect financing of automobile installment contracts purchased primarily from franchised automobile dealers for consumers who have limited access to traditional sources of financing for their vehicle purchases. The company purchases these contracts through its five regional credit centers in Atlanta; Dallas; Newark, Del.; Hollywood, Fla.; and San Diego. The company currently services contracts in 37 states and actively markets its program to dealers in Arizona, California, Colorado, Delaware, Florida, Georgia, Illinois, Indiana, Kentucky, Maryland, Missouri, Nevada, New Jersey, North Carolina, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Washington and West Virginia. NOTE: ACC Consumer Finance Corp.'s full-text news releases and financial information are available at http://businesswire.com/cnn/acci.btm . CONTACT: ACC Consumer Finance Corp., San Diego Gary S. Burdick or Rellen M. Stewart, 619/793-6300 |
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