Printer Friendly

AUTOFINANCE GROUP ANNOUNCES DISTRIBUTION FINANCIAL SERVICES AGREES TO PROVIDE AUTOFINANCE WITH LINE OF CREDIT

 WESTMONT, Ill., Feb. 4 /PRNewswire/ -- A.E. Steinhaus, chief executive officer/president of AutoFinance Group Inc. (NASDAQ: AUFN), announced that the Distribution Financial Services unit of General Electric Capital Corp., located in Barrington, Ill., today agreed in principle to provide AutoFinance with a three-year revolving line of credit of up to $50 million, secured by automotive installment sales contracts. This new credit facility is approximately twice the size of the company's existing facility. The line of credit, which is subject to the preparation of documents, is expected to be available to AutoFinance later this month. The line will replace the company's existing facility, and proceeds will be used to repay bank debt and for general corporate purposes.
 AutoFinance, with offices in Westmont and Burbank, Calif., acquires automotive installment sales contracts from franchised new car dealers.
 -0- 2/4/93
 /CONTACT: A.E. Steinhaus, president and CEO, or Blair T. Nance, CFO, of AutoFinance Group, 708-655-7100/
 (AUFN)


CO: AutoFinance Group Inc. ST: Illinois IN: FIN SU:

BP-LS -- LA010 -- 2734 02/04/93 08:02 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 4, 1993
Words:174
Previous Article:MAC FRUGAL'S BARGAINS - CLOSE-OUTS INC. REPORTS JANUARY SALES
Next Article:HONDO REPORTS PROGRESS OF WELL IN COLOMBIA
Topics:


Related Articles
AUTOFINANCE GROUP INC. ANNOUNCES SUCCESSFUL COMPLETION OF OFFERING
AUTOFINANCE GROUP INC. ANNOUNCES SUCCESSFUL COMPLETION OF EXCHANGE OFFER AND SECOND QUARTER EARNINGS
AUTOFINANCE GROUP INC. ANNOUNCES SUCCESSFUL COMPLETION OF OFFERING
AUTOFINANCE GROUP INC. REPORTS YEAR-END INCREASES IN REVENUES AND PROFITS
AUTOFINANCE GROUP INC. ANNOUNCES SUCCESSFUL COMPLETION OF OFFERING AND FIRST QUARTER RESULTS
AUTOFINANCE GROUP SUCCESSFULLY COMPLETES PRIVATE PLACEMENT
AUTOFINANCE GROUP INC. REPORTS INCREASES IN REVENUES AND EARNINGS FOR SIX MONTHS AND QUARTER ENDED DECEMBER 1992
AUTOFINANCE GROUP INC. REPORTS INCREASES IN REVENUES AND EARNINGS FOR NINE MONTHS AND QUARTER ENDED MARCH 1993
KEYCORP REPORTS FOURTH QUARTER 1995 EARNINGS; ANNOUNCES DIVIDEND INCREASE AND STOCK REPURCHASE PROGRAM
AutoFinance Group Completes $103.4 Million Securitization of Auto Loans

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters