AmeriCredit Resumes Automobile Lending in Canada

AmeriCredit has funded its first Canadian auto loan, taking the initial step to re-establish itself as a major competitor in the Canadian auto-lending market.

The company has established its new Canadian offices for AmeriCredit Financial Services of Canada in Mississauga, Ontario. The company’s Canadian underwriting team is based at this central location, while its sales representatives are located in different areas and serve auto dealers throughout the country.

Howard Cobham, AmeriCredit’s senior vice president of Dealer Services, Canada, says AmeriCredit is thrilled to be competing in the Canadian market again. “The culmination of months of planning and development has resulted in exactly what we’d hoped for: AmeriCredit has received an unprecedented reception from Canadian auto dealers and is certain it can provide a much-needed lending resource for customers in Canada,” says Cobham.

Cobham adds that resuming Canadian lending is an important part of AmeriCredit’s plan to incrementally grow new loan originations. By July 1, the company plans to expand its Canadian lending initiative throughout Ontario and into Alberta, British Columbia, Manitoba, Saskatchewan and the Atlantic region. AmeriCredit is also developing plans to enter the Quebec market at a later date.

AmeriCredit previously originated loans in Canada from 1998 to 2003 when it exited the market due to a company restructure. Since that time, AmeriCredit has continued to operate a successful collection centre with more than 400 team members in Peterborough, Ontario, in addition to collection centers in the United States.