AmeriCredit Completes Acquisition of Bay View Acceptance Corporation

AmeriCredit Corp. today announced that its operating subsidiary, AmeriCredit Financial Services, Inc., has completed its acquisition of Bay View Acceptance Corporation (BVAC). BVAC was the auto finance subsidiary of Bay View Capital Corporation.

The total consideration paid by AmeriCredit to Bay View Capital Corporation in the all-cash transaction was approximately $63.6 million, which was the approximate book value at March 31, 2006. Bay View Capital Corporation shareholders voted to approve the proposed acquisition at a special shareholder’s meeting on April 27, 2006.

“Bay View is a strong niche marketer of extended-term, high LTV loans at premium prices to customers with excellent credit,” says AmeriCredit President and Chief Executive Officer Dan Berce. “This acquisition allows us to expand our target market into higher credit niches and supports AmeriCredit’s strategy to grow the company over the long term at a rate of 10 to 15 percent per year.”

BVAC operates from offices in Covina, Calif., and serves automobile dealers in 32 states. AmeriCredit will continue to utilize the Bay View Acceptance Corporation name for the subsidiary, and automobile dealers and existing BVAC customers will continue to use the same addresses and telephone numbers to reach the company’s representatives.