As of 2015, AmeriCredit offers car buyers subprime auto loans and other financial services such as its AmeriPlus GAP program, explains AmeriCredit. The company also offers its AmeriPlus vehicle service contract program as an option.
The company's average subprime customer has a credit score of 545 and an annual income of $68,000, notes AmeriCredit. Most of the clients who use the company's subprime service put 12 percent down on the vehicle and finance a car valued at approximately $23,100. AmeriCredit's AmeriPlus GAP insurance protects the consumer from an adverse balance on the car. With this program, AmeriCredit pays the difference between the actual cash value of the car from the outstanding balance that is owed. The AmeriPlus vehicle service contract protects the consumer from unexpected repairs and covers the vehicle after the warranty expires.
AmeriCredit Financial Services has its headquarters based in Fort Worth, Texas, and started operating in 1992, highlights Bloomberg Business. General Motors Financial Company owns AmeriCredit.
General Motors purchased AmeriCredit with a $3.5 billion all-cash deal in 2010 and backs the loans the subprime auto dealer offers its consumers, according to the Los Angeles Times. Consumers with poor credit ratings can acquire a car with AmeriCredit. However, the subprime lender often provides high interest rates.