| Type | Subsidiary of GM |
|---|---|
| Industry | Diversified financial |
| Founded | 1992 as AmeriCredit |
| Headquarters | Fort Worth, Texas, U.S. |
| Area served | United States and Canada |
| Key people | Daniel Berce (CEO) |
| Products | Automobile financing |
| Owner(s) | General Motors |
| Website | Americredit.com |
General Motors Financial Company, Inc. is a financial services arm of General Motors. Founded in 1992 as AmeriCredit, GM Financial provides car loans through automobile dealerships to medium- and moderate-risk customers in the United States and Canada. The company is located in Fort Worth, Texas.
Before its acquisition by GM, the company ranked at 768 on the Fortune 1000.[1] AmeriCredit's loan paramaters would originally provide financing (at an interest rate of between 10% and 23% APR) to clients with credit scores around 500 who can prove employment and residency, though the company has become increasingly more stringent over the past few years.
In July 2010, General Motors entered into a definitive agreement to acquire AmeriCredit in an all-cash transaction valued at approximately $3.5 billion. The deal provided GM with a new financial arm to replace the loss of GMAC in 2006.[2] Following the approval of the deal by AmeriCredit shareholders on September 29, GM rebranded the company as GM Financial.[3]