Auto lender purchased
Monday, Jan. 24, 2000 | 11:53 a.m.
Auto finance company Auto One Acceptance Corp. of Dallas -- a subsidiary of San Francisco-based California Federal Bank -- purchased Downey Auto Finance Corp. of Newport Beach, Calif.
Terms of the deal were not disclosed. Auto One President Dan Leonard said the acquisition allows his company to expand beyond its current base in the East and Midwest.
Downey Auto is a prime lender active in several Western states, including Nevada. A spokesman said the company has no Nevada-based employees; local auto dealers send loan contracts to Downey's California office for approval.
With the addition of Downey's $366 million managed portfolio, Auto One's portfolio will grow to about $1.1 billion.
archive