BankAmerica Corp. granted Mercury Finance Co. a 90-day extension on a $50 million line of credit set to mature today.

The extension gives the embattled subprime auto finance lender until June 10 to make good on the loan, and allows it to continue to pledge its assets as collateral.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.