Jayhawk Acceptance Corp. announced Thursday that it is filing for Chapter 11 bankruptcy, prompted by Fleet Financial Group's demand for immediate repayment of a $65 million revolving line of credit.

Fleet had notified Jayhawk that it was in default, the used car lender, based in Dallas, said.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

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