Another subprime auto lender is proving itself to be less than grade A.

Reliance Acceptance Group Inc. reported a first-quarter loss Wednesday of $9.9 million, or 76 cents per share, and said it was in violation of its loan covenants.

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.