Subprime Auto Lender Loses $6.4M; CFO Quits

General Acceptance Corp., a subprime auto lender mostly owned by Conseco Inc., Thursday announced a $6.4 million first- quarter loss and the resignation of its chief financial officer.

Conseco, which said this month it would purchase manufactured-housing lender Green Tree Financial Corp., owns 90% of General Acceptance following transactions that closed yesterday.

General Acceptance chief financial officer Martin C. Bozarth left to "pursue other interests," a company statement said.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER