About AMAC

AMAC is a CIADA endorsed business partner that specializes in sub-prime lending. While AMAC does "NOT" do direct loans, we have a vast network of dealers that we work with to get customers into an automobile. The advantage that AMAC offers over a Buy-Here Pay-Here dealer is that we report to the credit bureaus. What advantage is that to you? Maintain a good pay history and see your credit score start to improve. A better score will improve your credit options.

 

History of AMAC

AMAC (AMAC) was founded in 1998. At that time, we were known as Ace Financial Services Inc. In 2003 we changed our name to Ace Motor Acceptance Corporation, also known as AMAC. We aspire to be a leader in the sub-prime auto finance industry.

With 100+ years of experience in special financing, AMAC's management team has had the opportunity to fine tune and establish our way of financing. We offer the opportunity for dealers to bring in a new customer base. Customers that they have had to turn away in the past can now be money in their pocket. We evaluate every credit application with the customer in mind. Maybe they had some tough luck, and we are their chance to change and establish positive credit. We bring opportunity to the dealer and the customer that neither of them had before. We take personal care with every application that we receive. Their customer is important to us.

 

Events

The 53rd Annual CIADA convention was held in Savannah, GA this year and the theme was “Bookies and Bootleggers”. In years past, this convention has been held in Myrtle Beach, SC so Savannah was a nice change of scenery for those in attendance.

We received many complements on our booth set up this year. We upgraded all the way around by purchasing two booth spaces as well as a great display. We set up our new display across the back of our two booth spaces, while a lap top ran with our program highlights in the front center. We had tables on either side of this with our give away items and two small tables at either end to provide an area for one-on-one personal dealer training. This one-on-one demo area worked out great, as Joe was able to take time with individual dealers and run them through our AMAC Express, which resulted in several new leads as well as generating some excitement from previous dealers

Read more about the CIADA 2008 convention >>

 

AMAC in the News

October 2011

Dealer Digest Daily — Subprime Lender Uses Technology to Minimize Loan Risk.

As the nation has endured economic upheavals the last few years, the negative impact on consumer credit is undeniable. Credit scores are dropping faster than cherry blossoms in April, and while this presents challenges to consumers it creates opportunities for auto dealers and lenders specializing in this segment of the loan market.

John Troxell, the VP and COO of Ace Motor Acceptance, Matthews, NC, knows this market inside and out. He started out in the finance business in 1981 and got into the subprime market a few years later. AMAC formed in 1998 now services dealers from Delaware to South Carolina and across to Tennessee.

Buy Here Pay Here dealers and subprime lenders have been searching for ways to mitigate their loss risk. Before technology offered solutions they relied on larger down payments, income verification, and lots of personal references which could be called upon when trying to repossess the collateral. While these helped somewhat they did not have the impact of the vehicle devices.

About ten years ago Ace Motor Acceptance wanted to incorporate these devices into the vehicles they financed for their dealer network. After exploring the many products in the market they selected PassTime as their vendor of choice. The PassTime devices have performed well and worked to curb the default rate of consumers with loans through AMAC.

PassTime provides two solutions to Ace Motor Acceptance. They offer the non-wireless that is hard wired into the vehicle with a monthly schedule programmed into the system. When it’s time for a payment the unit gives the consumer a reminder chime. Once the payment is made the consumer enters a code that recycles the unit for the payment next month.

AMAC is also happy that they can re-use these wireless units in different vehicles once the loans are paid in full. Dealer also benefit because the units are paid for by Ace Motor Acceptance and dealers are only responsible for the installation. AMAC and PassTime provide training and support for the dealers to insure the units are installed and removed properly.

Read more >> (scroll to: Smart Thinking – Pass it On)

Click to Read full story [PDF] >>

November 2011

BHPH vs Sub-prime Financing — “If Capital is not an issue”

Buy Here Pay Here (BHPH) dealerships have the potential of creating the greatest profit in the long run due to higher gross profits combined with significant interest income. The nature of the business is personal. The relationship with one’s customer is developed over time creating not only the potential for repeat business but also the development of referral business from the satisfied customer’s coworkers, friends, and family. Control of the customer base is especially attractive as the dealer controls who is approved, how the deal is structured, and the ability to finance vehicles that do not qualify for subprime financing. Additionally, cash flow is generated from previous sales even when current sales are slow.

Read more about the BHPH vs Sub-prime Financing >>

October 2009

Dealers Decide Who Drives with AMAC’s Newly Launched “5 & Drive” Program.

MATTHEWS, N.C. – Ace Motor Acceptance Corporation (AMAC), a North Carolina-based sub-prime auto lender, has listened to its dealers and recognized that in this economic environment many customers can only come up with $500 down. In response, the company announced today the launch of its new “5 & Drive” Program, which requires only $500 down for most customers to start driving. The new program is a self-approval financing program available through AMACexpress.com, and features less restrictive criteria, a high approval rate and enables dealers to approve customers with only $500 down and receive a check well over book. The “5 & Drive” program is available to dealers located in North Carolina, South Carolina,Virginia, Maryland and Delaware.

Read more about the "5 & Drive" program >>

August 6, 2009

AMAC’s new Dealer Stimulus Program helps auto dealers expand customer base and approve non-prime consumers.

MATTHEWS, N.C. – Ace Motor Acceptance Corporation (AMAC), a North Carolina-based sub-prime auto lender, announced today the launch of its new Dealer Stimulus Program. The initiative gives auto dealers more opportunities for increased sales and profit margins by expanding their customer base to include consumers with a 520 or higher Beacon score. The company’s standard program has no minimum Beacon score. The Dealer Stimulus Program offers several incentives, including access to 24/7 online approvals, and is available to independent auto dealers and franchise auto dealers in Delaware, Maryland, Virginia, North Carolina and South Carolina.

Read more about the Dealer Stimulus program >>