Tricolor Auto Acceptance filed for bankruptcy today following reports that the subprime auto lender had closed locations and was preparing to lay off employees. The Irving, Texas-based subprime auto lender filed for Chapter 7 bankruptcy with the U.S. Bankruptcy Court for the Northern District of Texas, according to court documents. The filing states that Tricolor […] The post Tricolor Auto Acceptance files for Chapter 7 bankruptcy appeared first on Auto Finance News.| Auto Finance News
JPMorgan Chase & Co., Fifth Third Bancorp and Barclays Plc are among banks bracing for potentially hundreds of millions of dollars in combined losses from loans tied to subprime auto lender Tricolor Holdings, according to people with knowledge of the matter. Fifth Third said in a regulatory filing Tuesday that it faced an impairment charge […] The post JPMorgan, Fifth Third among banks facing Tricolor losses appeared first on Auto Finance News.| Auto Finance News
Tricolor Auto Acceptance is preparing to file for bankruptcy as soon as today, putting a halt to expansion discussions ahead of an unexpected round of furloughs announced late last week, sources familiar with the matter told Auto Finance News. Auto Finance News’ efforts to reach Tricolor leadership have gone unanswered. Reports that employees were […] The post Tricolor Auto may file for bankruptcy, sources say appeared first on Auto Finance News.| Auto Finance News
Tricolor Auto Acceptance is not responding to reports that the subprime lender has furloughed employees and suspended operations amid financial challenges. A letter dated Sept. 5 and shared on personal LinkedIn and X accounts appears to be from Tricolor Holdings to employees put on furlough for 30 days, starting Sept. 6 and expected to end Oct. […] The post Tricolor Auto said to furlough employees, shutter operations appeared first on Auto Finance News.| Auto Finance News