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GMAC Canada auto loan program

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TORONTO (CP) _ Car loan company VFC Inc. (TSX: VFC), which endorsed a $326-million takeover bid by TD Bank last week, has signed up General Motors Acceptance Corp. of Canada as a strategic partner.

A new agreement will see customer applications that don't qualify under GMAC's current automotive lending programs directly sent to VFC for review.

Financial details were not disclosed in a release Monday. Last month, VFC struck a similar deal with Chrysler Financial.

Last Thursday, TD Bank (TSX:TD) offered $19.50 a share for VFC, whose stock had closed Wednesday at $14.15.

``We believe our partnership with GMAC will be an effective way for VFC to drive growth in originations,'' said Sean O'Brien, VFC's vice-president for business relations.

``It will provide seamless loan decisions to our dealer partners while reducing the wait time and improving the financing experience for consumers."

VFC, with offices in Toronto, Montreal and Nanaimo, B.C., has 220 employees and $380 million in receivables from more than 25,000 customers lined up through relationships with 2,000 car dealers.

VFC earned $3.5 million on revenue of $20.4 million in its latest reported quarter, up from $2.2 million on $15.2 million a year earlier.

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GMAC Canada auto loan program
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