MASON, Ohio — Security National Automotive Acceptance Corp. announced Monday that on top of a previous $200 million commitment, the company has also secured an additional $75 million commitment from Wells Fargo Preferred Capital and Fifth Third Bank.

SNAAC noted this commitment for a $275 million revolving credit facility will be used to expand its auto finance company.

Brian McDonald, SNAAC president, offered his opinion on the recent news, saying, “At SNAAC, we pride ourselves on our strong reputation and dedication to exceed all of our customers’ expectations. 

“This can only be possible if we have the capital to provide our dealers with the best programs available. This commitment will enable us to do just that,” he continued.

The company’s chief financial officer, Adam Contino, chimed in, noting, “With these resources, we have the team in place to make sure SNAAC remains an innovator and leader within our industry.”

SNAAC is a specialty finance company company that purchases and services retail installment sales contracts acquired from auto dealers in the sale of used vehicles to military personnel. 

Editor's Note: For more on SNAAC from SubPrime Auto Finance News, click here.