DES MOINES, Iowa — As lenders look to grow profitability and market share, subprime could become an attractive avenue again, albeit with tighter underwriting criteria.

In perhaps one indication of the subprime market's slow return, Chase Auto Finance announced today that it has expanded its custom finance office in Des Moines, Iowa, to better meet the subprime financing needs of dealers in the Midwest area. 

The new office at 6601 Westown Parkway, Suite 120, currently houses a team of nine underwriting, funding and collections professionals. 

The company plans to hire additional employees at the center over the next several years. 

Matt Reed, with more than 17 years of auto industry experience, is the center manager.

The Des Moines office will serve the Iowa and Nebraska markets, which were previously handled by the Chase Custom Finance Center in Minneapolis. 

"Chase is proud to offer local customer service to provide our Iowa and Nebraska area dealers and, ultimately, consumer's easier access to our subprime auto financing solutions," said Bill Jensen, Chase Custom Finance executive. 

Local Chase teams provide a full suite of services to dealerships through prime and subprime business centers, management noted.

Chase's Dealer Commercial Services division is a leading non-captive floor plan and commercial loan provider for dealerships throughout the nation. Services offered to dealers include treasury management, real estate financing and other banking services.

The company's auto finance division purchases retail installment contracts and originates loans across the continental United States as well as in Hawaii and Alaska. Its Custom Finance division serves more than 15,000 dealers throughout the country through 43 business centers.

For Midwest dealers interested in establishing a relationship or ramping up volume, Reed can be reached at (515) 222-3201.