PHOENIX — DriveTime Automotive Group and DT Acceptance Corp., announced this week the start of an exchange offer for $151 million  aggregate principal amount of their outstanding 12.625-percent Senior Secured Notes due in 2017. The decision also includes the guarantees that were originally issued in a private offering on June 4, 2010.

In connection with the original sale of the outstanding notes, DriveTime and DTAC entered into a registration rights agreement in which they undertook to offer to exchange the outstanding notes for new notes to be registered under the Securities Act of 1933.

Pursuant to an effective registration statement on Form S-4 filed with the Securities and Exchange Commission on Oct. 4, 2010, company officials explained that holders of the outstanding notes will be able to exchange their notes for exchange notes in an equal principal amount.

DriveTime emphasized the exchange notes are substantially identical to the outstanding notes, except that the exchange notes have been registered under the Securities Act and will be freely tradable.

Officials indicated the exchange offer will expire at 5 p.m. ET on June 2 unless extended.

"Tenders of outstanding notes must be made before the exchange offer expires and may be withdrawn any time prior to the expiration of the exchange offer," DriveTime stated.

The company went on to mention the terms of the exchange offer are set forth in a prospectus dated April 29, and the associated letter of transmittal. Copies of the prospectus, the associated letter of transmittal and the other exchange offer documents can be obtained from the exchange agent through these methods:

—By registered or certified mail:
Wells Fargo Bank, N.A.
Corporate Trust Operations
MAC N9303-121
P.O. Box 1517
Minneapolis, MN 55480

—By regular mail or overnight courier:
Wells Fargo Bank, N.A.
Corporate Trust Operations
MAC N9303-121
Sixth & Marquette Avenue
Minneapolis, MN 55479

—In person by hand only:
Wells Fargo Bank, N.A.
12th Floor—Northstar East Building
Corporate Trust Operations
608 Second Avenue South
Minneapolis, MN 55479

Only eligible institutions can make a facsimile request at (612) 667-6282, making the notice to the attention of bondholder communications.

All interested parties can obtain information or confirmation by calling (800) 344-5128 and choosing option 0.

"This press release shall not constitute an offer to sell any securities or a solicitation of an offer to buy any securities. The exchange offer will be made only by means of a written prospectus," DriveTime concluded.