AmeriCredit to buy Bay View Acceptance

AmeriCredit Corp. announced that it would buy Bay View Acceptance Corp., the retail auto-lending unit of Bay View Capital Corp. The all-cash transaction, valued at $62.5 million, is expected to close in the first quarter of 2006, following shareholder and regulatory approval. Bay View has sold seven term retail auto loan ABS to date, most of which had been wrapped by either FSA or MBIA. Its most recent transaction, however -- series 2005-LJ2, was senior/sub.