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Triad Financial moving to Texas

August 30, 2007|From Times Wire Services

Triad Financial Corp. said Wednesday that it was planning to relocate its Huntington Beach headquarters and 120 jobs to Texas.

Triad specializes in financing auto loans for people whose credit ratings are poor.

During the first half of the year, Triad's delinquencies increased to 11.2%, up from 9.5% at the end of 2006, even though it usually sees improved collections during that period, Triad said in its quarterly financial statement with the Securities and Exchange Commission.

Triad's holding company is owned by Hunter's Glen/Ford Ltd., Goldman Sachs and GTCR Golder Rauner.

Triad's net income fell 19% to $8.1 million in the quarter ended June 30. Part of the decline was the result of setting aside more money for credit losses. That provision increased 15% to $60.2 million in the second quarter.

Triad also said in its quarterly financial statement that it would take charges of about $7.5 million in the third and fourth quarters related to moving some Huntington Beach functions and employees to its facility in North Richland Hills, Texas.

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