AutoFund Servicing -AFSR- Enters Into A Non-Binding Bid For The Acquisition of a $56 Million Dollar Portfolio

    SAN ANTONIO--(BUSINESS WIRE)-Sept. 26,2001--AutoFund Servicing, Inc. (OTCBB:AFSR) announces that The Board of Directors have entered into a non-binding bid for the acquisition of a $56 million dollar portfolio.
    According to Mr. James Haggard, Chairman of the Board and President of AutoFund Servicing, Inc. "The portfolio has approximately 12,000 automobile accounts from around the nation, with a significant percent still having possession of the collateral. The non-binding bid allows AutoFund the opportunity to complete its due diligence in order to determine the portfolio value to AutoFund while not allowing other bidders to review the portfolio. Should AutoFund's final offer be accepted, the new portfolio could very well double the size of our portfolio base and increase revenues significantly".

    About the Company

    AutoFund Servicing, Inc is a third party collection and recovery service provider to auto loan finance companies. Our clients include banks, buy here pay here companies and auto finance companies that have bad debt accounts. These auto loan accounts have, for the most part, been written off or charged off by the company who provided the vehicle loan to the customer, and the debt is still owed by a customer whose vehicle may or may not have been repossessed. AutoFund aggressively seek accounts from these companies to process for recovery.
    AutoFund purchases large numbers of these accounts, at pennies on the dollar, from companies that wish to liquidate certain delinquent accounts from their portfolio. Then AutoFund through its large professional staff attempts to collect the moneys owed on these accounts. It also provides data storage services for clients and generates reports from this data for its clients.
    Certain statements about the Company's future expectations, including future revenues, earnings and transactions, as well as all other statements in the press release other than historical facts, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the Company's actual results and other corporate developments could differ materially from that which has been anticipated in such statements.