One of the longest-tenured finance companies in the subprime space has paused originations but said, “This is not a closure of business.”

Automotive Credit Corp. (ACC) said late Thursday afternoon it will continue to fund all complete contract packages that have been approved and physically received as of that day, provided they pass the lender’s standard verification process.

But anything received after Thursday will be returned immediately, according to a company statement.

“After thoughtful consideration, (ACC) has made the decision to pause all credit originations indefinitely, effective immediately. This means we will no longer be accepting new credit applications or purchasing new retail installment contracts from our dealer network,” the company said in a post on LinkedIn.

“While this may come as unexpected news, this decision reflects a strategic realignment in light of current internal and external financial conditions and our evolving company goals,” continued the company, which has 20 states in its footprint, including Michigan, New York, Illinois, Florida and Texas.

“At this time, ACC servicing remains fully operational and committed to maximizing support of our existing loan portfolio. This is not a closure of business, but a focused shift in direction,” the company went on to say.

ACC acknowledged its dealer network might have questions regarding their existing transactions. The company first referred dealers to its standard communication channels including email, Dealertrack, RouteOne, and DealerCenter. If further assistance is needed, dealers can call (800)-810-1211.

“You can expect the same level of diligence and professionalism in finalizing these deals. While we cannot predict the future, we remain open to the possibility of resuming originations should market conditions and our corporate strategy align once again,” ACC said.

“We extend our deepest gratitude for your partnership and trust over the past three decades. Since 1992, we’ve been honored to serve dealers like you and support consumers across the country. Thank you for being part of our story,” the company continued.

“We remain hopeful that this pause is just one chapter in a longer journey together,” ACC went on to say.