Wells Fargo Provides Carolina Finance With Credit Facility

DES MOINES, Iowa – Wells Fargo Preferred Capital, a subsidiary of Wells Fargo & Company, has provided a revolving credit facility to Carolina Finance LLC.

Wells Fargo Preferred Capital is a specialized lender that provides senior-secured credit facilities – or lines of credit – and other comprehensive capital products to meet the financing needs of consumer and auto finance companies.

Carolina Finance, an affiliate of Harvey Enterprises Inc., is a nonprime lender to franchise and independent auto dealerships, headquartered in Greensboro, N.C., serving the North Carolina and Virginia markets. In addition to the nonprime automobile lending products, Carolina Finance also provides direct consumer lending and credit insurance products for their customers and dealers.

“We have tracked the accomplishments of Carolina Finance over the past several years and are proud to provide the capital for their continued success,” said Tom Murphy, president of Wells Fargo Preferred Capital.

“As one of the Harvey Family companies, Carolina Finance LLC is pleased to continue the 50 plus years banking relationship with Wachovia, Wells Fargo, and now Wells Fargo Preferred Capital. This credit facility allows the opportunity for a mutually beneficial relationship for many years,” added Ed Cooper, senior vice president, secretary and treasurer of Carolina Financial LLC.