JACKSONVILLE, Fla. — Easy Car Financial Inc., a subprime auto finance company concentrating in the North Florida market, is seeking to raise $30 million in investment capital to use as a line of credit to provide subprime auto financing.
This line of credit will be used to obtain additional lines of credit provided through conventional banks and/or finance companies, which specialize in this market. Easy Car is flexible in the structure under which it is willing to raise this capital; it is willing to accept the initial capital infusion as debt, equity or a combination of both.
Easy Car will provide auto financing to franchise automotive dealerships and established independents, as well as service its affiliated dealership Auto Mac of Jacksonville, Fla. In addition to purchasing consumer auto finance contracts from the dealerships, servicing and collection of the loans will be provided as well.
Easy Car is seeking to fill the void left by lenders such as Nuvell Financial Services LLC, a GMAC company; HSBC Auto Finance; Triad Financial Corp; Americredit Financial Services Inc.; Wells Fargo Auto Finance; Nicholas Financial Inc., and many other subprime auto finance companies that have been exiting or have exited from the existing automobile subprime markets.
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