IRVINE, Calif. — Nonprime auto financing provider CarFinance Capital LLC has launched in Texas and will make its program available to state auto dealers. Led by former Triad executives, the company first rolled out its program in California last month.
"Just a few weeks after we launched in California, hundreds of dealers and their customers are already benefiting from CarFinance Capital's new, dealer-friendly non-prime auto financing model," said Jim Landy, CarFinance Capital president and CEO. "Dealers want to work with a provider who offers consistency, flexibility and one-on-one support. Our mission is to fill that role and provide premium service to Texas dealers so they can meet the needs of all their customers."
CarFinance Capital launches at a time when nonprime car buyers represent one of the auto industry's largest markets, but dealers still lack lending sources set up to tackle the segment.
Benefits of the program, according to company officials, include credit for the mid-market nonprime spectrum from 550 FICO through 675, dealer flexibility and negotiating room on loan decisions, quick contract funding and one-on-one customer service support.