AutoCorp's Subsidiaries Open New Credit Facilities
AutoCorp Equities, Inc. announced Jan. 5 that two of its subsidiaries, American Finance Co. (AFCO), and AutoCorp Financial Services (AFS), have obtained credit lines to facilitate future growth.
AFCO's new credit line is with Far East National Bank. The $10,000,000 is a revolving line of credit which will be used to purchase automobile loans from AFCO's national dealer network. The line is expandable to allow for the company's anticipated loan volume growth. The addition of this revolving line of credit, and AFS's loan participation programs, will help make AFCO a significant source for financing with its expanding dealer network, according to the company.
In other news, another subsidiary, AFS, is reactivating its $2,000,000 credit line with Seawest Financial Corp. AFS has also received approval to do full service collections and asset management of AFCO's portfolio. The approval and due diligence was performed by a major ("A-Rated") default insurance carrier that underwrites AFCO's revolving credit line.
AutoCorp Equities, Inc. is a publicly traded company that, together with its subsidiaries, specializes in providing financial products and services to automotive retailers and financial service companies. Products and services provided include point-of-sale auto loan originations on a flow basis, and the purchase and sale of automobile loan portfolios to investors on a participation basis. These investors include credit unions, banks, other financial institutions and private individuals. The company provides servicing and asset management of these prime and non-prime automobile loans for its investor partners.
AFCO, one of the company's subsidiaries, has a strategic alliance with the largest automobile floor-planner in the industry, which services more than 15,000 independent auto dealerships nationwide. Another subsidiary, AutoCorp Financial Services, performs all administrative and collection activities related to the company's participation programs.
For further information, call Terri Ashley at (214) 618-6400 or email tashley@autocorp.net.
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