AutoFund Servicing, Inc. (AFSR) Completes Due Diligence for Acquisition of a $56 Million Portfolio
AutoFund Servicing, Inc. announced October 24th that the board of directors has completed its due diligence for the acquisition of a $56 million portfolio and is in negotiations with the principals.
According to James Haggard, chairman of the board and president of AutoFunding Services, Inc., "The portfolio has approximately 12,000 automobile accounts from around the nation, with a significant percent still having possession of the collateral. After completing our due diligence it is apparent the portfolio will enhance our value significantly. We are preparing an offer for the portfolio of cash and stock. It is anticipated that we could have it finalized in a couple of weeks."
AutoFund Servicing, Inc. has received an effective letter from the SEC on their SB-2 filing. The offering is a total of 1,000,000 shares of 10% convertible preferred stock at $1.64 per share through a prospectus only. The preferred shares will convert to (2) shares of common stock after 12 months. The shares offered in the prospectus can only be sold by the president of the company to certain qualified investors. For more information, contact James D. Haggard, president at 210-979-0840, ext. 401.
About the Company
AutoFund Servicing, Inc. is a third party collection and recovery service provider to auto loan finance companies. Clients include banks, buy here pay here compnaies and auto finance companies that have bad debt accounts. These auto loan accounts have, for the most part, been written off or charged off by the company who provided the vehicle loan to the customer, and the debt is still owed by a customer whose vehicle may or may not have been repossessed. AutoFund Servicing aggresively seeks accounts from these companies to process for recovery.
AutoFund Servicing purchases large numbers of these accounts, for pennies on the dollar, from companies that wish to liquidate certain delinquent accounts from their portfolio. Then AutoFund, through its large staff, attempts to collect the moneys owed on these ccounts. It also provides data storage services for clients and generates reports from this data for its clients.
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