CarFinance Opens New Offices, Continues Expansion
CarFinance Capital LLC has opened a new office in Fort Worth, Texas. Housing an additional 125 employees, the new facility will manage the Eastern and Central time zones for the below-prime auto finance source.
IRVINE, Calif. — CarFinance Capital LLC, a nonprime auto finance source, today announced the opening of a new office in Fort Worth, Texas. The new facility is expected to house an additional 125 employees, which will serve the Eastern and Central time zones.
The Company, which has been rapidly expanding its lending services to auto dealers across the country, has funded more than $100 million in auto loans in its first 10 months of business, and is helping more than 1,500 auto dealers serve the growing ranks of nonprime consumers, who now account for more than one-third of U.S. car buyers.
"Reaching over $100 million of loan fundings in 10 months — coupled with the opening of our new Texas office — represents significant milestones for CarFinance Capital," said company President and CEO Jim Landy. "As car sales continue to improve and more consumers come back into the market, dealers need increased access to high quality lending, as well as more efficient ways to reach ready-to-buy customers."
Launched a year ago, CarFinance Capital provides auto dealers with indirect, less-than-prime lending solutions, as well as first look opportunity on referrals from its consumer direct lending site, CarFinance.com. The Company currently provides lending services to auto dealerships in multiple states.
The company’s new office will house CarFinance Capital's portfolio management group and credit staff, which will serve the Central and Eastern time zones.
For more information, e-mail NewDealer@carfinance.com.
More Auto Finance
July Was Hot for Auto Borrowers
Credit proved readily available for many, but most loans left buyers in negative territory, Cox Automotive said.
Read More →
Dealer Lender Preferences Revealed
When lenders provide consistent, fast service, their overall satisfaction scores with dealers greatly improve, according to JD Power research.
Read More →
Auto Refi Savings Surge
Consumers with 84-month auto loan terms who refinanced saved the most on monthly payments, according to a new report by auto refinancing provider Caribou.
Read More →
Subaru Enters Lending Business
The automaker follows other brands in adding captive financing in the U.S., and says the move will strengthen its position here.
Read More →
Positive Equity Reaches Record High
Mainstream vehicle owners who bought a car seven years ago are likely to have positive equity when trading in for a new vehicle, according to second-quarter Edmunds data.
Read More →
Dealerships Are Paying the Price for Extended Car Loans
Growing negative-equity scenarios mean such lengthy terms should be addressed in a forward-looking way to make them work for the dealer and the consumer down the road.
Read More →
Trade-Ins in Negative Equity Reach New Heights
As such trade-ins rise in frequency, so do monthly loan payment amounts and interest rates, according to second-quarter data compiled by Edmunds.
Read More →
Auto Credit Plentiful
June numbers show lenders are readily granting access, including to risky borrowers, as consumers leverage themselves to take on high prices.
Read More →
Automotive Consumers Sink Further in Debt
Most financing metrics hit records in the second quarter as more buyers locked themselves into long terms and high monthly payments.
Read More →
Porsche Financial Services Shifts Structure
After 36 years with Porsche, the Financial Services Chief Financial Officer Konrad Riedl is retiring, and the department is realigning its management structure.
Read More →