CarFinance Secures $200 Million Credit Line
CarFinance Capital LLC announced that it has secured a $200 million warehouse credit facility from Deutsche Bank and Credit Suisse.
IRVINE, Calif. — CarFinance Capital LLC announced that it has secured a $200 million warehouse credit facility from Deutsche Bank and Credit Suisse.
Launched in May 2011, CarFinance Capital currently serves over 1,000 dealers nationwide with indirect, less-than-prime lending solutions. The finance source also offers first-look opportunity on referrals from the company’s consumer direct lending site, CarFinance.com.
“As the economic climate shifts and car sales lift, more and more nonprime consumers are looking for financing, and more and more auto dealers are looking for an experienced partner to help them serve these customers,” said Jim Landy, CarFinance Capital president and CEO. “Securing this $200 million warehouse facility further supports CarFinance Capital’s mission of providing the industry’s best solutions to help car dealers finance —and reach — the more than one in three car buyers with less-than-prime credit.”
CarFinance Capital’s indirect lending product offers credit for the mid-market nonprime spectrum (from 525 FICO through 675), dealer flexibility and negotiating room, rapid funding and reimbursement, and one-on-one customer support.
The company’s dealer referral program sends approved and financed customers from CarFinance.com to participating dealers to make their vehicle purchases. The program is a paperless, online application process that can minimize a dealer’s work, as all required stipulations have been collected and the signed agreement is in hand.
CarFinance Capital’s solution funds dealers’ bank accounts directly via ACH, so, when paid, the funds are available immediately. The program provides loan-to-value ratios of up to 120 percent and $2,000 for back-end products sold by the dealer.
The company is licensed in more than 24 states for both its direct and indirect businesses and will roll out nationwide in the coming months, according to CarFinance Capital. For more information, visit www.CarFinanceCapital.com.
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