SAFCo Enters Four Midwest States
Nonprime finance source SAFCo is now available to dealers in Illinois, Indiana, Michigan and Ohio.
FORT LAUDERDALE, Fla. — Southern Auto Finance Company (SAFCo), a nonprime finance source based there, announced its expansion into the Illinois, Indiana, Michigan and Ohio markets. With these additions, SAFCo now services more than 2,000 auto dealerships in nine different states.
SAFCo specializes in hard-to-finance transactions, servicing more than 40,000 credit-challenged borrowers. Its focus is to help them reestablish their credit.
“Partnering with new dealers in these Midwest markets to provide financing for consumers with typical FICO scores between 430 and 620 further strengthens SAFCo’s long-term growth strategy,” said Brian Switalski, company president.
SAFCo’s indirect lending services can be accessed through the DealerTrack and ROuteOne credit application platforms.
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 →