Wells Fargo Extends $35 Million Credit Line to TC Automotive
Wells Fargo Preferred Capital, a subsidiary of Wells Fargo & Company, provided a $35 million credit facility to TC Automotive Partners Funding.
DES MOINES, Iowa – Wells Fargo Preferred Capital, a subsidiary of Wells Fargo & Company, provided a $35 million credit facility to TC Automotive Partners Funding.
Wells Fargo Preferred Capital is a specialized lender that provides senior-secured credit facilities – or lines of credit – and other comprehensive capital products to meet the financing needs of consumer and auto finance companies.
TC Automotive Partners Funding, an affiliate of Tuttle-Click Automotive Group, is headquartered in Tucson, Ariz., and provides auto financing solutions to consumers in Arizona and California.
“This facility expands the Wells Fargo relationship with the Tuttle-Click Automotive Group and enables its dealerships to help consumers purchase cars that will meet their personal needs,” said Tom Murphy, president of Wells Fargo Preferred Capital. “Our commitment to keeping auto finance credit flowing is demonstrated by the record-breaking number of new credit facilities we have funded recently to industry leaders such as TC Automotive Partners Funding. Tuttle-Click is well known for its strong reputation and dedication to its customers and communities.’’
“We are pleased that our relationship with Wells Fargo Preferred Capital continues to expand so that we have a strong source of credit financing that we, in turn, can use to benefit our customers as they make vehicle purchases,” said Christopher Cotter, president of Tuttle-Click Automotive Group. “We are excited to see the growth in the auto sales market as customers come into our showrooms knowing we can offer them financing in support of some of the strongest automotive brands today.”
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