Former executives of Capital One and Ford Motor Credit Co. have joined the board of SpringboardAuto.com, a new direct-to-consumer auto loan platform launched by the former founder of CarFinance Capital.
CarFinance Capital and Flagship Credit Acceptance will be merged into one subprime auto finance source. The combined company, which will be managed Flagship CEO Michael Ritter, will have total assets in excess of $2 billion.
CarFinance Capital finalized its $304 million asset-backed securitization in a transaction that closed in late October.
CarFinance Capital completes $238 million asset-backed securitization at the end of May. The transaction comes two months after the finance company renewed and increased its warehouse credit facility to $300 million.
The below-prime auto finance source increases its warehouse credit facility to fuel its originations activities this year. CarFinance currently operates in 44 states.
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.
The secondary retail and finance markets didn’t dominate the headlines in 2011, but used cars and subprime lending are key to continued growth in the year ahead.
CarFinance Capital LLC announced that it has secured a $200 million warehouse credit facility from Deutsche Bank and Credit Suisse.
CarFinance Capital is new to the auto finance world, but the people behind the nonprime/subprime finance source are not. The editor gets the skinny.
Things are looking up for the below-prime segment, but our analyst warns that there still may be trouble ahead for the finance companies and dealers who serve that segment.
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