CarFinance Renews and Increases Credit Facility to $300 Million
April 02, 2013
IRVINE, Calif. — CarFinance Capital LLC has renewed and increased its warehouse credit facility from $200 to $300 million. The increased credit line, which is provided by Deutsche Bank and Credit Suisse, further bolsters the company’s ongoing mission of helping the growing population of credit-challenged car buyers, who account for over 43 percent of all car loans.
“There is now a growing population in the U.S. of below-prime consumers who have been negatively impacted by the recession but who, as the economy improves, are getting back on their feet and looking to purchase a vehicle,” said CarFinance Capital President and CEO Jim Landy. “Securing this $300 million warehouse facility enables us to further expand the reach of our services, through both our over 2,000 dealer partners and CarFinance.com, our direct lending website.”
Since its launch in 2011, CarFinance Capital has helped thousands of consumers nationwide secure financing through its partnerships with franchised auto dealers and through CarFinance.com. It is licensed in more than 44 states, serving more than 80 percent of the country’s car purchasing population through its direct and indirect channels.