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Company continues nationwide expansion; over $100 million in loan fundings in first year; over 1,500 dealership customers
Irvine, CA – April 24, 2012 – CarFinance Capital LLC (http://www.carfinancecapital.com), a specialized provider of non-prime financing services for auto dealers, today announced the opening of a new office in Fort Worth, Texas, which is expected to eventually house up to an additional 125 employees. The Company, which has been rapidly expanding its lending services to auto dealers across the country, has funded over $100 million in auto loans in its first ten months of business, and is helping over 1,500 auto dealers serve the growing ranks of non-prime consumers, who now account for over one-third of U.S. car buyers.
“Reaching over $100 million of loan fundings in ten months -- coupled with the opening of our new Texas office -- represents significant milestones for CarFinance Capital as we continue the national expansion of our lending and referral services to help auto dealers serve the large population of non-prime car-buyers,” said CarFinance Capital President and CEO Jim Landy. “As car sales continue to improve and more consumers come back into the market, dealers need increased access to high quality lending, as well as more efficient ways to reach ready-to-buy customers -- while credit-challenged consumers need a better way to get financed. The opening of our Texas office means we are well-positioned to continue to provide the industry’s best services to meet this demand.”
Launched a year ago, Irvine-based CarFinance Capital provides auto dealers with indirect, less-than-prime lending solutions, as well as first look opportunity on referrals from its consumer direct lending site, CarFinance.com. The Company currently provides lending services to auto dealerships in multiple states. Supporting the Company’s national expansion, the new Fort Worth office will house CarFinance Capital’s portfolio management group and credit staff for the central and eastern time zones.
CarFinance Capital’s auto dealer lending program is designed to be dealer-friendly, to eliminate any surprises in credit and/or cashing contracts and to be consistent across the board. The program offers credit for the mid-market non-prime spectrum (from 525 FICO score through 675); expertise that preserves dealer flexibility and negotiating room, and rapid funding and reimbursement – as well as one-on-one customer support.
If you are a dealer interested in CarFinance Capital’s lending solutions and customer referrals, email CarFinance.com at NewDealer@carfinance.com.
About CarFinance Capital LLC
CarFinance Capital LLC (www.carfinancecapital.com) is focused on partnering with franchise auto dealers to provide credit to non-prime consumers. Dedicated to premium service for its customers, CarFinance offers one-on-one support; consistent, predictable credit decisions; fast funding; multiple lending options; and deal-structuring flexibility to help auto dealers meet the needs of today’s non-prime car buyer. Headquartered in Irvine, California with offices in Fort Worth, Texas, the Company is led by a seasoned team of executives that have long histories working together in the non-prime auto finance market. The Company is controlled and majority owned by certain affiliates of Perella Weinberg Partners’ Asset Based Value strategy.