CarFinance Capital Renews and Increases Credit Facility to $300 Million
IRVINE, Calif., April 1, 2013 /PRNewswire/ -- CarFinance Capital LLC announced that it 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% 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. We are dedicated to serving this consumer," 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. CarFinance.com offers a time- and money-saving way for consumers to obtain pre-approved new or used car loans, as well as the opportunity to potentially lower their existing car loan payments through refinancing.
CarFinance is licensed in over 44 states, serving over 80% of the country's car purchasing population, for both its direct and indirect auto loan financing channels.
About CarFinance Capital LLC
CarFinance Capital LLC (www.carfinancecapital.com) helps credit-challenged auto shoppers secure financing through partnerships with franchised auto dealers and through its direct lending site, CarFinance.com. Dedicated to premium service for all its customers, CarFinance Capital offers dealers 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. CarFinance.com offers consumers who prefer to apply for financing, or refinancing, from the comfort and privacy of home a quick and easy application and the ability to securely complete the entire process online – through approval to 'cash-in-hand.' Headquartered in Irvine, California, the company is led by Jim Landy and a seasoned team of executives that have long histories working together in the non-prime auto market. CarFinance Capital LLC is majority-owned by Perella Weinberg Partners' Asset Based Value Strategy.
About Perella Weinberg Partners' Asset Based Value Strategy
Perella Weinberg Partners' Asset Based Value Strategy is a leading post-financial crisis provider of U.S. specialty finance solutions. Since inception in 2008, the Strategy has grown to manage in excess of $2.1 billion in equity capital through a number of different investment vehicles. Perella Weinberg Partners' Asset Based Value Strategy can deliver significant capital, technical expertise and infrastructure in a wide range of asset classes and structures, including both real and financial assets. Capital for the Strategy is contributed by, among others, a diversified group of institutional investors who seek to invest in compelling opportunities at favorable valuations. For more information on Perella Weinberg Partners' Asset Based Value Strategy, please visit http://www.pwpartners.com.