IRVINE, CA – June 5, 2013 – CarFinance Capital LLC, a leading auto-finance provider, today announced that it has completed its inaugural rated asset-backed securitization of $238 million of Notes in a transaction that closed on May 30, 2013. The Offered Notes were assigned ratings by Moody’s Investor Services, Inc. and Kroll Bond Rating Agency, Inc. from an A3/AA to a Ba3/BB rating, respectively. Credit Suisse and Deutsche Bank Securities were joint book-runners for the transaction.
In March 2013, CarFinance Capital announced that it had renewed and increased its warehouse credit facility to $300 million. The increased credit line was also provided by Credit Suisse and Deutsche Bank Securities.
“Today, credit-challenged consumers account for over 43% of auto loans.* These are consumers who need cars to get to work and to take their kids to school, and our mission is to help them get financed,” said CarFinance Capital Founder, President and CEO Jim Landy. “We are very pleased with the overwhelming and broad interest in our first rated securitization, which we believe reflects the strength of our business, management team, asset quality, and capital position. This is another significant step in helping us fulfill our mission as we continue to expand our business across the United States.”
CarFinance Capital uniquely operates two origination channels, helping auto dealerships meet the growing demand in the below prime market and helping consumers, through CarFinance.com, who seek automotive financing online. The Company has helped thousands of credit-challenged auto shoppers secure financing through its partnerships with over 2,500 franchised auto dealers in 19 states and through its direct lending site, CarFinance.com, which is active in 40 states.
About CarFinance Capital LLC
CarFinance Capital LLC (http://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, hassle-free – through approval to ‘cash-in-hand.’ 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. Headquartered in Irvine, California, with offices in Fort Worth, Texas, the company’s 180 employees are 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 affiliated funds of the 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.