CarFinance Capital LLC not only renewed its $200 million warehouse credit facility, the company also upped it by $100 million. The credit line was provided by Deutsche Bank and Credit Suisse, and strengthens and increases CarFinance Capital’s ability to service consumers who have less than stellar credit.
“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 President and CEO Jim Landy said in a published report. “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.”
Founded in 2011, the Irvine, Calif.-based company has worked with thousands of consumers across the country to obtain funding for new- or used-car loans or to refinance existing auto-loan payments. CarFinance Capital’s footprint is in more than 44 states, and the company is majority-owned by Perella Weinberg Partners’ Asset Based Value Strategy.
