CarFinance Capital Completes $238 Million Asset-Backed Securitization


money (select to view enlarged photo)

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, Car Finance , which is active in 40 states. 

Home | Buyers Guides By Make | New Car Buyers Guide | Used Car Super Search | Total New Car Costs | New Car and Truck Reviews
Automotive News | TACH-TV | Media Library | Discount Auto Parts

Copyright © 1996-2014 The Auto Channel. Contact Information, Credits, and Terms of Use. These following titles and media identification are Trademarks owned by The Auto Channel, LLC and have been in continuous use since 1987 : The Auto Channel, Auto Channel and TACH all have been in continuous use world wide since 1987, in Print, TV, Radio, Home Video, Newsletters, On-line, and other interactive media; all rights are reserved and infringement will be acted upon with force.

Privacy Statement | Size Does Matter | Media Kit | Affiliates

Send your questions, comments, and suggestions to Editor-in-Chief@theautochannel.com.

Submit Company releases or Product News stories to submit@theautochannel.com.
Place copy in body of email, NO attachments please.

To report errors and other problems with this page, please use this form.

Link to this page: http://www.theautochannel.com/

*