CarFinance Capital Completes $238 Million Asset-Backed Securitization
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.