PRLog (Press Release)
- Feb. 22, 2009 -
Credit One Auto Finance Company, (Credit One), is a subprime auto finance company concentrating in the South Florida market. Credit One will provide auto financing to franchise automotive dealerships and select established independents. In addition to purchasing consumer auto finance contracts from the dealerships, servicing of the loans will be provided as well.
Credit One Auto Finance Company is seeking to fill the void left by lenders such as Nuvell Financial Services LLC a GMAC company (GM-NYSE), HSBC Auto Finance, Triad Financial Corp, Americredit Financial Services Inc. (ACF -NYSE), Wells Fargo Auto Finance (WFC), Nicholas Financial Inc. (NICK-NASDAQ)
, and many other subprime auto finance companies who have been exiting or has exited from many of the existing automobile subprime markets. Credit One Auto Finance Company feels that the opportunity to reestablish a vibrant subprime auto finance market will present itself in the next several months as the economy begins to stabilize. Credit One Auto Finance Company intends to keep high standards of acceptance to minimize losses.
Credit One Auto Finance Company is currently looking for investment capital from accredited investors in order to purchase consumer automobile finance contracts from auto dealerships. Credit One is currently seeking to raise up to $30 million in order to use as a line of credit to provide financing to automotive dealerships’
subprime customers. This line of credit will be used with the intent to receive additional lines of credit provided through conventional banks and/or finance companies, which specialize in this market. Credit One is currently flexible in the structure under which it is willing to raise this capital; it is willing to accept the initial capital infusion as debt, equity or a combination of both. For further information go to http://www.creditoneautofinancecompany.com
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Credit One Auto Finance Company is a subprime auto finance company concentrating in the South Florida market. Credit One will provide auto financing to franchise automotive dealerships and select established independents.