Credit One Auto Finance Company comments on President Obama's Plan

Credit One Auto Finance Company welcomes President Barack Obama's call for consumer and business lending to consumers. Credit One Auto Finance Company is positioning itself to answer the call.
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West Palm Beach - Florida - US

March 1, 2009 - PRLog -- Credit One Auto Finance Company today announced that they are in full agreement with President Obama on the issue of credit and lending. Credit One believes, as does President Obama, that lending is the lifeblood of the U.S. economy. It is Credit One's belief that it is imperative to the health of the U.S. economy, to once again have banks and lending institutions provide proper credit to consumers in order to purchase large ticket items such as cars, major appliances and homes. Obama has been making moves to provide support to automotive lenders, and to free up credit for vehicle purchases and dealership inventory. Automotive sales have declined because of the lack of funds available from lending institutions to consumers for loans. Currently, Credit One is positioning itself to take advantage arising from the breakdown of the current market. Gary Wertman, President, commented, "We at Credit One Auto Finance Company believe that as the economy stabilizes, there will be an unmatched opportunity to lend auto buyers in South Florida who have found themselves affected by the current economic crisis. Credit One Auto Finance Company intends to be a premier auto lender beginning in the South Florida market when conditions permit."

A B O U T   C R E D I T  O N E  A U T O  F I N A N C E  C O M P A N Y

Credit One Auto Finance Company, a Florida subprime lender, is currently seeking for a line of credit in order to help the U.S. automotive industry.

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-NYSE), Nicholas Financial Inc. (NICK-NASDAQ), and many other subprime auto finance companies who have been exiting, or have exited from many of  the existing automobile subprime markets. The government has been making moves to provide support to automotive lenders, and to free up credit for vehicle purchases and dealership inventory. AutoNation, the nation's largest seller of cars, hopes a new plan by the Federal Reserve to loosen credit will be the cure for consumers who haven't been able to buy a car because they can't get a loan.

Credit One Auto Finance Company is actively looking for investment capital from accredited investors, the U.S. Government, or from lending institutions in order to purchase consumer automobile finance contracts from auto dealerships. Credit One is currently seeking to raise up to $30 million to use as a line of credit to provide financing to automotive dealerships’ subprime customers. 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.
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Credit One Auto Finance Company is a new subprime auto finance company concentrating in the South Florida market. Credit One will provide auto financing to franchise automotive dealerships and select established independents.
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Tags:Obama, Autonation, Accredited Investors, Angel Investor, Americredit, Credit One, Gmac, Automotive News, Nuvell, Bloomberg
Industry:Government, Banking, Automotive
Location:West Palm Beach - Florida - United States
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