CarFinance Capital LLC, a leading auto-finance provider, today announced that it has completed its second rated asset-backed securitization of $304 million of Notes in a transaction that closed on October 24, 2013. The Offered Notes were assigned ratings by Standard & Poor’s Ratings Services (“S&P”), Moody’s Investor Services, Inc. (“Moody’s”) and Kroll Bond Rating Agency, Inc (“KBRA”). The senior class of Offered Notes were rated A by S&P, A3 by Moody’s and AA- by KBRA. Deutsche Bank Securities and Credit Suisse were joint book-runners for the transaction.
“The need for better financing opportunities for today’s large population of credit-challenged consumers is clear and, as the economy continues to recover, we are pleased to have helped thousands of consumers across the country obtain financing for vehicles,” said CarFinance Capital Founder, President and CEO Jim Landy. “Our second securitization reflects the continuing strength of our business, management team, asset quality, and capital position, and further validates our mission of providing dealers and consumers a more positive auto financing experience.”
CarFinance Capital 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 car buyers secure financing through its partnership with over 2,800 franchised auto dealers in 20 states and through its direct lending site, CarFinance.com, which is authorized in 46 states.
About CarFinance Capital LLC
CarFinance Capital LLC (http://www.carfinancecapital.com) helps credit-challenged auto shoppers secure financing through partnerships with franchised auto dealers and through its direct lending site, CarFinance.com. Dedicated to premium service for all its customers, CarFinance Capital offers dealers one-on-one support; consistent, predictable credit decisions; fast funding; multiple lending options; and deal-structuring flexibility to help auto dealers meet the needs of today’s non-prime car buyer. CarFinance.com offers consumers who prefer to apply for financing, or refinancing, from the comfort and privacy of home, a quick and easy application and the ability to securely complete the entire process online, hassle-free – through approval to ‘cash-in-hand.’ CarFinance is licensed in 46 states, serving over 80% of the country’s car purchasing population, for both its direct and indirect auto loan financing channels. Headquartered in Irvine, California, with offices in Fort Worth, Texas, the company’s 225 employees are led by Jim Landy and a seasoned team of executives that have long histories working together in the non-prime auto market. CarFinance Capital LLC is majority-owned by affiliates of the Perella Weinberg Partners Asset Based Value Strategy.
About Perella Weinberg Partners Asset Based Value Strategy
Perella Weinberg Partners Asset Based Value Strategy is a leading post-financial crisis provider of U.S. specialty finance solutions. Since inception in 2008, the Strategy has grown to manage in excess of $2.2 billion in equity capital through a number of different investment vehicles. Perella Weinberg Partners Asset Based Value Strategy can deliver significant capital, technical expertise and infrastructure in a wide range of asset classes and structures, including both real and financial assets. Capital for the Strategy is contributed by, among others, a diversified group of institutional investors who seek to invest in compelling opportunities at favorable valuations. For more information on Perella Weinberg Partners Asset Based Value Strategy, please visit http://www.pwpartners.com.