GLENDALE, Wis., June 26, 2013 /PRNewswire/ -- David Braeger, CEO of Braeger Auto Finance Group and their parent company Braeger Financial Group, has opened finance operations to independent automobile dealers in the Buy Here / Pay Here space that service consumers that have lower credit ratings or lower incomes.
There is a strong niche for this market as the financial crisis has made it hard for many auto buyers to purchase basic transportation. According to Bill Kellagher, CEO of Drive Away Auto, which is one of Braeger Auto Finance Group's clients, "David and his company have been instrumental in assisting Drive Away to expand its capital structure, which has led to major direct and indirect benefits to us and our customer base. The indirect benefit to our customer base is immeasurable. Braeger Auto Finance Group provides a service that is incredibly beneficial for the growing number of independent Buy Here / Pay Here auto dealers across the country and their exponentially increasing customer base."
According to Braeger, "we will be starting with a $25 million dollar financing for independent Buy Here / Pay Here automobile dealers across the country and we are confident that we will increase that portfolio to over $200 million over the coming years. Buy Here / Pay Here automobile dealers are having a tough time in their efforts to increase their credit facilities through traditional bank lending and that is hurting the dealer and the consumer. We are going to change that. The most exciting part of this financing is that we are going to allow qualified investment partners to take part in our financing via a series of notes at extremely attractive interest rates between eight to ten percent annually. Our non-traditional finance model, which is enhanced by the strong background in underwriting and predictive modeling by Rakesh Mishra, our Head of Analytics and Underwriting, has received a lot of attention from various investment groups across the country and we are confident that our finance model will only grow for qualified investment partners looking for attractive returns in the alternative investment space. This is truly a win-win for the dealers, the qualified investment partners and our company."
About Braeger Financial Group: Braeger Financial Group is a specialty auto finance company based in Glendale, WI. Braeger Financial Group and their subsidiary Braeger Auto Finance Group partners with independent automobile dealers and qualified investment partners to make car ownership a reality for consumers. For more information, visit www.braegerfinancial.com or call 414-847-6280. Nothing herein shall constitute an offer to sell or the solicitation of an offer to buy securities.
SOURCE Braeger Financial Group