SAN DIEGO, July 30, 2015 /PRNewswire/ -- CrediautoUSA Financial Company, LLC ("Crediauto") announced the completion of a capital facility which provides for up to $75 million to facilitate the acquisition by Crediauto of nonprime automobile financing contracts. Crediauto is a financial company that provides auto financing solutions to franchise and independent car dealers in California. The facility commitment is supported by capital managed by an award-winning NY-based market leader in alternative lending and specialized credit, with over $1 billion in discretionary assets.
Crediauto provides car dealerships with a competitive choice to finance nonprime car buyers, including those who hitherto have been excluded from the American credit system, and has particular expertise in the Latino market. This transaction will enable Crediauto to further increase its footprint in California as an important resource for car dealerships.
"Crediauto is excited to use these funds to the greatest positive effect within our community," said Rafael Gomez, Founder and CEO of Crediauto. "Our mission drives us every day to make good financing alternatives available to individuals with limited access to credit, and to help them develop their credit history." With this strategic relationship, Crediauto will be able to grow into a recognized leader in the sector.
Founded in 2012 and headquartered in San Diego, California, it established one of Southern California's leading programs to finance vehicles sold by licensed automobile dealerships to individuals with no credit history or with less than perfect credit. Crediauto has developed an extensive automobile dealerships network, as well as a state-of-the-art, customer-friendly and service-oriented receivables servicing platform, especially designed to manage and collect on this type of receivables.