SALT LAKE CITY — Prestige Financial revealed Thursday the company expanded its subprime lending programs to include eight more states.

Dealerships in the following states now can use Prestige Financial's services: New Jersey, Wisconsin, Alabama, Kentucky, Kansas, Hawaii, Montana and Wyoming.

Officials highlighted the broadened footprint brings the number of states in which the company does business to 21 — a territory that already includes Texas, Illinois, Georgia and Virginia, as well as several other states primarily in the West.

Prestige Financial pointed out the addition of these eight states increases the population of its lending territory by a third.

"The banks and investors we work with have continued to acknowledge that our portfolio performance remains among the industry's best," contended Scot Seagrave, Prestige's senior vice president of loan originations.

"So we have strong support on the liquidity side, and strong product demand on the dealership side. Now with these new states, we'll be able to help a lot more dealers sell a lot more cars to people who need them," Seagrave continued.

Best known for financing open Chapter 7, open Chapter 13 and double bankruptcy vehicle buyers, Prestige reiterated that it has no minimum credit score or down payment requirements and offers generous advances, extended terms and low fees. The company also noted it offers a rate reduction program, which automatically drops the APR every three months on loans that perform well to assists dealers in closing loans with rate-sensitive customers.

Prestige currently has a line of credit with Wells Fargo Preferred Capital and recently established a $150 million liquidity facility through JPMorgan Chase Bank. Officials added they remain an active participant in the resurgent asset-backed securitization market, all of which provides the funding basis for their territory growth.

"Through the years, our goal has been to stand with our dealerships as a true partner for shared success," Seagrave insisted.

"Our industry has seen some tough times lately, but I believe that Prestige has held true to this commitment," he went on to say. "We're looking forward to bringing this same success to the dealerships of these new states, and to further supporting dealers and their customers in our existing states."

Dealership inquiries can be directed to (800) 984-6737.