IRVINE, Calif. — Dealer non-prime financing provider CarFinance Capital revealed earlier this week it secured a $200 million warehouse credit facility.

CarFinance noted the new credit line, which is provided by Deutsche Bank and Credit Suisse, further enhances its ability to help dealers serve the growing ranks of non-prime consumers, who officials think now account for more than one-third of U.S. vehicle buyers.

The company explained its indirect lending product is designed to be dealer-friendly, to eliminate any surprises in credit and/or cashing contracts and to be consistent across the board.

CarFinance's program offers credit for the mid-market non-prime spectrum (FICO scores ranging from 525 through 675), expertise geared to preserve dealer flexibility and negotiating room and rapid funding and reimbursement, as well as one-on-one customer support.

Officials went on to highlight their dealer referral program can send approved and financed customers from CarFinance.com, "many of who might otherwise fall through the cracks for dealerships." These potential buyers can go to participating dealers to make their vehicle purchases.

CarFinance indicated the program, which has a paperless, online application process, can dramatically minimize a dealer's work as all required stipulations have been collected and the signed agreement is in hand.

Additionally, the company funds dealers' bank accounts directly via ACH, so when paid, the funds are available immediately. The program provides loan-to-value ratios of up to 120 percent and $2,000 for back-end products such as extended service contracts sold by the dealer.

Launched in May of last year, CarFinance Capital currently serves more than 1,000 dealers nationwide. The company is licensed in more than 24 states for both its direct and indirect businesses and will roll out nationwide in the coming months.

CarFinance Capital is led by an experienced management team that previously built one of the largest non-prime U.S. auto finance companies (Triad Financial Corp.).

"As the economic climate shifts and car sales lift, more and more non-prime consumers are looking for financing, and more and more auto dealers are looking for an experienced partner to help them serve these customers," stated CarFinance Capital president and chief executive officer Jim Landy.

"Securing this $200 million warehouse facility further supports CarFinance Capital's mission of providing the industry's best solutions to help car dealers finance — and reach — the more than one in three car buyers with less-than-prime credit," Landy continued.

Franchised dealer interested in receiving CarFinance.com referrals can email the company at NewDealer@carfinance.com.