Carfinco Announces Record Canadian Loan Originations
EDMONTON, July 2, 2014 /CNW/ - Carfinco Financial Group Inc. ("Carfinco" or the "Company") announces the Company's Canadian operations achieved $16.4 million in loan originations for the month of June, 2014. This is a record in monthly loan originations for the Company surpassing the old record of $15.7 million. June's loan originations contributed to achieving record Canadian loan originations in the quarter of $45.4 million. In addition, Carfinco's USA division, Persian Acceptance Corp. ("PAC"), achieved loan originations of $7.9 million USD for the quarter. This represents the highest quarterly loan originations for PAC since being acquired by Carfinco in September of 2013.
"These record loan originations validate the finance programs and level of service provided to automotive dealerships across Canada by Carfinco", stated Mr. Tracy Graf, CEO of Carfinco. "We are excited for the future as we continue to develop financing programs that service a broader range of the non-prime automotive financing industry."
About Carfinco Financial Group Inc.
Carfinco, through its Canadian and United States subsidiaries (collectively, "Carfinco"), focuses on providing indirect consumer vehicle loans to borrowers unable to obtain financing through traditional lending sources. A network of select independent and franchise dealerships offer the Subsidiaries payment plans to their customers who must, along with the vehicle, meet the Subsidiaries underwriting guidelines. The shares of Carfinco trade on The Toronto Stock Exchange under the symbol "CFN".
Caution Regarding Forward-Looking Statements - This news release contains certain forward-looking statements, including statements regarding the business and anticipated financial performance of the Company. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements.
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