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.
SOURCE: Carfinco Financial Group Inc.
For further information:
Mr. Tracy A. Graf
CEO & Director of Carfinco Financial Group Inc.
Web site: www.carfinco.com
The Howard Group Inc.
Web site: www.howardgroupinc.com