SAFCO Closes $204.5 Million in New Financing as Customer Demand Grows

Pompano Beach, Florida. – Southern Auto Finance Company, LLC (“SAFCO”), the subprime auto lender with the power to see creditworthiness where others don’t, today announced an important milestone with the closing of a new $204,500,000, four-year, SPV Ware-house. The Facility allowed SAFCO to replace the preceding corporate ABL and subordinated debt facilities with a more efficient financing structure to support its business and clients. Capital One, N.A. structured the facility and raised the mezzanine capital. SAFCO’s financing partners on the transaction included Capital One, N.A. as the Administrative Agent and Class A Lender and affiliates of One William Street Asset Management, L.P., a New York based investment manager, in the capacity of Class B Lenders. Facility operations will set up the Company for future funding, which could include entering the Securitization market.

Speaking of the importance of the new credit facility to the Company’s future, SAFCO’s CEO George Fussell, Sr. stated, “This investment by market leaders Capital One and One William Street clearly demonstrates the value of the technology we have acquired as well as our sound business model to ensure that we can continue to thrive during challenging conditions. The subprime auto finance sector as a whole is experiencing rapid growth, and with this new facility we are poised to take full advantage of it.”

About SAFCO:

SAFCO is an industry-leading, sub-prime auto finance company with the power to see credit worthiness where others don’t. We use sophisticated, deep machine learning integrated into our originations and decisioning process. It provides us with ultra-rich and realistic snapshots of the creditworthiness of applicants, revealing their full credit potential far beyond credit basics. We use these powerful insights to help auto dealerships around the country sell more and give more consumers with low or no credit the opportunity to finance a reliable vehicle and build their credit for a brighter financial future.