What’s one of the hardest things to accomplish in an auto dealership? Increasingly, it’s finding financing solutions for subprime customers as well as customers currently in an open bankruptcy. With interest rates going up (and expected to continue rising), the challenges become even harder. Dealers may now have a new option courtesy of AFS Acceptance LLC, which has been acquired by Mexico City-based Credito Real and changed its name to Credito Real USA Finance (CRUSAfin). The company intends to expand its footprint in the United States and become a leading auto finance firm.
“We have been very fortunate to have a parent company like Credito Real,” said CRUSAfin CEO Scot Seagrave in a statement. “With their unwavering support of our platform and the financial resources to back it up, we are now in a good position for growth and we will be leveraging the Credito Real brand to help us achieve new heights. Competition is fierce, but I am confident we can provide unique opportunities for our growing dealer base and continue to work closely with our customers by helping them improve their credit through our Better Credit is a Better Life initiative.”
Working to help dealers find solutions for their traditional subprime customers as well as their customers in bankruptcy has been CRUSAfin’s focus over the last several years and the company plans to continue to grow these market segments through a network of dealers across the U.S. In the process, according to the company, it can help auto buyers step onto a path designed to improve their financial future by improving their credit. Additionally, CRUSAfin recently implemented a program focused on helping “unbanked customers,” or those who lack traditional checking or savings accounts. Globally, about two billion adults lack access to formal financial services. The services that are available are complex, expensive and sometimes misleading. Auto dealers are increasingly seeing customers who do not have any traditional financial products.
“This effort falls right in line with our parent company’s effort to achieve their mission of becoming the largest non-bank financial institution for Latin Americans in the world. We are excited to help them reach this goal,” said Seagrave.
Credito Real was established over 25 years ago. It also owns Credito Real Business Capital and Don Carro. The company offers its products to both franchise and independent partners.
