On Thursday, CrediautoUSA Financial Co. announced the completion of a capital facility that provides for up to $75 million to facilitate the acquisition by Crediauto of non-prime automobile financing contracts.

Crediauto is a finance company that provides solutions to franchised and independent dealers in California. Officials highlighted the facility commitment is supported by capital managed by an award-winning New York-based market leader in alternative lending and specialized credit, with more than $1 billion in discretionary assets.

Rafael Gomez, Crediauto founder and chief executive officer, explained the company can provide dealerships with a competitive choice to finance non-prime buyers, including individuals who might have been turned down by other finance companies.

Gomez mentioned Crediauto has particular expertise in the Latino market.  He added that this transaction will enable Crediauto to further increase its footprint in California as an important resource for dealerships.

"Crediauto is excited to use these funds to the greatest positive effect within our community,” Gomez said.

“Our mission drives us every day to make good financing alternatives available to individuals with limited access to credit, and to help them develop their credit history,” he continued. “With this strategic relationship, Crediauto will be able to grow into a recognized leader in the sector.”