FORT LAUDERDALE, Fla. — AFS Acceptance said recently that its line of credit with its senior lender has been renewed and bolstered. Additionally, the company said its dealer financing programs have been upgraded.

Official said the new line of credit was secured via Capital One and allows for the company's lending capacity to grow, thus helping originations to maintain expansion.

Moreover, the dealer partners of AFS can have more funding to help them boost sales to customers with subprime credit, most of which would be used-vehicle sales.

The new program guidelines include advances of up to 150 percent loan-to-value and increased terms to 66 months. According to officials, dealers rely on AFS programs to provide flexible financing options for customers with open bankruptcies, previous repossessions, foreclosures and limited or no credit histories looking to purchase pre-owned vehicles.

"The new credit facility allows AFS Acceptance to increase the terms and advances of our non-recourse financing program, which also helps dealers offset higher used-vehicle prices," stated Dov Szapiro, the company's president and chief executive officer.

Explaining the guidelines of the new program, officials said they allow for advances as high as 150 percent loan-to-value. Moreover, also included are lengthened terms to 66 months.