KAR Auction Services, Inc. announced that its subsidiaries Automotive Finance Corporation (AFC) and AFC Funding Corporation, have entered into Amendment No. 3 to the Fifth Amended and Restated Receivables Purchase Agreement, by and among AFC, AFC Funding, Fairway Finance Company, Chariot Funding LLC, Deutsche Bank AG, New York Branch, BMO Harris Bank N.A., Fifth Third Bank, JPMorgan Chase Bank, N.A. and BMO Capital Markets Corp.
The Amendment increases AFC Funding’s U.S. committed liquidity from $800 million to $950 million.
Commenting upon the amendment to the securitization agreement, John Hammer, chief executive officer and president of AFC stated, “I’m extremely grateful to our banking partners for their confidence in AFC as demonstrated by this larger securitization facility, secured through June 2016. Not only does this amendment to our securitization facility strengthen AFC’s capabilities as a premier floor plan funding source throughout the United States, but more importantly, it underscores our commitment to all our dealer customers.”
Published in the February 2015 Edition of American Recycler News
