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Old 10-14-2010, 01:18 AM   #1
XDCX
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Default Anyone do business with AFC HoldCo?

Automotive News reported that AFC Holdco, an independent auto finance company, was going to close down and liquidate the division. AFC Holdco was a division of Mitsui and Company of Japan.

Has anyone here done business with them? Frankly, I've never heard of AFC Holdco but the report indicated they had 4,000 dealer accounts in 40 different states.

I also thought it was interesting the parent company decided to close AFC Holdco because they do not see any near-term recovery in the retail auto finance business.
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Old 10-14-2010, 07:24 AM   #2
The StraightShooter
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I don't do business with AFC Holdco. This thread caught my eye though, because I do have a line via Adessa Auto Auctions, that company is called AFC-Automotive Finance Corp. AFC Holdco is not in any way affiliated with the AFC of Carmel Indiana.
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Old 10-14-2010, 11:18 AM   #3
XDCX
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Quote:
Originally Posted by The StraightShooter View Post
I don't do business with AFC Holdco. This thread caught my eye though, because I do have a line via Adessa Auto Auctions, that company is called AFC-Automotive Finance Corp. AFC Holdco is not in any way affiliated with the AFC of Carmel Indiana.
Thanks for pointing out the difference. I noticed the story in Automotive News also noted that AFC of Camel, Indiana was not affiliated with AFC Holdco - I could see how most people would assume they're part of the same company.

I still think it's somewhat odd the parent company doesn't see a recovery on the horizon. The stock market has been doing well lately, interest rates are very low and used car prices have been strong - I'd think that would be a favorable environment for an automotive finance company?

If nothing else, I'm surprised they didn't sell-out instead of closing down their operations.
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