Funding facility increase for auto loan specialist Rifco

Automobile loan specialist Rifco has agreed a purchase facility renewal from Pacific & Western Bank of Canada (PWB) for $30 million, replacing a previously authorized $20 million facility which had been 100% utilized.

The increase in the facility limit is designed to accommodate new loan origination growth for Rifco. Previously purchased loans are not included in the utilization calculation for the new facility.

Through its wholly owned subsidiary Rifco National Auto Finance, Rifco provides automobile loans on new and used vehicles through its dealership network across Canada. The company says it specializes in building long-term partnerships with dealers by investing time in personalized services through dedicated account representatives.

“We are pleased to have increased the purchase facility for Rifco National Auto Finance. Under this facility, the bank will continue to purchase approved loan receivables from Rifco, a valued, long term partner. This increased facility translates into additional growth for the bank’s bulk lease & loan purchase program.” said David Taylor, PWB’s president & CEO.