Sécurité has operated in the auto finance industry for over 15 years. Sécurité is actively involved in the day-to-day business of buying, selling and financing debt for the auto finance industry. Anyone wishing to buy, sell or finance automobile receivables is encouraged to contact us.
We currently offer financing and operating solutions through our affiliate companies, Florida Auto Finance Corp. and Consumer Loan Servicing, Inc.
- Florida Auto Finance Corp. (“FAF”) was incorporated in 1988 and is primarily engaged in purchasing and originating sub-prime motor vehicle retail installment contracts. FAF retains possession of the security interest until the financing agreement is satisfied or sold. FAF offers add-on products such as gap insurance and warranties.
- FAF’s founders have been in furniture sales and consumer furniture finance since 1950. FAF is a sub-prime retail automobile finance company, formed as an offshoot of the furniture finance business. The first automobile loan was financed in 1986. FAF grew from a very modest beginning to maintaining and managing a portfolio of used auto loans in excess of $25 million by the end of 1995. By that time FAF had secured lines of credit totaling more than $8 million and had a successful subordinated note sale to private investors eventually yielding more than $11 million. In 1996, FAF closed a $10 million line of credit with GE Capital and also completed a $15 million securitization, rated “A” by Duff and Phelps. FAF serviced the loans in the securitization pools along with its other loans. GE Capital and the securitization have been paid in full.
- In the mid-nineties FAF began acquiring auto loans with discounts averaging 20%. These loans were of a higher credit quality and were generally secured by better quality, lower-mileage vehicles. This scenario placed FAF in a position to compete favorably with other lenders.
- During this process, FAF generated more than $253 million in loans represented by over 27,500 motor vehicle contracts. FAF demonstrated it has the ability to generate and provide servicing on these portfolios as well as upgrading the origination of loans by concentrating on doing business with franchised and independent dealers.
Consumer Loan Servicing, Inc (“CLSI”) was incorporated on October 15, 1997. CLSI is a consumer finance servicing company with a concentration in automobile finance. CLSI services loans for a number of related and non-related financial institutions.
CLSI’s collection experience spans over 50 years, dating back to the 1950’s, servicing furniture finance accounts and auto receivables. CLSI has originated and/or serviced in excess of 27,500 active accounts worth approximately $255 million and is servicing in excess of 100,000 non-active accounts worth over $300 million.