Auto Service World
News   December 18, 2007   by Auto Service World

RIFCO Announces Finance Details

RIFCO Inc. today announced that the Company has received and accepted the annual renewal of its $7.5M credit facility with BMO Bank of Montreal. The terms, rates, limits and security remain unchanged from those of the prior year’s facility.
RIFCO has experienced no interruptions to its financing solutions since the ABCP issues became significant in August 2007.
Since the end of Q2 the Company has also increased its unsecured debenture financing by $1 million to $3.5 million at an average cost
of 10.5%.
RIFCO also maintains two $30 million per year securitization facilities from Securcor Trust & Community Credit Union and regularly
securitizes monthly.
RIFCO is a specialty consumer finance corporation currently providing motorists with non-prime Auto Purchase Financing and mid-market Automotive & Commercial Repair Financing.
RIFCO has a growing network of new & used vehicle
dealers and licensed repair facilities operating in all provinces except Saskatchewan and Quebec. RIFCO Inc. operates through its wholly owned
subsidiary Repair Industry Finance Corporation.

Print this page


Have your say:

Your email address will not be published. Required fields are marked *