Canadian auto company RIFCO's sixth annual renewal of its funding facility with Securcor Trust allows it to securitize up to $50 million this year.
This renewal replaces its previous $30 million facility with a new one that has been increased to $50 million. Loans sold in prior years are unaffected by the revised terms and have no effect on the utilization of the new facility limit.
RIFCO's loan performance within the facility is still able to generate scheduled cash holdback releases according to the facility parameters, the company said in a release today.
RIFCO operates through its wholly owned subsidiary Rifco National Auto Finance Corp. to provide automobile loans through its dealership network across Canada.