Jo Tacon

Mug shotThe Funding Corporation (TFC)
has renewed its banking facility with Barclays Capital for another
two years, the motor finance lender said.

It is the “longest facility ever
agreed in the company’s history”, TFC said, and was agreed
following 18 months of negotiation led by the lender’s finance
director Neil Ogden.

“This is an incredible achievement
considering the current climate and the lack of appetite from other
lenders in the sub-prime arena,” Ogden said.

The facility will secure the future
of ACF Car Finance, a subsidiary of TFC, said managing director
David Challinor.

ACF is now TFC’s main focus, the
company said, after it exited other “non-core” businesses.

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It has also reduced its overheads
by 50 percent over the last three years, and has developed a new
credit scorecard in partnership with data company Experian.

“By using the new underwriting
scorecard, the quality of business we write will continue to
improve while allowing TFC to offer a wider range of risk-based
APRs, to an increasing number of customers,” said Challinor.

“We also continue to witness
improved collections performance for new business, strengthening
the key unique selling point and main benefit for ACF Car Finance
customers – credit repair.

“The lender is now actively recruiting for more staff “across
the company”, he added.