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Centrix Financial Loan Portfolio Hits $2 Billion Mark

CENTENNIAL, Colo. - Centrix Financial, a capital management and financial services company that develops and manages products and investment strategies for the auto finance industry, has surpassed the $2 billion mark for its loan origination. The company said it is on track to underwrite $1.3 billion in loans this year...

By Staff Writer | Updated on August 10, 2004

CENTENNIAL, Colo. – Centrix Financial, a capital management and financial services company that develops and manages products and investment strategies for the auto finance industry, has surpassed the $2 billion mark for its loan origination. The company said it is on track to underwrite $1.3 billion in loans this year – up 39% from last year – and an additional $2 billion next year in special finance auto loans for credit impaired members through its core Portfolio Management Program (PMP) product. Centrix also released mid-year portfolio data that the company said shows “a significant level of growth” compared to the first six months 2003. Among the results are 32,475 new special finance auto loans worth $588.5 million compared to 25,653 loans totaling $399.4 million; and a 24% increase in the number of new loans written. In addition, the company’s capture rate – or percentage of approved applications that become Centrix PMP loans – was 30.05% for the first half 2004. Overall, Centrix Financial’s overall portfolio performance indicators through June 2004 include: 125,670 total special auto finance loans totaling $2 billion; yield before servicing fees on all loans remaining steady at 8.77%; and cumulative charge-off rate at 0.86%.

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