The company aims to prove its value and remain the credit card of choice among its customers, earning their loyalty in the hope we remain their life-long credit card provider. The goal is to establish trust, confidence, and value with its customers by delivering an unrivaled experience throughout the customer's rebuilding of their credit journey. The company always thinks of its customer first, helping them to bank better throughout their credit building process. It measures its success by its customers' financial success and strives for 100% customer satisfaction. The company aims to help its customers build both their credit and financial futures, while providing white glove treatment they do not receive elsewhere. McSorley also remarked "The 2020-A transaction will reduce the company's overall cost of funds by several hundred basis points, which will allow CFC to support its bank partners as they collectively increase their offering of credit cards to the underserved market."įounded in 2005, Continental Finance Company is dedicated to being the leading marketer and servicer of credit cards to the near prime market. We observe counter cyclical behavior during times of stress, as opposed to the prime credit card market." Mr. Unlike prime credit products with high balances, CFC customers view their credit card account as one of their most important financial tools in the conduct of their everyday life. For debit cards, report it right away by following a. El-Rayess illustrate the resilience of our products during times of economic stress. For credit cards, report it right away by following a few simple steps. CFC's experience in both recent major economic events, the 2008 Great Financial Crisis and the Pandemic of 2020, prove the importance of our products to aid our customers through those difficult times," added El-Rayess.ĬFC President Steve McSorley noted, "Not only is our credit card product essential to our underserved customer, but the performance of our portfolio during both financial crises highlighted by Mr. We are very proud to offer an essential product to our customers so they can make purchases online and pay for everyday items without having to handle cash. However, CFC observed very robust customer behavior, as cardholders paid down their balances, while using their credit cards primarily for essential purchases such as groceries and other online purchases. "In March of 2020 the fixed income investor market began shedding consumer risk backed securities, as it expected the consumer to be strained, given the spike in unemployment. "The inaugural issuance of Series 2020-A out of CFC's newly formed master trust subsidiary was met by overwhelming investor demand as the transaction was more than six times oversubscribed, reflecting strong investor demand for fixed income securities" said Tamer El-Rayess, CFC's Chairman. Proceeds from the securitization were $188.9 million and will be used to repay CFC's two senior secured revolving credit facilities. The transaction was underwritten by Credit Suisse. "CFC customers view their credit card account as one of their most important financial tools." 18, 2020 /PRNewswire/ - Continental Finance Company, LLC ("CFC") is pleased to announce the closing of its fourth securitization of credit card receivables to date, which is also the first securitization from its newly formed subsidiary Continental Finance Credit Card ABS Master Trust ("CFCCMT"). Deposit products and related services are offered by JPMorgan Chase Bank, N.A. Products not available in all states.īank deposit accounts, such as checking and savings, may be subject to approval. JPMS, CIA and JPMCB are affiliated companies under the common control of JPMorgan Chase & Co. Certain custody and other services are provided by JPMorgan Chase Bank, N.A. (CIA), a licensed insurance agency, doing business as Chase Insurance Agency Services, Inc. Insurance products are made available through Chase Insurance Agency, Inc. Morgan Securities LLC (JPMS), a registered broker-dealer and investment adviser, member FINRA and SIPC. Morgan Wealth Management is a business of JPMorgan Chase & Co., which offers investment products and services through J.P. Past performance is not a guarantee of future results. Investing involves market risk, including possible loss of principal, and there is no guarantee that investment objectives will be achieved. "Chase Private Client" is the brand name for a banking and investment product and service offering, requiring a Chase Private Client Checking℠ account. is a wholly-owned subsidiary of JPMorgan Chase & Co. “Chase,” “JPMorgan,” “JPMorgan Chase,” the JPMorgan Chase logo and the Octagon Symbol are trademarks of JPMorgan Chase Bank, N.A.
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