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Centrix Financial axes 30% of staff

November 18, 2010
According to several Colorado newspapers, Centrix Financial, an auto-loan lender that specializes in secondary loans to credit union customers, laid off about 30 percent of its work force on June 17.



The Rocky Mountain News reported that "a regulatory alert from national credit-union regulators last summer essentially put an end to new auto loans to these ‘subprime’ borrowers." 


Centrix operates in Illinois and is licensed by the state. At least one Illinois dealer has experienced instances where Centrix has failed to fund a contract after accepting assignment.


Centrix Financial is licensed through the division of financial institutions (DFI) in the Illinois Department of Financial and Professional Regulation. The DFI has declined to provide any information on Centrix until a request under the Freedom of Information Act is submitted and reviewed. The Illinois Automobile Dealers Association has submitted such a request and will advise the CATA of any updates.