Prestige Financial Stops Doing Business in Washington State

Prestige Financial Services, the nation’s leading provider of auto financing after bankruptcy, stopped approving new auto loan applications on January 22nd, 2009 at 4:30 PM PST. All applications approved by Prestige Financial are still valid and have until the 13th of February to be funded.

This event is just the latest in a series of bank restructuring that has taken place over the last 12 months. Other auto lenders that have either stopped doing business in Washington or gone out of business completely include: Triad Financial, Zions Bank, UACC, CitiFinancial, Wells Fargo, ACC, and 6th Gear. It seems that more will probably follow.

Prestige is owned by Lary Miller, Owner of the Utah Jazz NBA team. He owns severall auto dealerships, mostly in Utah. It seems that Prestige is mostly still in business just to serve those dealerships. Unfortunately, the only loan programs for open bankruptcies that still exist require down payments of 10% or more. The days of open bankruptcy auto loans with no money down are over in most states…for now.