Income is thrilled to introduce our latest Loan Originator partnership with Current Auto! Established in 2020 and based in Latvia, Current Auto specialises in pre-owned vehicle rent-to-buy options. Current Auto empowers customers with flexible and swift pathways to car ownership, catering specifically to those seeking used vehicles.
Since 2020, Current Auto has originated rental agreements worth of €6.4 million and currently has a portfolio of €3.3 million. The company predicts a 25% year-over-year growth in income in 2024 and an additional 45% increase in 2025, which will contribute significantly to its overall profitability.
The company expects a 20% improvement in vehicle sales due to the quality of acquired vehicles, following their substantial improvements in the quality control of acquired vehicles in 2023. As a result, Current Auto anticipates achieving a net profit of €280,000 in 2025.
To start the partnership, Current Auto offers car rental agreements to investors on the Income platform with yields payable of up to 10% p.a. All the listed rental agreements are covered with a buyback obligation and a Cashflow Buffer. Junior Share for Current’s rental agreements is 26%. Expected maturity for listed rental agreements is up to 72 months, making their rental agreements a high-yielding long-term investment. Current Auto will utilise the Early buyback feature to shorten the investment time.
If you’re interested in investing, be sure to diversify and add Current Auto to your portfolio today!
Notes on security structure: Currently, the claim is not secured. However, it may be secured in the future by collateral, as per the terms outlined in the Collateral Agreement. This collateral would be based on the vehicle used under the Rent Agreement, which is entered into by Current (the company) with the client and remains the property of Current.
