Empírica’s Brazilian finance company Creditas e Financeiras has used the asset - backed securities market to generate $ 16 billion to refinance auto loans , despite concerns about loan quality . The company joined forces with Empírica Investimentos Gestão de Auto to create its new investment vehicle , FIDC Empírica Creditas Auto , which offers refinancing at a comparatively low cost relative to banks . It is hoped , however , that the auto loan offering could fit into the gap left by mid - sized and larger lenders , which have largely left the default - stricken market .
Brazilian finance company Creditas e Financeiras has used the asset - backed securities market to generate $ 16 billion to refinance auto loans , despite concerns about loan quality . The company joined forces with Empírica Investimentos Gestão de Auto to create its new investment vehicle , FIDC Empírica Creditas Auto , which offers refinancing at a comparatively low cost relative to banks . It is hoped , however , that the auto loan offering could fit into the gap left by mid - sized and larger lenders , which have largely left the default - stricken market .