September 28, 2009 (FinancialWire) — Freedom Financial Group, Inc. (OTCBB: FFGR) (Current Market Cap: $1.43 Mil.) said it is longer purchasing auto receivable notes from any of its several hundred dealer relationships in the Midwest.

Company CEO Jerry Fenstermaker said he is “very disappointed that the commercial banks are so unwilling to support this company during a period where the company is performing well and providing credit to used car dealers and their customers.”

Fenstermaker said that the company’s current credit lines mature in January, 2010.

Freedom Financial has signed a letter of intent to eventually sell most of its auto receivables if it fails to secure new credit lines.

Springfield, Missouri-based Freedom Financial is a regional automotive finance company that specializes in working with customers who have less than perfect credit.

The company is currently doing new business in Illinois, Indiana, Kansas, Missouri, Oklahoma & Tennessee.

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) web site (http://www.financialwire.net/disclosures.php). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279).

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.