About Paramount Auto Funding

Paramount Auto Funding, LLC is a Utah limited liability company formed in 2007 under the name "5M Enterprises, LLC."  The company is in the business of making automobile loans to consumers with poor or limited credit.  These loans are considered to be high-risk sub-prime loans.  In general, the company’s customers cannot qualify for traditional bank financing to purchase an automobile and the company serves as a lender of last resort.    

Paramount has working relationships with used car dealerships in the State of Utah, including its own affiliated dealership, Spectrum Auto Group.  These dealerships sell cars largely on a buy-here pay-here business model.  This means that their customer’s are good people that, for one reason or another, have poor or limited credit and cannot qualify for traditional bank financing to purchase a vehicle.  In order to sell their vehicles, the dealerships must be able to secure a non-traditional source of financing for their customers.  Once the dealership has a customer willing to purchase a vehicle, Paramount determines if the customer is a good credit risk and funds the loan.