Payday lender Cash Converters has taken control of a three-year old motor vehicle dealer, Carboodle. Cash Converters announced that it had exercised its right under the terms of a redeemable preference instrument to convert a A$4 million loan into 80 per cent equity in the Green Light Auto Group, which trades as Carboodle.Carboodle supplies vehicles to retail and commercial customers who do not have access to mainstream credit. It offers a four-year lease inclusive of running costs.Its customer set is similar to that of Cash Converters. The two companies have an established working relationship; Green Light Auto has a licence with Cash Converters that allows it to use Cash Converters' Australian stores to promote its products.Cash Converters has a warrant deed in place to acquire the outstanding 20 per cent of Green Light Auto.Earlier this month, Cash Converters raised $60 million through an issue of medium-term notes. The company's managing director, Peter Cumins, said in a statement that the money would be used to fund acquisitions and other growth opportunities.