Flagship Credit Acceptance Announces National Program for Subprime Loan Portfolios
Chadds Ford, PA – Flagship Credit Acceptance, a national indirect automobile finance company, today announced the rollout of a program to purchase existing nonprime and subprime auto loan portfolios ranging from $5 million to in excess of $250 million from auto dealers and finance companies across the country.
According to Flagship’s Chief Executive Officer Michael Ritter, Flagship’s Portfolio Acquisition Program will target portfolios with a range of characteristics:
· Nonprime and subprime portfolios
· Portfolios ranging from $5 million to in excess of $250 million
· Either purchase servicing retained or servicing released
· Accounts with sufficient pay histories will not require minimum FICO (or equivalent) scores
“Through our proprietary risk assessment and evaluation models, we can analyze and review a portfolio, often within 24 hours, and offer attractive pricing and very quick funding,” says Ritter. “In most cases, the total turnaround is less than 30 days after the initial review.”
As a privately funded, independent finance company, Flagship offers a unique ability to structure creative purchases to meet the needs of organizations and institutions looking to sell nonprime and subprime loans for a variety of business reasons, Ritter says. To date, Flagship has worked with sellers seeking short-term liquidity, an ongoing purchase partner, the winding down of operations or capabilities, and long-term lending partnerships.
According to Ritter, Flagship’s Portfolio Acquisition Program is led by a skilled management team with more than 33 years of experience in building, acquiring, operating and managing nonprime and subprime loan portfolios. The members of the team specialize in evaluating the risk and value of third-party originated portfolios and have purchased well in excess of $500 million during their careers, he notes.
“We clearly have developed a unique, battle-tested niche of expertise. Our goal is to use this expertise to help auto dealers, finance companies and other entities across the country achieve greater liquidity in their business ventures by letting us purchase their existing portfolios of nonprime and subprime loans,” Ritter says.
About Flagship Credit Acceptance
Flagship Credit Acceptance is a national indirect automobile finance company which purchases retail installment contracts from dealers financing to below prime consumers for purchases of new and late model used vehicles. The company is headquartered in Chadds Ford, PA. For more information about Flagship Credit Acceptance, visit www.flagshipacc.com or call (610) 717-1900.
06/28/2011