MENU
SEARCH
CHADDS FORD – Flagship Credit Acceptance, a national indirect automobile finance company, 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.
Dealers should aim to build a positive work environment, helping employees execute an efficient experience, from their online research to the final delivery of the vehicle.
Read More →
A cloudy April forecast was expected due to last April’s sales surge in anticipation of U.S. trade tariff-inflated prices. Meanwhile, automakers pumped up incentives to address today’s consumer wallet woes.
Read More →
A recent price spike due to several larger market forces, though it hasn’t dulled demand, is pushing more consumers to efficient models to squeeze in buys.
Read More →
A group out West picked up the major D.C.-area collection, putting it in the upper tiers of private automotive groups in the U.S.
Read More →
Lenders loosened access for subprime borrowers, and consumers with negative equity reached a record high, Cox Automotive reported.
Read More →
U.S. consumer interest in electric vehicles lags behind other countries despite the rising gas prices caused by the ongoing war in the Middle East.
Read More →
Research reveals the brands and models most likely to have higher recall rates over their lifetimes. While some brands rank high, addressing safety issues can be a selling point.
Read More →
Cox Automotive data shows Americans doubled down on big-is-better despite price increases. Slightly higher incentives helped fuel the demand.
Read More →
Cox Automotive research shows both the opportunities and the challenges in turning consumers’ growing affordability needs into increased fixed-operations revenue.
Read More →
The partner you choose for growth and expansion is key, because better is the ultimate goal instead of growth for growth’s sake.
Read More →