The Industry's Leading Source For F&I, Sales And Technology

Special Finance Insider

Innovate Auto Finance to Service Subprime Portfolio Worth $50 Million

January 25, 2018

FORT WORTH, Texas — Innovate Auto Finance, a purchaser and servicer of vehicle loan portfolios, has been retained by a multinational investment firm to source $50 million worth of subprime auto loan portfolios, the company said this week.

Innovate will source, perform due diligence, underwrite, process and ultimately service all portfolios unnamed investment firm chooses to acquire.

“We are excited to provide this full-service turnkey solution that leverages our near-decade of experience successfully acquiring subprime auto loan portfolios,” said Innovate Auto Finance President and CEO Preston Miller. “Now on our third generation, our highly predictive credit scorecard and pricing models are tremendous assets to assist investment firms wanting exposure in subprime auto finance.”

Founded in 2009, Innovate Auto Finance purchases subprime automotive loan portfolios in bulk from dealerships and finance sources. It also provides liquidity solution to both franchised and independent as well as some finance companies, and has purchased more than $500 million in receivables.  

Comments

  1. 1. Kenneth Holland [ February 09, 2018 @ 06:18AM ]

    Please send information on your company with items such as what percentage do you pay on the contracts, what is the range, dollar wise and terms of the contracts you will buy. What is min. and max.number of contracts you will buy? What are the aging requirements,etc?

 

Your Comment

Please note that comments may be moderated. 
Leave this field empty:
Your Name:  
Your Email:  

CLOSE [X]

READ NEXT

Black Book: Subcompact Crossovers Register Steep Value Declines

Subcompact crossovers joined the full-size vans and minivans as the truck categories registering the steepest declines in value last week, while subcompact cars joined full-size cars and sporty cars as the depreciation leaders in the car segment.