ATLANTA — Navigator Acceptance, a division of Navigator Holdings LLC, released on Dec. 10 a fourth-quarter loan portfolio offering worth $3.2 million. The offering, which consists of 470 seasoned, subprime automobile loans, marks the third consecutive quarter of portfolio sales completed by Navigator, and the largest to date.
The complexion of the fourth-quarter portfolio consists of 470 subprime auto loans. Each is no more than seven days delinquent with 12 to 40 months remaining term.
“Despite the polarized conditions of the financial markets, Navigator has successfully completed sales in each of the past two quarters. This speaks directly to the quality of the underlying assets supported by the appropriate yield,” said Bobby Lazenby, Navigator president.
Lazenby, a nationally recognized subprime turnaround expert, brought the company out of bankruptcy in June 2008. Under Lazenby’s direction, Navigator has worked to improve both credit and asset quality within Navigator’s portfolio.
“While we have made considerable strides in the right direction over the past 18 months, the company’s focus remains on improving credit quality while serving the unbanked consumers in Georgia and Indiana,” said Lazenby.