CHADDS FORD, Pa. — Flagship Credit Acceptance announced the rollout of a national program to purchase existing nonprime and subprime auto loan portfolios from auto dealers and finance companies.
The independent finance company’s Portfolio Acquisition Program will target portfolios with a range of characteristics, including nonprime and subprime ranging from $5 million to in excess of $250 million, and either purchase servicing retained or servicing released, according to Michael Ritter, Flagship’s CEO. In addition, 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,” Ritter said. “In most cases, the total turnaround is less than 30 days after the initial review.”
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 the company.
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, according to Ritter. “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."