ARLINGTON, Texas — Southside Financial Group announced the launch of a nationwide program to purchase existing nearprime and subprime auto loan portfolios from franchised and independent auto dealers.
“Franchised and independent dealers have responded extremely positively to this new loan portfolio program as they can achieve greater liquidity in their business ventures by letting us purchase their existing portfolios of near prime and subprime loans,” said Henry Gonzales, Southside Financial Group COO.
The company’s program excepts nearprime and subprime portfolios ranging from $500,000 to $40 million. All portfolios are held on the balance sheet and serviced internally, according to Southside. The program features a seven to 10 day total turnaround from analysis to closing, and will target accounts with 60- to 90-day payment histories.
Since the inception of the program, Southside Financial Group has actively purchased and closed portfolios from dealers in Oklahoma, California, Alabama, Missouri, Kentucky, Mississippi and Texas. Other states with purchases scheduled to close include Florida, Ohio, South Carolina, Mississippi, Georgia and North Carolina, according to the company.