FORT LAUDERDALE, Fla. — AFS Acceptance LLC has acquired the assets and intellectual property of Preferred Automobile Credit Co. (PACCO), a Pennsylvania-based auto finance company.

The $12 million portfolio acquisition is the first for AFS Acceptance LLC in several years. The acquisition gives AFS Acceptance the opportunity to reach out to a new customer base and start new relationships with those dealerships that have been loyal to PACCO over the years.

 “We are excited to work with some new dealers and hope to continue the great service PACCO provided to them so they don’t miss a beat,” said Scot Seagrave, executive vice president of AFS Acceptance LLC. “With over 1,000 dealerships in 13 states in their database, we are confident we can generate some new business and, more importantly, make new relationships that will last. Combining our current program with a little of what PACCO offered should be good thing for our dealer partners.”