Innovate Auto Finance to Service Subprime Portfolio Worth $50 Million
The purchaser and service of vehicle loan portfolios said it has been retained by an unnamed, multinational investment firm to source $50 million worth of subprime auto loan portfolios.
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.
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