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.
More Auto Finance
Mastering Credit Friction
In this video, Josh Krach explains how to turn credit friction into an advantage.
Read More →
April Less Affordable
Based on prices, reduced incentives and slower household income growth, consumers found it more challenging to buy new last month, Cox Automotive reported.
Read More →
Auto Lenders, Consumers on a Tightrope
April borrowing data shows that more consumers are bending over backward to buy vehicles, though subprime lending cooled off for the month.
Read More →
Toyota Financial Services President Replaced
Scott Cooke has served in various roles with Toyota Financial Services for over 20 years, including president and CEO, which he retires from on June 30.
Read More →
Permission or Approval: When to Notify Finance Sources
Credit card down payments, multiple vehicle purchases and even straw purchases can be completed without committing bank fraud, as long as you tell the bank first.
Read More →
At-Risk Auto Borrowers Drive Looser Credit Access
Cox Automotive’s index shows the subprime segment, long loan terms, negative-equity borrowers and down payment amounts all grew in February despite ever-higher vehicle prices.
Read More →
Auto Loan Forecast Bucks Market Trend
Auto loan originations rose over 6% year-over-year in the third quarter of 2025, but TransUnion predicts a slight decline in auto loan growth this year, making it an outlier in the company's overall lending forecast.
Read More →
Auto Credit More Plentiful
Growing access shows greater lender appetite for risk as consumers take on heavier debt burden in an inflated market.
Read More →
Auto Loans Long as Stretch Limos
More consumers, faced with ever-rising car prices, are adapting by agreeing to longer loan terms despite the cost of added interest payments.
Read More →
AutoPayPlus Launches RePayPlus
The reinsured biweekly payment program offers auto dealers with customer retention and reinsurance structure.
Read More →