Wells Fargo Financial Inc., has acquired substantially all the assets and business relationships of Flagship Credit Corporation, an automobile finance company based in Philadelphia, Pa.

The acquisition, which closed Dec. 21, has become part of Wells Fargo Financial Acceptance, the company’s automobile lending business which is based in Edina, Minn.

The acquisition includes approximately $900 million in managed net receivables. With the acquisition, Wells Fargo Financial Acceptance has more than $2.5 billion in assets and more than 1,900 employees. Approximately 330 employees of Flagship Credit have become a part of Wells Fargo Financial Acceptance.

Flagship, a subsidiary of ITOCHU Corporation, has locations in Lanham and Greenbelt, Md., Allentown, Pa., and Tempe, Ariz., in addition to Philadelphia. Wells Fargo Financial Acceptance will maintain a significant presence in Philadelphia.

Wells Fargo Financial Acceptance, founded in 1947, provides direct-to-consumer lending through 184 stores and in-direct financing through automobile dealer service centers in 38 states.

Wells Fargo Financial, Inc., headquartered in Des Moines, Iowa, is an $11.7 billion company providing installment and home equity lending, automobile financing, commercial equipment leasing, consumer and private label credit cards, and other financial services to consumers and businesses in 47 states, all 10 provinces of Canada and in Latin America.

It is a subsidiary of Wells Fargo & Company, a $263 billion financial services company providing banking, insurance, investments, mortgage and consumer finance from more than 5,300 stores, the industry’s leading Internet site wellsfargo.com and other distribution channels across North America and elsewhere internationally.