CHADDS FORD, Pa. — Flagship Credit Acceptance announced today it plans to purchase existing non-prime and subprime auto loan portfolios ranging from $5 million to in excess of $250 million from dealers and finance companies throughout country. 

The portfolio acquisition program will target paper with the following range of characteristics: 

—Non-prime and subprime portfolios.

—Portfolios ranging from $5 million to in excess of $250 million.

—Either purchase servicing retained or servicing released.

—Accounts with sufficient pay histories will not require minimum FICO (or equivalent) scores.

“Through our proprietary risk assessment and evaluation models, we can analyze and review a portfolio, often within 24 hours, and offer attractive pricing and very quick funding,” said Flagship chief executive officer Michael Ritter. 

“In most cases, the total turnaround is less than 30 days after the initial review,” he continued.

Ritter also stressed that as a privately funded, independent finance company, Flagship has the ability to structure purchases to meet the specific needs of organizations and institutions looking to sell non-prime and subprime loans for a “variety of business reasons.” 

Ritter went on to note, “Members of the (Flagship) team specialize in evaluating the risk and value of third-party originated portfolios and have purchased well in excess of $500 million during their careers.
 
“We clearly have developed a unique, battle-tested niche of expertise. Our goal is to use this expertise to help auto dealers, finance companies and other entities across the country achieve greater liquidity in their business ventures by letting us purchase their existing portfolios of non-prime and subprime loans,” Ritter concluded.

For more information, see www.flagshipacc.com.