ARLINGTON, Texas — Southside Financial Group revealed Monday the launch of a program to purchase near-prime and subprime auto loan portfolios from franchised and independent dealers throughout the country.

The program — launched in an effort to help dealers achieve greater liquidity — includes near-prime and subprime portfolios ranging from $500,000 to $40 million, with service released. The company noted all portfolios are held on the balance sheet and serviced internally.

“The program is highly efficient with a seven to10 day total turnaround from analysis to closing, and will target accounts with 60–90 day pay history,” company officials noted.

Southside Financial Group chief operating officer Henry Gonzales offered his take on the recent development, noting, “Franchised and independent dealers have responded extremely positively to this new loan portfolio program as they can achieve greater liquidity in their business ventures by letting us purchase their existing portfolios of near prime and subprime loans.

“Our executive team has purchased over $2 billion of prime, near prime and subprime loans in the past three years, and their expertise and service is beyond compare. We can analyze and review a portfolio and offer attractive pricing and very quick funding, with a seven to 10 day total turnaround. Southside also builds relationships with each dealer to ensure a smooth transition, plus long term customer satisfaction,” he continued.

Southside Financial Group pointed out it has actively purchased and closed portfolios from dealers in Oklahoma, California, Alabama, Missouri, Kentucky, Mississippi and Texas, with other purchases scheduled to close in Florida, Ohio, South Carolina, Mississippi, Georgia and North Carolina.

Funding is made possible by Southside’s parent bank, with the added advantage of no need to securitize plus a more stable cost of funds, the company explained.

A due diligence team will evaluate all loans to maximize return without interrupting the dealership’s existing business, “ensuring a seamless transition,” it added. 

For more information, visit www.southsidefg.com.