November 06 2015 | Chadds Ford, PA
CHADDS FORD, PA – November 6, 2015 – Flagship Credit Acceptance LLC ("Flagship" or "the Company"), a leading auto-finance provider, today announced that it has completed its thirteenth rated asset-backed securitization of the Company and its predecessors, Flagship Credit Auto Trust 2015-3 ("FCAT 2015-3"). FCAT 2015-3 issued $450 million of Notes in a transaction that closed on November 5, 2015 with a weighted average effective coupon on the notes of approximately 3.66%. The Offered Notes consisted of four classes and were assigned ratings by Standard and Poor's Financial Services LLC and Kroll Bond Rating Agency, Inc. from an AA/AA to a BB-/BB rating, respectively. Deutsche Bank Securities and Wells Fargo Securities were joint book-runners for the transaction.
Michael Ritter, Founder and Chief Executive Officer of Flagship Credit, said, “We are pleased about the closing of our recent securitization, which brings our total notes issued in 2015 to $1.45 billion. Our ability to access the capital markets is important and necessary to achieving long-term growth and success in the auto finance industry and we are happy with the execution and level of investor interest for the Company's fourth securitization in 2015.”
Flagship currently employs approximately 800 professionals who focus on a customer service driven lending model. The Company provides financing to borrowers that do not typically have access to prime credit lending terms for the purchase of affordable, late-model vehicles and the refinancing of existing automotive financings. Flagship uniquely operates two origination channels, helping auto dealership network of over 8,700 meet the growing demand in the below prime market and helping consumers, through CarFinance.com, who seek automotive financing online.
The Notes have not been and will not be registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This press release does not and will not constitute an offer to sell or the solicitation of an offer to buy the Notes.
Flagship Credit Acceptance LLC ("Flagship"), headquartered in Chadds Ford, Pennsylvania with offices in Irving, Texas, Phoenix, Arizona, Irvine, California and Indianapolis, Indiana, helps credit-challenged auto shoppers secure financing through partnerships with primarily franchised auto dealers and through its direct lending site, CarFinance.com. Flagship Credit has successfully grown its portfolio to $2.9 billion in managed receivables. The Company currently purchases indirect auto contracts from a nationwide network of over 9,400 dealers and originates direct to consumers in 46 states.
Flagship Credit Acceptance, LLC ("Flagship") is committed to maintaining a culture of fair credit throughout the organization. In this regard, Flagship has developed a Fair Credit Program ("Program") that complies with all applicable fair credit laws and regulations ("FC Laws") and reflects industry best practices. Flagship is committed to comply with the letter and spirit of FC Laws. The goal of the Program is to carry out Flagship's commitment and be recognized internally and externally (e.g., by management, associates, customers, service providers, and the public) as dedicated to fair credit principles and demanding of compliance. The Program applies to all aspects of Flagship's operations (including reviewing, purchasing and servicing retail installment sale contracts whether for itself or others) and all services offered by Flagship, and across all of Flagship's credit operations, including marketing, underwriting, origination, processing, servicing, collection, loss mitigation, and payoff activities, and to all personnel who work for or on behalf of Flagship, whether as associates, officers, members of the Board of Directors, agents, representatives or service providers.
Should you have any questions about the details of any of Flagship's policies, please contact us at 1.800.707.0114 M-F, between 9:00 a.m. and 5:00 p.m. EST.×
A borrower is more than just a credit score. At Flagship, we focus on the story behind the customer …and look beyond the number.
Life happens. Whether low credit scores are a result of past circumstances, one-time events or just bad luck, Flagship offers multi-tiered pricing structures to finance borrowers across the credit spectrum.
At Flagship we believe a borrower’s credit past shouldn’t dictate their future.
Many borrowers need a second chance. We recognize the vast majority of persons with credit challenges are working hard to re-establish their credit rating. Each of our Credit Analysts are trained in "common sense" lending, a philosophy of reviewing all the circumstances and determining the appropriate deal structure for the specific borrower situation. Flagship maintains a very high standard regarding Fair Lending compliance, ensuring our customers are always treated professionally and consistently.×