Innovate Auto Finance to Service Subprime Portfolio Worth $50 Million
Innovate Auto Finance, a purchaser and servicer of vehicle loan portfolio, has been retained by a multinational investment firm to source $50 million worth of subprime auto loan portfolios, according to a press release.
Innovate will source, perform due diligence, underwrite, process and service all portfolios that the unnamed investment firm ultimately 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 Preston Miller, president and chief executive of Innovate Auto Finance, in a press release. “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 automobile subprime loan portfolios in bulk from dealerships, credit unions, and finance companies across the United States. The company provides liquidity solutions to dealers — franchised and independent — and some finance companies and has purchased more than $500 million in receivables.
