3 Themes to Watch in April

Last month, compliance and operations stories dominated the ranks as Auto Finance News’ most-read March stories. Below are AFN's top three themes to monitor, as determined by the six most-read stories in March. TCPA Settlements As the auto regulatory environment continues to heat up with stiffer oversight on both state and federal levels, TCPA settlements […]

• Bianca Chan
• April 1, 2019
• Capital Markets, Compliance, Innovation & Mobility, Operations, Sales & Marketing, Strategy

Flagship Credit Acceptance Settles $4M TCPA Claim

Flagship Credit Acceptance LLC has agreed to a $4 million class-action settlement against allegations that the subprime lender violated the Telephone Consumer Protection Act by “calling individuals on cellular telephones using an automatic telephone dialing system and/or a prerecorded voice,” according to a court filing. Chadds Ford, Pa.-based Flagship “strongly disputes” that the calls were […]

• Joey Pizzolato
• March 22, 2019
• Compliance, Risk

Warehouse Lenders Boost Flagship’s Funding Facility

Flagship Credit Acceptance’s warehouse lenders bumped up and extended its credit line last month, according to a Kroll Bond Rating Agency presale report released last week. The five financial institutions backing the funding facility increased its capacity by 12.5% — to $900 million — through October 2020. Flagship has approximately 90% capacity remaining on the […]

• Monica Melton
• November 15, 2018
• Credit Performance

Flagship to Add Lenders, Customization Options on CarFinance.com

CarFinance.com is building a platform for its lender partners to “build their own” portals on the website, chief executive Craig Hewitt told Auto Finance News. The new offering from CarFinance.com will allow its lender partners to pick and choose the financial products they offer through the portal, Hewitt said. “We’re designed to be the consumer landing […]

• William Hoffman
• August 10, 2018
• Archives, Operations, Technology

CarFinance.com to Separate From Flagship Credit, Onboard More Lenders

CarFinance.com, the online direct lending unit of Flagship Credit Acceptance, is building its lender network, auto loan products, and white-label services as it looks to spin out from the parent company to become fully independent “in the near future,” newly appointed Chief Executive of CarFinance.com Craig Hewitt told Auto Finance News. “[Flagship] understood that the […]

• William Hoffman
• August 7, 2018
• Archives, Operations, Strategy

Flagship Credit Names First CarFinance.com CEO

Flagship Credit Acceptance has announced the appointment of the first dedicated CEO of its direct lending arm CarFinance.com, the company announced in a press release this week.   Craig Hewitt began leading the lender’s fintech arm on July 16, bringing 25 years of auto finance experience to the company. Most recently, he held the role […]

• William Hoffman
• July 18, 2018
• Strategy

Lenders Forecast Influx of Portfolio Sales Amid Bankruptcy Filings, Sector Exits

LAS VEGAS — Two lenders have filed for bankruptcy and another one has exited the space in a matter of weeks, signaling an environment that’s ripe for portfolio purchases, lenders told Auto Finance News in March. Summit Financial Corp. — an indirect lender with operations in Alabama, Florida, and Georgia — and buy-here-pay-here dealership Ace […]

• William Hoffman
• April 4, 2018
• Operations, Strategy

5 Private-Equity Trends to Watch in 2018

In the recovery period following the great recession there was a surge of private-equity investment in the auto finance space, but since then enthusiasm has waned. Several firms are looking for an exit ramp from properties they have sunk billions of dollars into as delinquencies soar. Independent finance companies have been unable to stop delinquencies […]

• William Hoffman
• February 1, 2018
• Capital Markets, Features, Technology