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Flagship Credit Acceptance Named to “Best Workplaces in Texas” by Great Place To Work

COPPELL, TX – April 12, 2021 – Flagship Credit Acceptance LLC (“Flagship” or “the Company”), a leading auto-finance provider, announced that the Company has been named a 2021 “Best WorkplacesTM in Texas” for the Small and Medium Company category by nationally-recognized workplace certification company, Great Place to Work®.

To compile the 2021 list of Best Workplaces in Texas, Great Place to Work analyzed approximately 73,000 confidential employee surveys from employees of companies with locations in Texas. Respondents answered more than 60 survey questions to determine the extent to which their employers create a Great Place to Work For All™. Companies were then scored based on those employee responses, with 85% of the evaluation based on employee feedback regarding their experiences related to trust and ability to reach their full potential within their organization, and the remaining 15% of the scoring determined based on an assessment of all respondents’ daily experiences of workplace innovation, the respective company’s values, and other criteria. Great Place to Work selected 100 companies for its list of 2021 Best Workplaces in Texas and broke up that list into two categories – large companies and small and medium companies. Flagship is honored to be selected as one of the Best Workplaces in Texas in the Small and Medium Company category.

“The foundation of our corporate culture is the importance we place on ensuring we offer a diverse and inclusive environment that provides equality to all our associates throughout the organization. This acknowledgement affirms we have created a workplace where our associates feel appreciated and valued for their contributions to offer our customers exceptional service,” stated Bob Hurzeler, Chief Executive Officer at Flagship.

Flagship previously earned certification as a Great Place to Work in November 2020. The Company provides competitive salaries, bonus opportunities (where applicable), paid time off, volunteer time off, tuition reimbursement and many other innovative benefits to help associates enjoy active and healthy lifestyles at work and home.

To learn more about Flagship and current career opportunities, visit www.flagshipcredit.com.

Flagship Credit Acceptance November Food Drive Raises 4,440 Pounds of Food for Feeding America in Time for the Holidays

CHADDS FORD, PA – December 21, 2020 – The coronavirus has impacted almost every family in America and worldwide. While Flagship Credit Acceptance has been fortunate to keep the vast majority of associates working, many individuals and families have experienced unstable employment leading to increased food insecurity this year. The leadership team at Flagship Credit Acceptance recognized that the 2020 holiday season would be especially trying for many families. The company normally conducts a food drive in each of its offices during the holidays, but with almost all associates working remotely, local food collection efforts would be hampered.

To address this challenge and support the local food banks, the leadership team at Flagship Credit Acceptance launched a contest in November to support Feeding America. Remote workers could make a monetary contribution or donate food through contactless drop-off directly to their local Feeding America chapter.

“Giving back to the communities in which we work has always been a part of who we are as a company. This year, it was more important than ever that we not only continue, but increase our efforts,” stated Jeff Haymore, President and Chief Operations Officer of Flagship Credit Acceptance.

For the contest, every dollar donated was considered the equivalent of one pound of food. To further excite and engage the associates, the leadership team committed to donating $5,000 to the local chapter of Feeding America that received the highest donation, with this year’s donation going to the Chads Ford office’s local Feeding America chapter in Chester, PA.

As a result of the contest, Flagship Credit Acceptance’s office in Chadds Ford, PA, donated a combined total of 2,055 pounds of food consisting of financial donations and 600 pounds of food. The Tempe, AZ, location raised a combined total of 1,615 pounds of support and the Coppell, TX, office donated the financial equivalent of 770 pounds of food.

To learn more about Flagship Credit Acceptance, please visit www.flagshipcredit.com.

Flagship Credit Acceptance Expands Investment Partner Portfolio

CHADDS FORD, PA – December 17, 2020 – Flagship Credit Acceptance LLC (“Flagship” or “the Company”), a leading auto-finance provider, announced today a partnership with Pagaya, a financial technology company. This partnership will help Flagship to broaden its product offerings.

An important addition to the Flagship product is the loan-to-value (LTV) program, in addition to the traditional Flagship advance program. Flagship is encouraged by the early acceptance of the new program and expanded offering and looks forward to continued growth in the months to come.

“This type of partnership enables us to offer expanded financing products to our dealer network, and increases access to vehicle financing for consumers. The partnership with Pagaya will augment Flagship’s services, and provide greater value to both our business partners and customers,” stated Bob Hurzeler, Chief Executive Officer of Flagship Credit Acceptance.

Flagship Credit Acceptance Earns Great Place To Work Accolade

CHADDS FORD, PA – November 19, 2020 – Flagship Credit Acceptance LLC (“Flagship” or “the Company”), a leading auto-finance provider, announced today it has been certified as a Great Place to Work®. The Great Place to Work program acknowledges companies that have established a documented excellent workplace culture, and is based on anonymous associate responses to the Trust Index© survey.

A majority of Flagship’s 850 associates responded to the survey. Out of the responses, 89% of associates stated Flagship is a great place to work, compared to 59% of employees at other U.S.-based companies. Additionally, 92% of respondents said they felt welcomed when they joined the company. Importantly, 91% of associates responded they were provided with the resources and equipment to be successful, and 90% stated they were able to take time off when they felt it was necessary.

“Our belief is that a diverse and inclusive culture that is uplifting and supportive is the backbone to enabling our associates to perform at their best,” stated Bob Hurzeler, Chief Executive Officer at Flagship. “By creating a supportive culture that our associates want to be a part of, we ensure they provide first-class service to each of our customers.”

As part of Flagship’s corporate culture, the company provides associates with volunteer time off, supports local and national nonprofits and charities, and more recently has supported the Boys and Girls Club of Chester, Pennsylvania with a food drive to support families effected by the COVID-19 pandemic.

Great Place to Work is the global authority on workplace culture, employee experience and leadership behaviors. The organization helps businesses around the world survey employees, benchmark results and identify the best workplace cultures. Since 1998, Great Place To Work has been responsible for the Fortune 100 Best Companies to Work For® list.

Companies that have earned the Great Place To Work certification are eligible for evaluation in several Best Workplaces listings. Great Place To Work uses a For All Model and Methodology to evaluate businesses and top-performing companies are recognized as Best Workplaces.

Flagship Credit Acceptance Hires Rob Crowl as Chief Financial Officer

Flagship Credit Acceptance LLC (“Flagship” or “the Company”), a leading auto-finance provider, announced today the appointment of Rob Crowl, a seasoned senior-level executive with more than 34 years of financial experience spanning the banking and specialty finance industries, as Chief Financial Officer.

Crowl joins Flagship from PHH Corporation, one of the largest sub-servicers of residential mortgages in the United States and a wholly-owned subsidiary of Ocwen Financial Corporation. Most recently, Crowl held the title of president and chief executive officer, following more than five years of serving as the chief financial officer. As part of Flagship’s senior leadership team, Crowl will report directly to Bob Hurzeler, Chief Executive Officer at Flagship.

“We are excited to welcome Rob to our senior leadership team,” stated Hurzeler. “Rob’s extensive leadership and management experience will be instrumental in our future growth and will complement our performance-oriented culture.”

Prior to joining PHH, Crowl served as CFO of Sun National Bank, where he helped lead a successful recapitalization of the bank during the housing and banking crisis. Additionally, Crowl spent 12 years at National City Bank in Cleveland, Ohio, and served in a variety of leadership roles during his tenure, including COO of National City Mortgage, Corporate Comptroller, and Asset/Liability and Securitization Manager. He began his career with Crestar Bank in Richmond, Virginia, where he spent 12 years in several senior positions in the organization. Crowl holds a B.A. in Psychology and an M.B.A. from the University of Richmond.

Flagship Credit Acceptance Welcomes New CEO, Board Member

Flagship Credit Acceptance LLC (“Flagship” or “the Company”), a leading auto-finance provider, today announced that Bob Hurzeler is joining the Company as its Chief Executive Officer and as a member of its Board of Directors.

Hurzeler is in his third decade in automotive finance, having come directly from OneMain Financial where he served as Executive Vice President and Chief Operating Officer, managing the company’s sales and operations, and oversaw approximately 8,500 team members. Prior to that, Hurzeler served in a variety of roles at Wells Fargo Auto Finance, including Vice President and Regional Manager, Senior Vice President of Sales and Operations, and President. During his tenure at Wells Fargo, Hurzeler helped significantly expand its origination volume.

“It is truly an honor to join Flagship’s team,” said Hurzeler. “Flagship has grown with a strong trajectory creating a sustainable $2.9 billion serviced portfolio. This is a testament to the expertise and skill of everyone at the Company. I’m optimistic that conditions are right for Flagship to add to its history of growth and development. I look forward to helping lead us there.”

“Attracting top-tier talent like Bob is a testament to the quality of the company Michael Ritter and his team have built,” said Flagship Director Andrew Dym. “I am proud to welcome him and wish him the best in this pivotal role.”

“Everyone on Flagship’s Executive Team is delighted to welcome Bob to the Company,” said Jeffrey Haymore, Flagship President and Chief Operating Officer. “Apart from his experience, Bob’s motivation and energy is going to be an excellent fit for this period of growth at Flagship.”

Hurzeler began in his official capacity as Chief Executive Officer on June 3, 2019. Michael Ritter, who has served in that capacity since the Company’s founding in 1998, is staying with the Company as Chairman of the Board of Directors.

Flagship Volunteers With RMHC in D.C.

The 2019 Flagship National Sales Meeting was held in beautiful Washington D.C. this past January. This year’s achievements were extraordinary, and we cannot wait to see what our Sales Team will accomplish in 2019!

We kicked off the event with the team coming together to provide care packages to families that are utilizing the Ronald McDonald Houses (RMHC) in the D.C. area. This is a cause near and dear to many at Flagship, and one we are honored to support.

About RMHC

The mission of RMHC is to create, find and support programs that directly improve the health and well-being of children and their families. Visit rmhc.org for more information.

KBRA Assigns Preliminary Ratings to Notes Issued by Flagship Credit Auto Trust 2018-4

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to five classes of notes issued by Flagship Credit Auto Trust 2018-4 (“FCAT 2018-4”), an auto loan ABS transaction.

As of the October 31, 2018 initial cutoff date, FCAT 2018-4 contained $239.97 million of receivables originated from both the Flagship Credit Acceptance (FCA) and CarFinance Capital LLC (CarFinance) branded origination channels and will contain $299.96 million after completion of the pre-funding period. The transaction includes a pre-funding feature that allows up to 20% of the collateral pool to be funded until two months after closing. The preliminary ratings reflect the initial credit enhancement levels of 37.40% for the Class A notes, 28.90% for the Class B notes, 17.65% for the Class C notes, 8.55% for the Class D notes and 1.85% for the Class E notes. Credit enhancement consists of over-collateralization, the subordination of junior notes, cash reserve account and excess spread. The transaction is the fourth term ABS securitization in 2018 for the Company and its twenty-fifth securitization overall.

KBRA applied its Global Auto Loan ABS methodology as part of its analysis of the transaction’s underlying collateral pool, the proposed capital structure and Flagship’s historical static pool data. KBRA also conducted an operational assessment on the originator and servicer, as well as a review of the transaction’s legal structure and transaction documents. KBRA will also review the operative agreements and legal opinions for the transaction prior to closing.

Preliminary Ratings Assigned: Flagship Credit Auto Trust 2018-4

ClassPreliminary RatingInitial Principal Balance
AAAA (sf)$190,780,000
BAA (sf)$25,480,000
CA (sf)$33,750,000
DBBB (sf)$27,300,000
EBB (sf)$20,090,000

About KBRA and KBRA Europe

KBRA is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus, is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider, and is a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.

Flagship Credit Acceptance Improves Online Customer Portal

Flagship Credit Acceptance LLC (“Flagship” or “the Company”), a leading auto-finance provider, today announced the launch of its next generation online portal that will drive digital communications and allow customers to fully service their accounts on a new, mobile-ready format. In a continued push toward digital transformation, the Company partnered with DataOceans to offer the most comprehensive and intuitive experience in our industry. The portal will allow customers to quickly make payments, update contact details and choose from a variety of communication preferences including text, e-mail, and an option for Spanish communications. In addition, customers will be able to access statements, receive payoff quotes and view an easy-to-understand payment history.

“Customers expect to fully manage their accounts online and from their mobile devices,” said Michael C. Ritter, CEO of Flagship Credit Acceptance. “We are happy to have provided such robust information and capabilities within an extremely intuitive portal. Giving customers the choice of how to manage their accounts positively impacts both our customers’ control over their finances and our capacity to communicate effectively with our customers.”

Flagship leveraged DataOceans who used their highly configurable digital platform, as well as customer communication expertise, to quickly design and develop the customer website. “Each client’s customer base is unique, but there are strategies and design concepts that have proven to be highly effective across all industries. We listened to Flagship’s objectives and challenges and together we developed a comprehensive solution that gives them almost unlimited flexibility to communicate with their customers,” said Randy Beals, Chief Revenue Officer of DataOceans.

The Customer Account portal can be accessed at my.flagshipcredit.com

Flagship Collaborates with SMU Cox School of Business

Flagship Credit Acceptance LLC (“Flagship”), a leading auto-finance provider worked with students from the Cox School of Business at Southern Methodist University (SMU Cox) in Dallas to further the education of students pursuing Master of Science in Business Analytics (MSBA) degrees.

Flagship risk assessment team members, Senior Business Strategy Manager Tsungi Kajese and Business Strategy Analyst Taylor Shekels, worked with SMU Cox students to construct models using real-world, anonymized and non-identifiable loan application data. “To truly understand and model how the loan application process works in the real world, you need to work with real data — model data is too unrealistic,” said Hettie Tabor, director of the SMU Cox MSBA degree program. “We were delighted that Flagship was willing to work with us.”

Students in Tabor’s practicum course were provided non-identifiable descriptive vehicle loan application data that was manually-entered and full of errors. The project required students to call upon their data mining skills to clean, standardize, categorize and analyze the data to provide meaningful insights. “SMU Cox students provided real benefits to Flagship. We obtained some new techniques and tools to generate inferences around risk and new product improvements that will benefit Flagship’s customers,” said Shekels.

The course culminated with a final presentation at the Flagship offices where the students, accompanied by Tabor, were able to meet more members of the Risk team and present their findings. This year marked the second time the SMU Cox MSBA program and Flagship have partnered.

“I am very proud of both our internal risk team for showing the initiative and creating a relationship with the SMU Cox community, as well as for the hard work and passion that was shown by the students within the program,” said David Bertoncini, Flagship Executive Vice President and Chief Risk Officer. “Partnerships between educators and local businesses strengthen each, not to mention the communities they work in. We are extremely gratified by the outcomes this engagement produced again this year. We can’t wait to see what the students do next year.”

About SMU Cox

The SMU Cox School of Business, established in Dallas, Texas, in 1920, is committed to influencing the way the world conducts business via prolific research that provokes innovation, change and global thought leadership. Cox faculty members strive to connect ground-breaking research to the classroom as well as the marketplace. Consistently ranked among the world’s leading business schools, SMU Cox maintains an active global alumni network. SMU Cox is accredited by AACSB.

Garage Youth Center Raises More Than $20,000 at Spring Fling

By Digital First Media

On May 20, supporters of The Garage Community and Youth Center gathered at Hartefeld National for a Spring Fling and $10,000 Raffle sponsored by Flagship Credit Acceptance.

The event and raffle combined generated over $20,500 for The Garage. The Garage plans to use the funds for after school programming, which serves over 500 students and includes homework help and tutoring, a daily academic STEAM (science, technology, engineering, art and math) activity, mentor program, boys and girls programs, community service opportunities, Nutrition Kitchen, career exploration, post- secondary counseling, and internships.

“We could not do the essential work that we do with at-risk teens without the support of volunteers and financial partners like Flagship, who give selflessly of their time and money to invest in our youth,” said Kristin Proto, Executive Director of The Garage.

The Spring Fling included games for kids, a bouncy house and vendors, like Cristina Tlaseca from Alliance Realty & Associates, who is an alum of The Garage’s program.

The Garage opened up opportunities for me,” said Tlaseca. “As a minority, I was faced with restricted opportunities, but The Garage gave me these great opportunities I never thought were possible. It was a safe haven. I wanted to come out and support this event because The Garage was so beneficial to me. I want to make sure other kids have that same opportunity.”

A Garage student, Evany Herrera, 17, was selected to pull the raffle’s winning tickets. “Thank you, Flagship, for helping The Garage. I love coming here because it is a safe space and I feel welcomed,” Herrera said.

Janet Syphan, HR Communications Specialist at Flagship won the first prize of $10,000. When asked how she would spend the prize, Syphan said “I’m not sure yet, but I know I’m donating the first thousand to The Garage. They do such incredible work.” The second prize of $1,500 went to Jeffrey Perez, Loan Servicing Representative at Flagship. Mary Teresa Maule Alft, from Lincoln University, PA, won the $500 third place prize.

“Events like this exemplify Flagship’s emphasis on serving the communities our customers live and work in,” said Chris Keiser, Flagship Executive Vice President and General Counsel. “We are so happy to be able to contribute to The Garage’s mission and we’re looking forward to our continued partnership and making this an annual event.”

For the past 17 years, The Garage Community and Youth Center has been a key part of the community, providing resources and sense of belonging to area youth who are in need. Through tutoring, mentoring, computer lab access, recreation and special programs, some of our community’s most “at-risk” middle and high school students are finding the necessary support to reach their full potential.

The Garage Partners with Flagship Credit Acceptance

By Richard L. Gaw
Chester County Press Staff Writer

Like most people who eventually become dedicated partners with The Garage Community and Youth Centers, Flagship Credit Acceptance executive vice president and general counsel Chris Keiser was introduced to the good work of the organization by friends of his from Chatham Financial, who was the founding corporation for The Garage when it was formed 17 years ago.

“They invited me to the holiday auction that the Garage hosts every year,” Keiser said. “Immediately, I found a synergy with some things in my past, through my support of Big Brother-Big Sister, Habitat for Humanity, and spending time in Latin America, speaking Spanish.”

The partnership between Flagship and The Garage may have taken root the day Keiser was first introduced to The Garage, but it was solidified through the infectious link Keiser saw between The Garage and its founding corporation.

“I remember seeing the folks from Chatham Financial working really hard for kids who may not have had the same opportunities that a lot of other kids do, to try to help them succeed academically, and in their post-academic careers,” he said.

“At the time, as I was starting to gain momentum with Flagship in 2014, the year it formed, our management team sat down and asked what it needed to do, and among those things was to create a community outreach program.”

Keiser proposed that the new company work with The Garage and now, several years later, it’s a firm commitment of engagement and volunteerism that will celebrate another milestone on May 20, when Flagship hosts a free, family-friendly Spring Fling at Hartefeld National Golf Club in Avondale. As part of the event, which will include vendors, food trucks, bouncy houses, games, putt-putt golf and face-painting, one lucky winner will be selected to receive a $10,000 grand prize from a raffle, that will also provide ticket holders a chance to win a second and third prize of $1,500 and $500.

Proceeds from the raffle and event will go to The Garage.

Headquartered in Chadds Ford, Flagship Credit Acceptance helps credit-challenged auto shoppers secure financing through partnerships with primarily franchised auto dealers and through its direct lending platform, CarFinance.com. It currently purchases indirect auto contracts from a nationwide network of over 9,400 dealers and originates direct to consumers in 46 states.

The company’s partnership with The Garage extends much farther than the upcoming raffle and community event. Flagship began offering volunteer time off (VTO) for its associates to work at The Garage’s functions in January 2016, which enabled its employees to get involved with The Garage’s annual holiday auction.

“I know that our Flagship volunteers really like The Garage,” said Janet Syphan, who helped coordinate the Spring Fling benefit with The Garage. “They feel like it’s a very worthwhile way to give back to the community that we serve. By offering each employee 16 hours off per year to provide assistance to The Garage, it allows them to take the time to give back to the community.”

Kristin Proto, The Garage’s executive director, sees the impact that Flagship employees have on young people who visit The Garage.

“I’ve heard Flagship employees say, ‘I remember when my kids were in middle and high school, and how hard it was for me as a parent,’” Proto said. “Having a teenager is just hard, regardless of what your background is, but having a teenager when you’re lacking in other resources compounds that. Flagship helps bridge that gap for so many of our kids.”

For Keiser, Flagship’s work with The Garage dovetails with the mission of the company, which is to provide not only resources and opportunities to purchase vehicles, but to educate consumers about the loan process. It’s an education he wants to establish at The Garage, in the form of non-intensive workshops taught by Flagship employees about money management.

“One of the initiatives I wanted to take hold is financial literacy for kids,” he said. “One of my frustrations is seeing people come out of high school with little knowledge of managing a budget, or knowing the importance of a credit score and paying bills on time. A program of this kind will allow Flagship to teach future consumers, early.”

“I think the door is wide open to continue our partnership with Flagship,” she added. “There are so many unique things that we can do now that we’ve spent the time to grow the relationship. It’s more than just writing a check with a logo on it.

“This is a vested effort to get even more Flagship employees to commit their time to us. It’s the chance to share information about The Garage, company wide, to hundreds of employees, to get more people in the door to help students and continue to spread the work of what we do in the community to others.”

The $10,000 winner will be chosen by one of the teens from The Garage at the event at 4 p.m. Individuals do not need to be present to win, and can purchase tickets online athttps://Go.RallyUp.com/Garage-Spring-Fling. Only 1,000 tickets will be sold, increasing participants’ odds of winning. Tickets for food and games can be purchased at the door.

To contact Staff Writer Richard L. Gaw, email rgaw@chestercounty.com.

Originally published in Chester County Press, online edition.

The Garage & Flagship Hold Free Community Spring Fling & $10,000 Raffle

When you walk into The Garage Community and Youth Center on most afternoons you will run into Jordan*. Jordan is in 7th grade but, due to a severe reading disability, reads only at a 1st grade level.

At The Garage, Jordan meets daily with a volunteer tutor who helps him step-by-step with his homework. He’s bonded with his Garage mentor. Stories like Jordan’s caught the eye of Flagship Executive Vice President and General Counsel Chris Keiser, who sought a long-term volunteer partnership for Flagship Credit Acceptance (Flagship). Flagship began offering volunteer time off (VTO) for its associates to work at The Garage’s functions in January 2016, which enabled its employees to get involved with The Garage’s annual holiday auction.

Flagship’s volunteers wanted to get more involved in this worthwhile cause, so to expand the partnership, Flagship will host a Spring Fling and Raffle including a $10,000 Grand Prize. Ticket holders also have a chance to win a second and third prize of $1,500 and $500. Proceeds from the raffle and event will go to The Garage. “Flagship is proud to give back to the communities we serve,” Keiser said. “We’re hoping that the community will enjoy this family-oriented event and come out and buy a raffle ticket in support of this great organization.”

The free family-friendly Spring Fling will take place on Sunday, May 20, from 12-4 pm, at beautiful Hartefeld National, 1 Hartefeld Drive in Avondale, PA, where the $10,000 winner will be chosen by one of the teens from The Garage. Individuals do not need to be present to win and can purchase tickets online at https://Go.RallyUp.com/Garage-Spring-Fling. Only 1,000 tickets will be sold, increasing participants’ odds of winning.

Tickets for food and games can be purchased at the door. Activities include vendors, food trucks, bouncy houses, games, putt-putt golf, face painting and more! “We are thrilled to be partnering with Flagship this year to give our students and our community a fun day through this corporate sponsorship,” said Kristin Proto, Executive Director of The Garage. “Our students rely on donations like Flagship’s to keep our space available to them year-round.”

*Jordan’s name has been changed to protect his privacy.

About The Garage

For the past 17 years, The Garage Community and Youth Center has been a key part of the community, providing resources and sense of belonging to area youth who are in need. Through tutoring, mentoring, computer lab access, recreation and special programs, some of our community’s most “at-risk” middle and high school students are finding the necessary support to reach their full potential.

KBRA Assigns Preliminary Ratings to Notes Issued by Flagship Credit Auto Trust 2018-1

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to five classes of notes issued by Flagship Credit Auto Trust 2018-1 (“FCAT 2018-1”), an auto loan ABS transaction.

As of the January 11, 2018, statistical calculation date, FCAT 2018-1 contains $121.7 million of receivables and will contain approximately $164.6 million of receivables at closing out of an expected collateral balance of approximately $204.6 million after completion of the prefunding period. The transaction includes a prefunding feature that allows up to $40 million or 20% of the collateral pool to be funded after closing until April 20, 2018. The preliminary ratings reflect the initial credit enhancement levels of 42.01% for the Class A notes, 31.01% for the Class B notes, 19.01% for the Class C notes, 10.00% for the Class D notes and 4.25% for the Class E notes. Credit enhancement consists of overcollateralization, subordination of junior notes, cash reserve account and excess spread. The transaction is the first term ABS securitization in 2018 for the Company and its twenty second securitization overall.

This transaction includes loans originated from both the Flagship Credit Acceptance (FCA) and CarFinance Capital LLC (CarFinance) branded origination channels.

KBRA applied its Global Auto Loan ABS methodology as part of its analysis of the transaction’s underlying collateral pool, the proposed capital structure and Flagship’s historical static pool data. KBRA also conducted an operational assessment on the originator and servicer, as well as a review of the transaction’s legal structure and transaction documents. KBRA will also review the operative agreements and legal opinions for the transaction prior to closing.

For complete details on the analysis, please see KBRA’s Pre-Sale Report, Flagship Credit Auto Trust 2018-1, which was published today at www.kbra.com.

Preliminary Ratings Assigned: Flagship Credit Auto Trust 2018-1

ClassPreliminary RatingInitial Principal Balance
AAAA (sf)$122,750,000
BAA (sf)$22,500,000
CA (sf)$24,560,000
DBBB (sf)$18,420,000
EBB (sf)$11,770,000

Representations & Warranties Disclosure

All Nationally Recognized Statistical Rating Organizations are required, pursuant to SEC Rule 17g-7, to provide a description of a transaction’s representations, warranties and enforcement mechanisms that are available to investors when issuing credit ratings. KBRA’s disclosure for this transaction can be found in the report available online.

Related Publications (available at www.kbra.com):

Flagship Credit Acceptance Issues $263.1 Million ABS

Flagship Credit Acceptance issued its fourth securitization of 2017, this time to the tune of $263.1 million, according to a pre-sale report by Kroll Bond Rating Agency.

Overall, the transaction is Flagship’s 21st securitization in its seven-year history. The ABS is also the 10th transaction that includes loans originated by both Flagship Credit Acceptance and CarFinance Capital LLC.

The average Fico in the pool is 593, the lowest of the four securitizations so far this year (which ranged from 594 to 597). The weighted average original loan term is 71 months, with an average loan balance of $20,556. Additionally, the pool consists of 34.3% new vehicles and 65.7% used.

Additionally, Chadds Ford, Pa.-based Flagship started to test out originating a small portion thin-file loans again — but to lower-risk borrowers this time — after the company halted those originations as one part of its strategy to lower losses, according to a pre-sale report. However, the thin-file loans make up less than 1% of originations, the company told Auto Finance News.

Flagship experienced an increase in losses in 2015 and 2016, due — in part — to an increase in full balance charge-offs related to an increase in skip accounts, according to the report.

In response to the increase in losses, Flagship made several changes to its underwriting including increased pricing on loans originated, reduced originations in the lowest quality indirect and direct tiers, and discontinued the military lending program. As a result, the company has experienced lower originations throughout 2017 compared to 2016.

Flagship maintains a separate loan origination system for its direct program. Direct loans are originated through CarFinance.com made via direct marketing to consumers and web aggregators, with 16% of loans representing new purchases and 84% representing refinancings as of Sept. 30.

KBRA Assigns Preliminary Ratings to Notes Issued by Flagship Credit Auto Trust 2017-4

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to five classes of notes issued by Flagship Credit Auto Trust 2017-4 (FCAT 2017-4), an auto loan ABS transaction.

FCAT 2017-4 is collateralized by approximately $218.1 million of subprime auto loan receivables as of October 31, 2017 out of an expected collateral balance of approximately $272.6 million after completion of the prefunding period. The transaction includes a prefunding feature that allows up to 20% of the collateral pool to be funded after closing. The prefunding period is two months but the prefunding is expected to be completed by the end of 2017 based on current origination volume. The preliminary ratings reflect the initial credit enhancement levels of 42.00% for the Class A notes, 31.75% for the Class B notes, 20.25% for the Class C notes, 11.00% for the Class D notes, and 5.50% for the Class E notes. Credit enhancement consists of overcollateralization, subordination of junior notes, cash reserves and excess spread. This transaction is Flagship’s fourth securitization in 2017 and its twenty first securitization overall.

This transaction includes loans originated from both the Flagship Credit Acceptance (FCA) and CarFinance Capital LLC (CarFinance) branded origination channels. On January 1, 2015, Perella Weinberg Partners’ Asset Based Value Strategy (PWP) closed a merger of its two auto loan platforms, FCA and CarFinance. FCA’s management team, led by Mike Ritter, has combined the FCA and CarFinance operations over the past two years following the merger.

KBRA applied its Auto Loan ABS methodology as part of its analysis of the transaction’s underlying collateral pool, the proposed capital structure and Flagship’s historical static pool data. KBRA also conducted an operational assessment on the originator and servicer, as well as a review of the transaction’s legal structure and transaction documents. KBRA will also review the operative agreements and legal opinions for the transaction prior to closing.

For complete details on the analysis, please see KBRA’s Pre-Sale Report, Flagship Credit Auto Trust 2017-4 Pre-Sale Report, which was published today at www.kbra.com.

Preliminary Ratings Assigned: Flagship Credit Auto Trust 2017-4

ClassPreliminary RatingExpected Initial Principal Balance
AAAA (sf)$163,570,000
BAA (sf)$27,940,000
CA (sf)$31,360,000
DBBB (sf)$25,210,000
EBB (sf)$15,000,000

Representations & Warranties Disclosure

All Nationally Recognized Statistical Rating Organizations are required, pursuant to SEC Rule 17g-7, to provide a description of a transaction’s representations, warranties and enforcement mechanisms that are available to investors when issuing credit ratings. KBRA’s disclosure for this transaction can be found in the report entitled Flagship Credit Auto Trust 2017-4 Representations and Warranties Disclosure.

Related Publications (available at www.kbra.com):

Speedpay® Named Exclusive Payments Provider for Flagship Credit Acceptance

Speedpay, Inc., a Western Union® company, announced its renewed relationship with Flagship Credit Acceptance, a leading auto-finance provider with a nationwide network of more than 9,400 dealers. As part of its five-year deal, which positions Speedpay as Flagship’s electronic billing presentment and exclusive payments provider, Flagship will be Speedpay’s first auto finance client to offer the moBills® solution through Walletron.

“Our commitment to Speedpay is a testament to the confidence we have in their array of solutions – namely, their mobile payment options – that will help make it easier for our customers to pay their bills on time,” said David Bertoncini, Chief Operating Officer at Flagship Credit Acceptance. “Aligning with Speedpay means we will have greater efficiency in billing, access to top-notch customer service, and a reliable stream of payments.”

As part of its agreement with Speedpay to implement Walletron moBills®, Flagship will provide customers with the option to view their statement or pay their bill from within their smartphones’ mobile wallets. Users will receive light-up phone notifications reminding them to make or schedule a payment before a bill is due, and those who make automatic payments can also receive smartphone notifications confirming their payment has been made. The customer’s Flagship bill will update automatically in their mobile wallet, providing accurate account information in a centralized place on their phone.

“The moBills® solution enables Flagship to offer their customers a convenient, mobile-centric view into their account that complements their lifestyles. No more remembering their account numbers or log-in information before being able to make a payment – essential functions given the on-the-go demands of today’s consumers,” said Frank Lockridge, Head of Speedpay. “It’s one of the many options we offer our clients to help them reach their customers in the right place, at the right time, to facilitate timely payments.”

As a subsidiary of The Western Union Company, a leader in global payment services, Speedpay offers clients billing and payments solutions through various channels and across multiple industries, helping reduce costs, increase efficiency and improve customer satisfaction. Speedpay services also maintain an average of 99.98 percent uptime and offer 24/7 support, 365 days a year.

To learn more about Speedpay’s comprehensive electronic bill payment and presentment solutions, visit speedpay.com.

About Speedpay, Inc.

Speedpay provides electronic bill presentment and payment (EBPP) solutions that help keep your business running. An industry leader given its footprint, financial strength, service reliability and availability, Speedpay is dedicated to helping billers collect better payments. Our clients benefit from our highly consultative approach – ensuring we deliver customized payments offerings that address your business challenges and provide overall efficiency, ultimately saving you time and money. From web to mobile, eBill, IVR or CSR, Speedpay offers some of the most highly configurable channels available on the market, specifically designed for the way people want to pay bills.

A wholly owned subsidiary of E-Commerce Group Products, Inc., Speedpay has been at the forefront of the electronic payments industry since 1989, and was acquired by Western Union® in 2002.

For more information, visit www.speedpay.com.

Flagship Continues to Reduce Loan Terms, Latest ABS Shows

Flagship Credit Acceptance continues to reduce loan terms, according to Kroll Bond Ratings Agency’s latest ABS presale report.

Flagship began originating 75-month loans and 78-month loans in 2013. However, starting in mid-year 2016, Flagship started to reduce the percentage of its loan terms greater than 72 months to just under 2% of total originations, from approximately 5% in prior years, according to the presale. As of July 30, Flagship only has 1.8% of these longer term loans, compared with 1.5% in the lender’s previous transaction.

Flagship’s latest securitization — Flagship Credit Auto Trust 2017-3 — is a $185.2 billion transaction backed by subprime auto loan receivables. The weighted average Fico score is 597, up from 595 in FCAT 2017-2, according to the report. This transaction includes loans originated from both the Flagship Credit Acceptance and CarFinance Capital LLC branded origination channels, according to the report.

Amid heightened regulatory scrutiny where Department of Justice subpoenaed several subprime issuers — including Flagship and subsidiary CarFinance Capital LLC — regarding past originations and securitizations, Flagship is maintaining a “cautious approach” to automated approvals with approximately 2% of the applications that were not auto-declined being auto-approved, the report said.

Separately, starting in May, Flagship began using direct refinance scorecard 2.0 for the direct lending program that is originated through CarFinance.com. Flagship is also investing in an automated approval system, which the lender has tested since the beginning of the year, according to the report.

At midyear, Chadds Ford, Pa.-based Flagship and CarFinance had 828 employees, and a managed portfolio of approximately $3 billion; it originated approximately $398 million in the first half of 2017, down from $868.4 million over the same period in 2016.

Dealers & Lenders Met at the First Annual Flagship Dealer Council

For the first time, dealer partners and Flagship executives and lenders gathered together to share their open and candid opinions and feedback about the auto lending industry, their relationship with Flagship, and the profit partnership we can collectively develop, improve, and grow in the coming year.

Over the course of the three-day event, the group enjoyed gourmet meals at the resort’s famed restaurants, an ideal setting in which they shared their feedback about the Flagship lending program and provided their input on the development of future product offerings and strategic initiatives.

On Thursday, the group came together for a facilitated discussion about the auto industry, the Flagship core product offering, and the partnership opportunities available to them in our present dynamic Dealer-Lender relationship. The discussion continued onto the famed Jay Morrish and Tom Weiskopf-designed Stadium Course at TPC Scottsdale, as they played a round of golf with stunning panoramic views of the McDowell Mountains.

The event, held February 8-10, took place at the Fairmont Princess Resort in sunny Scottsdale, Arizona.

KBRA Assigns Preliminary Ratings to Notes Issued by Flagship Credit Auto Trust 2017-3

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to five classes of notes issued by Flagship Credit Auto Trust 2017-3 (FCAT 2017-3), an auto loan ABS transaction.

FCAT 2017-3 is collateralized by approximately $185.2 million of subprime auto loan receivables as of July 31, 2017 out of an expected collateral balance of approximately $231.1 million after completion of the prefunding period. The transaction includes a prefunding feature that allows up to 20% of the collateral pool to be funded after closing. The prefunding period is two months but the prefunding is expected to be completed by September 30, 2017 based on current origination volume. The preliminary ratings reflect the initial credit enhancement levels of 46.00% for the Class A notes, 31.75% for the Class B notes, 20.25% for the Class C notes, 11.00% for the Class D notes, and 5.50% for the Class E notes. Credit enhancement consists of overcollateralization, subordination of junior notes, cash reserves and excess spread. This transaction is Flagship’s third securitization in 2017 and its twentieth securitization overall.

This transaction includes loans originated from both the Flagship Credit Acceptance and CarFinance Capital LLC branded origination channels. On January 1, 2015, Perella Weinberg Partners’ Asset Based Value Strategy closed a merger of its two auto loan platforms, FCA and CarFinance. FCA’s management team, led by Mike Ritter, has combined the FCA and CarFinance operations over the past two years following the merger.

KBRA applied its U.S. Auto Loan ABS methodology as part of its analysis of the transaction’s underlying collateral pool, the proposed capital structure and Flagship’s historical static pool data. KBRA also conducted an operational assessment on the originator and servicer, as well as a review of the transaction’s legal structure and transaction documents. KBRA will also review the operative agreements and legal opinions for the transaction prior to closing.

For complete details on the analysis, please see KBRA’s Pre-Sale Report, Flagship Credit Auto Trust 2017-3 Pre-Sale Report, which was published today at www.kbra.com.

Preliminary Ratings Assigned: Flagship Credit Auto Trust 2017-3

ClassRatingExpected Initial Principal Balance
AAAA (sf)$129,410,000
BAA (sf)$32,930,000
CA (sf)$26,570,000
DBBB (sf)$21,380,000
EBB (sf)$12,710,000

Representations & Warranties Disclosure

All Nationally Recognized Statistical Rating Organizations are required, pursuant to SEC Rule 17g-7, to provide a description of a transaction’s representations, warranties and enforcement mechanisms that are available to investors when issuing credit ratings. KBRA’s disclosure for this transaction can be found in the report entitled Flagship Credit Auto Trust 2017-3 Representations and Warranties Disclosure

Related Publications available at www.kbra.com.

Flagship Hosts the 1st Annual Central Divisional Golf Invitational at America’s only NFL-themed Golf

The Cowboys Golf Club, the nation’s only NFL-themed golf course, proved to be a worthy challenge for the Central Sales Division’s First Annual Invitational Golf Tournament.

On September 8, nine teams vied for awards and accolades, culminating in a four-star buffet and awards celebration at the Cowboys golf clubhouse.

The teams were comprised of Dallas/Ft. Worth metro-area dealers and our leadership team, including Executive Vice President of Sales, Jeff Haymore, Senior Vice President of Credit, Jack Farrell, and Vice President of Sales for the Central Division, John Moody.

The course, located in beautiful Grapevine, Texas, lived up to its reputation as one of the best and most difficult Jeff Brauer-designed golf courses in America. Plans for a 2017 expanded Central Division Flagship Invitational Tournament are already in progress.

10 Teams Compete for the Top Spot at the 4th Annual Flagship Phoenix Golf Invitational

On September 14, ten teams competed for the title of tournament champions at the Grayhawk golf club, one the most challenging Tom Fazio-designed golf courses in America. The 4th annual Flagship Phoenix Golf Invitational culminated in a four-star awards dinner and celebration at the Grayhawk clubhouse.

Teams were comprised of Flagship’s valued Arizona-based customers and our leadership team, including Chief Operations Officer, David Bertoncini, Executive Vice President of Sales, Jeff Haymore, and Senior Vice President of Credit, Jack Farrell.

The course, located in beautiful Scottsdale, Arizona, made this year’s game of risk and reward one of the most enjoyable to date. Plans for a 2017 expanded West Division Flagship Invitational Tournament are already in progress.

Flagship Credit Acceptance Completes its Inaugural Triple-A Rated Asset-Backed Securitization

Flagship Credit Acceptance LLC (“Flagship” or “the Company”), a leading auto-finance provider, today announced that it has completed its sixteenth rated asset-backed securitization of the Company, Flagship Credit Auto Trust 2016-3 (“FCAT 2016-3” or the “Transaction”). The Company issued $440 million of Notes which closed on August 11, 2016 with a weighted average effective coupon on the notes of 2.93%. The Offered Notes consisted of five classes and were assigned ratings by Standard and Poor’s Financial Services LLC and Kroll Bond Rating Agency, Inc. from AAA/AAA (sf) to BB-/BB (sf) ratings, respectively. Deutsche Bank Securities, J.P. Morgan Securities and Wells Fargo Securities were book-runners for the transaction. Michael Ritter, Founder and Chief Executive Officer of Flagship Credit, said, “We are thrilled about our ability to obtain a triple-A from the agencies on this transaction. We strive to be the most respected independent auto finance company in the industry and obtaining that triple-A has been an integral part of the plan. Additionally, the Company was able to expand its investor base and increase its original offering size by 10% to $440 million due to strong investor demand. The capital markets continue to be important to the Company and we appreciate the loyalty that our securitization investors continued to demonstrate by investing in our third securitization of the year.”

Flagship currently employs approximately 858 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 its network of approximately 9,700 auto dealerships meet the growing demand in the below prime market and secondly directly helping consumers, through CarFinance.com, who seek automotive financing online.

The Transaction has 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 Transaction.

Flagship Raced Full Speed Ahead to Find a Cure For Cancer

On June 25, a six-person Flagship team — “Full Speed Ahead” — collectively swam, biked, and ran more than 112 miles in the Philadelphia Tri-Rock Challenge, raising over $18,000 in donations for the Leukemia & Lymphoma Society.

infographic: 90.6 miles ridden, 3 miles swimming, 18.6 miles run, $160.43 raised for each mile

The team consisted of Flagship CFO, John Schwab, EVP of Sales, Jeff Haymore, VP of Risk, Karl Stabler, HR Senior Specialist, Shauna Amador, Director of Sales Strategy and Development, George Ewing, and VP of Sales-Central, John Moody.

Every single dollar donated to the Full Speed Ahead Triathlon Team is used to help find cures and ensure access to treatments for blood cancer patients; like immunotherapies that use a person’s own immune system to kill cancer so it can better fight infections and attack cancer cells, reducing the need for damaging chemotherapy.

Associates from the Flagship Chadds Ford, PA, headquarters stopped by to cheer on the team, and stayed to volunteer at our promotional tent set-up at the Philadelphia Tri-Rock Challenge!

About the Leukemia & Lymphoma Society

The Leukemia & Lymphoma Society (LLS) is the largest voluntary cancer research agency specifically focused on finding cures and better treatments for blood cancer patients. The mission of LLS is: Cure leukemia, lymphoma, Hodgkin’s disease and myeloma, and improve the quality of life of patients and their families. Visit http://www.lls.org/ to learn more.

About the TriRock Philadelphia Triathlon

Recognized as one of the premier triathlon festival weekends in the country, 2016 marks the 12th year of this annual event and features three days of activities. The race was named a top-five triathlon in the United States by Outside Magazine and lauded as one of the top big city triathlons by Triathlete Magazine.

Flagship Credit Acceptance East Division Hosts its 1st Annual Golf Tournament

On May 25th, Bear’s Best golf course was the setting for a game of risk and reward. Eight teams comprised of Flagship’s most valued Georgia-based customers and our leadership team, including Executive Vice President of Sales, Jeff Haymore, Senior Vice President of Credit, Jack Farrell, and Vice President of Sales East, John Gaffney, vied for awards and accolades.

The course, located in beautiful Suwannee, proved to be a worthy challenge, boasting holes inspired by Jack Nicklaus golf course designs.

The day’s exciting activities culminated in a four-star barbecue buffet and awards celebration at the Clubhouse in beautiful Suwannee, GA

Plans for an 2017 expanded East Division Flagship Invitational Tournament are already in progress.

Flagship Credit Acceptance Completes $400 Million Asset-Backed Securitization

Flagship Credit Acceptance LLC (“Flagship” or “the Company”), a leading auto-finance provider, today announced that it has completed its fifteenth rated asset-backed securitization of the Company, Flagship Credit Auto Trust 2016-2 (“FCAT 2016-2” or “Transaction”). The Transaction issued $400 million of Notes which closed on May 5, 2016 with a weighted average effective coupon on the notes of approximately 4.38%. FCAT 2016-2 was able to upsize its original offering size of $350 million to $400 million due to strong investor demand. The Offered Notes consisted of four classes and were assigned ratings by Standard and Poor’s Financial Services LLC, Kroll Bond Rating Agency, Inc. and DBRS, Inc. from AA/AA/AAA (sf) to BB-/BB/BB(h) (sf) ratings, respectively. Wells Fargo Securities and Deutsche Bank Securities were joint book-runners for the transaction.

Michael Ritter, Founder and Chief Executive Officer of Flagship Credit, said, “In an increasingly unpredictable capital markets environment, we are incredibly pleased about the closing of our recent securitization, which was able to increase its original offering size by 14% due to strong investor demand while simultaneously achieving 0.42% reduced weighted average credit spread premium over the Company’s prior deal. 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 thrilled that our securitization investor base continues to believe in the Company with the successful execution of our second securitization of the year.”

Flagship currently employs approximately 845 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 its auto dealership network of over 9,400 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 Marks a $4 Billion Securitization Milestone

Today the Company successfully completed its 14th term asset-backed securitization of $447 million of Notes with Flagship Credit Auto Trust 2016-1 (“FCAT 2016-1”). This brings total issuance to over $4 billion in Notes.

The Notes were assigned ratings by Standard & Poor’s Rating Services and Kroll Bond Rating Agency, Inc. with Barclays, Citigroup and Deutsche Bank Securities as joint book-runners for the transaction.

Currently, Flagship employs approximately 800 professionals, all focusing on a customer service-driven lending model. The Company provides financing to below-prime borrowers, allowing them to purchase or refinance affordable, late-model vehicles. The Company operates two origination channels: Helping the 8,700+ auto dealership network meet the demands of the growing below-prime market, and CarFinance.com, which helps consumers 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 National Sales Meeting

The Third Annual Admirals Club Awards proved to be a “legendary” evening as the Flagship Credit Acceptance Sales Division top performers of 2015 were celebrated at the “Sales Legends of Flagship” gala.

Held as part of the three-day Flagship Credit Acceptance National Sales Meeting, this year’s event included an inspirational and entertaining message from keynote speaker, Connie Podesta, as well as comprehensive Sales Training, including Advanced Negotiation Techniques, DiSC Behavior Skills, and a focus on the Highly Effective Habits of Top Performers.

The event was hosted by the Palms Resort and Casino in Las Vegas, January 17-20.

attendees sit at round tables and watch a presentation on large monitors
Flagship hosts a presentation in the Admirals Club

Announcing the Flagship Credit Acceptance “Single Source”

On January 21st, 2016, Flagship Credit Acceptance and CarFinance Capital unified their individual lending programs into the Flagship “Single Source” platform.

This new “one-click” strategy offers exclusive access to Flagship’s Service Triangle customer service teams, preferred status programs, amazing profit-building opportunities, and the ‘ease of use’ that Dealers have come to appreciate from both Flagship Credit Acceptance and CarFinance Capital.

Dealer partners of Flagship will continue to utilize the “Single Source” for all deals needing rates as low as 5.99%, and of course, for any application where they would have chosen CarFinance Capital. The Flagship “Single Source” also offers both a Certified Pre-Owned and an active-duty Military Lending Program as a part of this new and exciting offering.

As always, Dealers will have the ability to utilize all three Books (Kelley, NADA, and Black) for collateral values, have access to Flagship Bucks©, and LIVE Credit Analysts 7 days a week. Flagship has also improved their program offering to include the most Profitable Preferred Dealer Advantage status in the nation for their most loyal Dealer customers.

For additional information visit hbmdata2.com/flagship

Flagship Credit Appoints John R. Schwab as Chief Financial Officer

Flagship Credit Acceptance LLC (“Flagship” or “the Company”), a leading non-prime independent automotive financing and servicing company is pleased to announce the appointment of financial industry veteran John R. Schwab as Chief Financial Officer for the organization.

Mr. Schwab brings extensive financial leadership experience in treasury and capital markets to Flagship. He joins the company from The J.G. Wentworth Company where he served as Executive Vice President and Chief Financial Officer.

“We are excited to work with John on Flagship’s continued growth,” said Michael Ritter, founder and Chief Executive Officer of Flagship Credit. “With extensive corporate finance, capital markets and treasury experience, he will further strengthen our finance organization. We expect that John will continue to build upon the success he established in his former roles,” said Ritter.

“I am very excited to join the Flagship team,” said John Schwab. “Flagship has defined itself as a leading independent automotive finance company and I look forward to contributing to the next phase of growth.”

Mr. Schwab was the Executive Vice President and Chief Financial Officer of The J.G. Wentworth Company™ (NYSE: JGW), a position he has held since 2013 where he was instrumental in the process of becoming a publicly traded company. Prior to joining in April 2013, he served in various capacities since 2004 for Expert Global Solutions, Inc. (formerly NCO Group, Inc., a publicly traded company through 2006) including Executive Vice President and Chief Financial Officer. Prior to his employment at Expert Global Solutions, Inc., Mr. Schwab was the Chief Financial Officer of RMH Teleservices, a publicly traded teleservices company and Inrange Technologies Corp. Mr. Schwab spent eleven years at Arthur Andersen, most recently as a Senior Manager, and was a certified public accountant. Mr. Schwab graduated from LaSalle University with a BS in Business Administration – Accounting.

Flagship Credit Acceptance Completes $450 Million Asset-Backed Securitization

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.

Third Annual Flagship Golf Tournament

The 3rd Annual Flagship Golf Tournament was hosted by the Flagship Credit Acceptance Phoenix, Arizona Credit Center on September 23rd, 2015. A thrilling round of golf was played by 10 foursomes at the prestigious Grayhawk Golf Club Talon course in beautiful Scottsdale, Arizona. The course, designed by Tom Fazio, offered a challenge that commanded the respect of the players through a daring and high-stakes game of risk and reward in the desert.

Flagship’s leadership team, including Executive Vice President and Chief Strategy Officer, David Bertoncini, Senior Vice President of Sales, Jeff Haymore, and Vice President of Sales West, Ward Lentini, played in this event alongside some of their most valued customers from across the nation.

Following the Tournament, an awards banquet and celebration was hosted at the Marlin Grill overlooking the Grayhawk Golf Club course.


Tournament Results

1st Place Team
Kurt Vontersch, Josh Harwitt, Drew Drieling and Carlos Johnson ~ 57

2nd Place Team
David Thompson, David Hernandez, Aaron Myers and Johnnie Sanders ~ 62

3rd Place Team
Cassady Russell, Dale Bruemmer, Chris Coleman and Jerrick Price ~ 63

On Course Events

Longest Drive ( 9th hole )
Steve Krajenke

Closest to the Pin ( 17th hole )
Josh Harriet

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