Flagship Credit Acceptance Announces New Capital Investment; Renews and Increases Credit Facility
January 30, 2012
CHADDS FORD, PA – Flagship Credit Acceptance, a national indirect automobile finance company, announced today that its controlling shareholder has increased its capital investment to support the Company’s growing auto finance platform.
Flagship also announced that it has entered into an agreement with Wells Fargo Bank, N.A. to renew and increase its commercial credit facility to $175 million. The credit facility represents an additional committed source of liquidity to fund the Company’s auto finance consumer lending activities, and it will be utilized to support Flagship’s strategic growth plans.
Michael Ritter, Founder and Chief Executive Officer of Flagship, said, “By continuing to expand Flagship’s capital base, we are demonstrating our ongoing commitment to increasing the Company’s consumer lending activities. As we continue to grow, we will build upon our solid underwriting and servicing platforms. We are pleased to have the support of our shareholders and debt providers as we look to assist even more dealers in providing auto finance solutions to their below-prime car buyers.”
About Flagship Credit Acceptance
Flagship Credit Acceptance is a national indirect automobile finance company which purchases retail installment contracts from dealers financing to below-prime consumers for purchases of new and late model used vehicles. The company is headquartered in Chadds Ford, PA. For more information about Flagship, visit http://www.flagshipacc.com or call (800) 707-0114 extension 1981.