Flagship Credit Acceptance is in the market with a $222.16 million transaction backed by subprime auto loans and led by Wells Fargo Securities.

A senior tranche for $174 million is rated ‘A+ (sf)’ by Standard & Poor’s. Of the three other tranches, only one is rated sub investment-grade, a ‘BB (sf)’ piece for $12.66 million. The closing date is April 18.

The A piece has credit support of 36.7%. S&P characterized Flagship’s management team as “seasoned.”

Nonetheless, S&P said some of the data it has on the company’s loans includes periods when other companies were the servicers. In the face of the financial crisis, the company started scaling back around February 2009. As part of this process, Flagship sold off its origination business to third parties. Lending crashed as a result, with nearly no loans originated during the third quarter of 2010. It effectively “restarted” this business in the last quarter of that year.

The pool of loans behind the upcoming deal has a weighted-average annual yield of 15.4%; a weighted-average FICO score of 593; and a weighted-average LTV of 118.8%.

The average loan balance is $17,433.

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