Flagship Credit Acceptance LLC – Auto Loans Review 2020
Flagship Credit Acceptance auto loans are offered by Flagship Credit Acceptance LLC. The company is a direct lender founded in 2006. They is based in Chadds Ford, Pennsylvania with offices in Irving, Texas, and Tempe, Arizona. Flagship Credit Acceptance auto loans are available in 48 states, and Washington, DC. The company has grown its loan portfolio to approximately $3 Billion in managed receivables. They target credit-challenged borrowers secure financing.
Indirect Lending
According to the company website, Flagship’s programs are designed to serve customers who have limited access to automobile financing through traditional lending sources. Many customers have experienced prior credit difficulties or have limited credit histories. They generally have FICO credit scores ranging from 500 to 675. Flagship’s lending philosophy is to offer financing designed for consumers seeking to finance their primary means of transportation. To this end, Flagship originates or purchases automobile contracts secured by new and used automobiles purchased by consumers. Flagship currently works with over 7,000 automotive dealerships nationwide.
Direct Lending
Flagship’s Direct Lending platform provides opportunity to non-prime credit consumers. They offer refinancing options for existing loans secured by automobiles. The company works with several loan aggregators, offering a stream-lined process which has been developed over the past several years.
Flagship Credit Acceptance – What you need to Qualify
Flagship Credit Acceptance does not have or does not disclose a minimum annual income eligibility requirement. However, the company only considers borrowers who are employed. The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via Flagship Credit Acceptance. Their rates fall within the limits of The Military Lending Act.
- Gainfully Employed – The company only considers borrowers who are currently employed. However, they do not publish a minimum eligibility requirement for annual income.
- Minimum Credit Score – Applicants need a credit score of at least 525 and up to 850 to be eligible for Flagship Credit Acceptance.
- U.S. citizens or Permanent Residents – US citizens are always welcome, but permanent residents and green card holders are also eligible to apply. It is uncommon for lenders to offer their services to non-residents. Flagship Credit Acceptance LLC is one of the few that does. If you are a non-resident looking to access these services through an entity incorporated in the U.S., you are in luck.
To qualify, applicants may need to provide the following documentation:
- Recent pay stubs
- Proof of income
- Driver’s license
- Government issued photo ID
- Proof of identity
Frequently Asked Questions
How much can you borrow?
Flagship Credit Acceptance Auto Loan amounts start at $7,500 and go up to $45,000.
Flagship Credit Acceptance Rates – What APR do they offer on auto loans?
Auto Loans are a fixed annual percentage rate up to 36% APR. Your particular APR can vary depending on several factors, especially your credit score. Find out what your credit score is before you apply. Correct any false or inaccurate information in your credit history to get the most appropriate rate.
What is the maximum loan term you can get?
Flagship Credit Acceptance has auto loans with a maximum term of 78 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your auto loan, the more interest you will pay.
Is there an origination fee?
Yes, Flagship Credit Acceptance may charge a loan origination fee. An origination fee is an upfront charge you pay your lender for processing your loan application. You don’t want to ignore it, as it can be a significant portion of your total loan cost. These fees can take on different descriptions, like application fees, processing fees or underwriting fees. Whatever the name, they are above and beyond this published APR – annual percentage rate of the loan itself.
Do they charge late fees?
Yes, Flagship Credit Acceptance charges borrowers with a late payment penatly fee. A late fee is a penalty the borrowers is charged for making a loan payment after the past due date. Late fees encourage customers to pay on time.
Does Flagship Credit Acceptance charge prepayment fees?
Yes, Flagship Credit Acceptance does charge borrowers a fee if they pay their loans early. Consider prepayment fees when you choose a lender because prepayment can reduce or even cancel the interest savings of repaying a loan early.
Can I pay my loan off early?
Yes, you can. However, Flagship Credit Acceptance LLC charges a prepayment fee if you pay your auto loan early. This fee could reduce or eliminate the savings from paying the auto loan early.
Does Flagship Credit Acceptance report your account activity to credit bureaus?
Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and can help improve your credit score. Flagship Credit Acceptance reports your account activity to the three primary credit reporting agencies:
- Equifax
- Experian
- Transunion
Flagship Credit Acceptance Reviews
Flagship Credit Review 1-Star * – Would never recommend…
I got an auto loan from flagship in 2018. Then, I got into an accident and my car got totaled. But, I had gap insurance and filed a claim. They needed a copy of my historical payments from flagship: Flagship sent a partial payment history and gap was going to deny my claim and would only accept the payment history from the leanholder. They asked I call them with flagship on a 3 way.
When I called I was told all the documents were sent. After spending almost an hr and escalated to a manager they finally called them on a 3 way. The gap rep explained how they only got payment history for 2018. In the meantime they are still charging late fees and interest on the loan. Their customer service department was very unhelpful and never responded to any of my messages. I am having to spend hrs and hrs of my time so they can get paid. Worse company I had to deal with by far! Source: pissedconsumer.com
Flagship Credit Review 2-Star ** – Worst Customer Experience…
I called a week ago and had my payment due date changed from the 25th to the 10th due to moving and a bank change. The customer service rep read through everything and verified repeatedly that my due date had been changed. Well, get around to the 2nd and flagship starts calling me repeatedly. I called back to speak to someone and she was by far the rudest woman I have ever spoken with.
She talked down to me. I was told that the previous customer service rep lied to me and apparently didn’t know how to do her job. She then told me I have to pay it immediately. When I told her I’m in the middle of a bank change and it’ll be about two weeks before I pay she became even worse to speak with. I would NOT recommend this company for financing EVER.
Flagship Credit Review 2-Star ** – Horrible supervisor service. they aren’t fair…
I’ve never once been late on a payment. I decided to get a mortgage loan to fix up my house and pay off my truck. The loan company got the pay off amount and sent me a check with it. Before the check arrived i had called flagship to speak to someone and let them know i was getting this check. I didn’t want to be late. They told me dont worry you have 30 days so you’ll be all good. Once i received the check i sent it to flagship thinking, YES IM DONE PAYING MY TRUCK.
Well no, there was still a $633.98 fee. I called them and tried talking to the supervisor but to my surprise she was a total rude. She said they have no evidence that my mortgage company got the pay off amount from them so if they cant prove that, that i have to pay the rest. If i didn’t pay the $633.98 before the 10 day period it would continue to go up. I called and paid it off, but I’m Done with them. They are the WORST.. save yourself a headache and DON’T GO THROUGH THEM. Source: pissedconsumer.com
Flagship Credit Review 3-Star *** – No Problems Here…
I pay on time, never any problems with this company. Sounds like most people with bad experiences on here are a victim of themselves. Use common sense people… pay on time. If I am not mistaken they even give you a ten day grace period for your payments. But I will say that if you can refi to get a better rate on your loan be sure to cancel your auto payments prior to your pay off. Best advice is not to sign up for any automatic bill payments for any bill or lender. I have only spoken to their customer service once and I do not recall a negative discussion with them.
Flagship Credit Class Action Settlement for Unwanted Phone Calls
A $4 million settlement has been reached to resolve claims that Flagship Credit Acceptance LLC called consumers using an autodialing system in violation of federal law. Although the exact payout will depend on how many claims are filed by Class Members, the $4 million settlement stands to result in significant compensation for consumers who received unwanted calls from Flagship. Class Members in the Flagship settlement include all individuals who were called by Flagship through any version of a TCN, LiveVox, Aspect dialing system or with an artificial or prerecorded voice between May 5, 2013 and Sept. 18, 2018.
According to the Flagship Credit class action lawsuit, the auto loan company “bombarded” plaintiffs with unwanted prerecorded messages even though not a Flagship customer. The Flagship auto loan financing class action states that plaintiff was often assured by Flagship agents that the robocalls would stop, but the calls continued over objections. Because Flagship did not have permission to call cell phones and the prerecorded messages were not made for “emergency purposes,” the auto financing company violated the Telephone Consumer Protection Act.
Telephone Consumer Protection Act (TCPA)
The Telephone Consumer Protection Act (TCPA) is a federal law which protects consumers from harmful telemarketing practices including:
- Placing robocalls through an autodialing machine or prerecorded message;
- Sending unsolicited text messages;
- Not providing consumers with an opt out option during telemarketing calls;
- Calling numbers on the Do Not Call Registry;
- Sending unsolicited “junk faxes” (advertisements sent without permission);
- And more.
Under the TCPA, consumers may be eligible to collect between $500 and $1,500 per violation by taking offending businesses to court. Because these penalties can add up quickly, businesses may choose to settle lawsuits against them for a sum smaller than a class action verdict.
By settling the allegations against them, Flagship does not admit any wrongdoing. In fact, the company “vigorously denies” the claims against them and instead settles the class action for $4 million to avoid the costs of future litigation and the uncertainty of a trial verdict. Source: topclassactions.com
Flagship Credit Acceptance – Final Words
Flagship deliberately targets borrowers with low to average credit. Flagship’s lending philosophy is to offer financing designed for consumers seeking to finance their primary means of transportation.
“At Flagship we understand good people can have less than great credit. Even if you have had a previous bankruptcy or have defaulted on a loan, we believe that as long as you are committed to re-establishing your credit profile and can demonstrate a stable income and ability to repay, Flagship may have the ability to help. Through our relationships with dealerships across the United States, we provide quality financing for customers across all levels of credit. At Flagship we work closely with our dealer partners on every application, review every detail, and whenever possible, find a way to extend to you the financing you need.” Source: flagshipcredit.com
If you have been declined by other lenders, Flagship may be worth a try…
