NEW YORK—The firm Perella Weinberg Partners is merging two subprime auto lenders that it owns as it seeks to streamline their operations and grow market share.
Being merged are Flagship Credit Acceptance and CarFinance Capital into one company that will continue to lend to borrowers with mostly below-prime credit. On a combined basis, the companies currently originate roughly $1.2 billion in auto loans annually. The two companies’ average FICO credit scores is about 600.
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