Auto Deficiency Charge-Off Portfolio
62% CORE MIDWEST STATES – NATIONWIDE
MONEY CENTER BANK
LoanTrade Inc. is pleased to
exclusively present our client’s direct offer to sell its attractive auto
deficiency portfolio. The Seller is
a well-known money center commercial banking institution.
LoanTrade successfully managed a $274 million sale of similar types of
accounts for this client in September 1999.
This
noteworthy portfolio consists of indirect auto loan deficiency balances.
22% of the accounts still have collateral (i.e. not repossessed); 15%
are judgments; 24% are in pre-judgment legal status; 26% of the accounts have
never been referred to outside third party collection agencies or attorneys.
The portfolio represents a combination of portfolios originated by four
large regional banks that have merged.
The portfolio’s geographic concentration in Midwestern
states makes this one of the most desirable consumer charge-off portfolios to
reach the market.
|
Pool
ID |
Balance
|
Count
|
Ave. Balance
|
|
IL |
$5,680,248 |
842 |
$6,746 |
|
IN |
$2,652,113 |
464 |
$5,716 |
|
LA |
$3,848,168 |
521 |
$7,386 |
|
MI |
$6,225,570 |
1,210 |
$5,145 |
|
OH |
$2,336,511 |
299 |
$7,814 |
|
US |
$9,469,920 |
1,200 |
$7,892 |
|
Total
Portfolio |
$30,212,530 |
4,536 |
$6,661 |
THIS
IS A TWO-PHASE COMPETITIVE SEALED BID OFFERING
|
BID
PACKAGES AVAILABLE: |
3/13/00 |
|
ON-SITE
DUE DILIGENCE: |
3/20/00
to 3/24/00 |
|
PHASE
ONE BID DATE: |
3/27/00 |
|
PHASE
TWO (FINAL BID) DATE: |
3/28/00 |
|
FUNDING
DATE: |
3/31/00 |
Important
Portfolio Facts:
ü
Full Seller
Representations for Bankrupt, Deceased, Settled, & Fraud Accounts
ü
Resale Permitted
(no prior approval required)
ü
Full
Documentation Support: While Seller
will not guarantee that there is a physical file available for each account,
Seller will, subject to scheduling, deliver all physical files in
its possession.
Portfolio may be
bid by individual Pools or in its entirety.
Individual Pools will not be sub-divided,
however, potential purchasers interested in smaller state pools
should definitely contact LoanTrade Inc. with their specific requirements.
On-Site Due Diligence:
All potential bidders are encouraged to schedule on-site file review
visitation at the Seller’s office location in Phoenix, AZ in order to review
loan files. Please contact
LoanTrade for more information and scheduling.
Pre-Bid Due Diligence Information:
Portfolio information including loan data, reports, bid forms and P&S
agreement is available on CD to qualified investors.
Detailed loan information is presented in Microsoft Excel and Dbase file
formats. Potential bidders should
sign and return the attached Confidentiality Agreement to:
LoanTrade
Inc.
370 W. Camion Gardens Blvd., Suite 300
Boca Raton, FL 33432
Attn:
Tim Kirkpatrick
Phone:
(561) 417-5002
Fax:
(561) 417-5662
Email:
tim@loantrade.com
IMPORTANT
DISCLAIMER
The terms, conditions, and information presented by LoanTrade
Inc. in connection with this portfolio presented herein were provided to
LoanTrade by sources we consider to be reliable, however, LoanTrade makes no
representation as to the accuracy of this information.
LoanTrade cannot guarantee the performance of the Seller.
Seller may reject any and all bids.
Seller may reduce portfolio up to the date of Seller's acceptance of
Buyer's offer to purchase.