What Is Asset Acceptance, LLC.?


Quick Answer

Asset Acceptance, LLC, also known as Asset Acceptance Capital Corporation, is owned and operated as a subsidiary of Encore Capital Group. The company assists creditors, such as consumer finance companies, retail merchants, utility providers and credit card issuers, with assistance in recovering debt from customers who have defaulted.

Continue Reading
Related Videos

Full Answer

Asset Acceptance was originally founded in 1962 by Rufus "Bud" Reitzel, Jr. in Detroit, Michigan. The company was initially known as Lee Acceptance Company and also purchased and collected charged-off consumer receivables. In 1979, Nathaniel "Brad" Bradley joined the company as a collector.

Lee Acceptance Company became incorporated as Lee Acceptance Corporation in 1982. In 1994, Lee Acceptance Corporation was replaced by Asset Acceptance Corporation. Throughout the late 1990s and early 2000s, Asset Acceptance expanded geographically, opening satellite offices in Southfield, Michigan; Cleveland, Ohio; Tampa, Florida; White Marsh, Maryland; and San Antonio, Texas. In the mid-2000s, the company also added offices in Phoenix, Arizona, and Chicago, Illinois.

As of 2016, Bradley is the current Chairman, a role he took over from Reitzel upon the latter's retirement in 2006. Bradley previously served as President and Chief Executive Officer.

Encore Capital Group acquired Asset Acceptance in 2013, closing the deal on June 13. As of 2016, Asset Acceptance's operations continue as they did prior to the acquisition.

Learn more about Business Resources

Related Questions