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Wells Fargo Increases Westlake Financial’s Credit Facility to $365 Million

August 17, 2010

DES MOINES, Iowa – Wells Fargo Preferred Capital, a subsidiary of Wells Fargo & Company, has increased its revolving credit facility from $240 million for one year to $365 million for three years to Westlake Financial Services.

Wells Fargo Preferred Capital is the lead agent and holds $250 million of the total facility.

“This facility expands the Wells Fargo relationship with Westlake Financial Services,” said Tom Murphy, president of Wells Fargo Preferred Capital. “We continue to demonstrate our commitment to growing auto finance credit by issuing expanded credit facilities to industry leaders such as Westlake Financial Services. Westlake is highly regarded for providing world-class service to its customers, dealers, and partners.”

Westlake Financial Services, a Hankey Group Company headquartered in Los Angeles, funds contracts through a network of over 7,000 new- and used-car dealerships throughout the United States.

“The increase and maturity extension of our credit facility with our banking partners, led by Wells Fargo Preferred Capital, continues to be a significant part of our stability and growth. This allows further expansion of our product lines to meet the needs of our dealers and their customers,” said Ian Anderson, president of Westlake Financial Services.

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