LOS ANGELES – Westlake Financial Services, a full-spectrum indirect auto finance company, received a new $100 million revolving securitization facility from Wells Fargo Preferred Capital. The facility will be funded through a Westlake subsidiary, Westlake Funding III, and has a maturity of three years.
The $100 million facility is in addition to Westlake’s existing $240 million facility with Wells Fargo Preferred Capital and three other banks. Paul Kerwin, chief financial officer of Westlake Financial Services, says the new credit line will provide the company with significant additional liquidity to expand the product offerings and services provided to its dealers. “With the addition of this new facility, Wells Fargo has enabled us to hire additional sales representatives and expand into new markets despite tough economic conditions,” Kerwin says.
Westlake Financial Services is an affiliate of the Hankey Group of Companies. Wells Fargo has provided the Hankey Group with financial products and services for over 20 years.
“Wells Fargo Preferred Capital prides itself on delivering innovative solutions to our borrowers in support of their capital needs,” said Tom Murphy, president of Wells Fargo Preferred Capital. “This recent financing expands Westlake’s lending capacity which, in turn, supports the financing of more consumer automobile purchases in the markets they serve.”
“Wells Fargo has been progressive and instrumental in finding financial solutions to help Westlake grow. We are pleased and very appreciative of our long-standing relationship with Wells Fargo,” adds Kerwin.
Ian Anderson, president of Westlake Financial Services, says the new credit line will “enable us to provide financing options to consumers most in need of credit. For many people, a vehicle is essential for their day to day lives and Westlake is proud to be there for those consumers. We’re making lives better.”