LOS ANGELES — Westlake Financial Services, a full-spectrum auto finance company, announced a new $30 million credit facility with MG Leasing Corp. (MGL), a Japanese leasing company.
The credit facility collateralizes Westlake’s auto finance receivables. The agreement was executed on Nov. 8, with funds expected to roll out on Nov. 26.
“We appreciate MGL’s very competitive pricing and strong confidence in our business plan,” said Paul Kerwin, Westlake’s COO. “We are honored to say this is MGL’s first financing deal inside the United States, as well as Westlake’s first partnership with a Japanese finance firm.”
Atsushi Suzuki, Westlake board member and Marubeni Corp. representative, added, “MGL is the first Japanese finance company to fully understand and appreciate Westlake's unique business model and the growing subprime market. Westlake's funding structure has become even stronger compared to competitors by adding Japanese financing. I hope this opportunity will continue to grow and bring even more Japanese financing to the U.S subprime auto market.”