Westlake ALPS Purchases $12.4 Million Bulk Portfolio
Advanced Lending & Portfolio Services, a division of Westlake Financial Services, has acquired a $12.4 million bulk portfolio from Blackhawk Financial.
LOS ANGELES —Advanced Lending & Portfolio Services (ALPS), a division of Westlake Financial Services, has announced the acquisition of a $12.4 million bulk portfolio from Blackhawk Financial, based out of Chicago, on March 19.
Blackhawk Financial is an auto finance company operating out of seven states, mostly in the Midwest. The portfolio included 3,044 loans with short terms and low LTVs. This puts ALPS at a 200% year-over-year increase in production.
“This acquisition will make an immediate impact on the ALPS division as a whole,” said Todd Laruffa, director of ALPS. “Most importantly, given the short remaining terms on these accounts, ALPS will be able to recognize the majority of the portfolio’s revenue in 2015.”
Westlake Financial Services’ ALPS division specializes in loan portfolio acquisitions from buy-here, pay-here (BHPH) dealerships and finance companies. A bulk portfolio transaction is commonly used in the BHPH industry as a primary method of generating operating capital. Westlake ALPS also offers revolving credit lines specifically designed for dealers and auto lenders.
“We are proud to offer ALPS’ services to dealers looking for additional capital,” said Ian Anderson, group president of Westlake Financial Services. “Todd Laruffa and the team have done a great job by acquiring a portfolio of this size, which has significantly added to the growth of our business. I foresee a monumental increase in terms of production and assets for ALPS.”
More Auto Finance
Automotive Consumers Sink Further in Debt
Most financing metrics hit records in the second quarter as more buyers locked themselves into long terms and high monthly payments.
Read More →
Porsche Financial Services Shifts Structure
After 36 years with Porsche, the Financial Services Chief Financial Officer Konrad Riedl is retiring, and the department is realigning its management structure.
Read More →
Tariffs Could Raise Insurance Premiums
As U.S. import tariffs affect repair costs, consumers might find it more affordable to replace a damaged vehicle, according to recent Insurify tariff analysis.
Read More →
Smaller Loans, Longer Terms
The youngest generation of car buyers is more likely to finance less expensive vehicles, more than half of generation Z consumers borrowing less than $25,000.
Read More →
New Cars a Tad More Affordable
May averages show that combined circumstances gave auto consumers slightly better buying power for the month, though average prices were up year-over-year.
Read More →
First-Quarter Sees Long Auto Loan Growth
Experian data show more consumers are tapping the method, along with refinancings, to afford buying. Meanwhile, subprime borrowers are getting more access.
Read More →
Mastering Credit Friction
In this video, Josh Krach explains how to turn credit friction into an advantage.
Read More →
April Less Affordable
Based on prices, reduced incentives and slower household income growth, consumers found it more challenging to buy new last month, Cox Automotive reported.
Read More →
Auto Lenders, Consumers on a Tightrope
April borrowing data shows that more consumers are bending over backward to buy vehicles, though subprime lending cooled off for the month.
Read More →
Toyota Financial Services President Replaced
Scott Cooke has served in various roles with Toyota Financial Services for over 20 years, including president and CEO, which he retires from on June 30.
Read More →