Westlake Renames, Simplifies Programs
The full-spectrum finance source has reduced its programs from four to three, and transitioned them from structure-based to FICO-based programs.
LOS ANGELES — Westlake Financial Services, a full spectrum auto finance company, announces the first major overhaul of its finance programs since the company was founded more than 20 years ago. As of this month, Westlake’s programs will be reduced from four to three, with each of the new programs moving from structure-based to FICO-based.
The new programs are named Standard (0 to 599 FICO), Gold (600 to 699 FICO) and Platinum (700-plus FICO). Additionally, finance managers can make each deal “AAA” — meaning certain credit and structure criteria are met, which results in a deal becoming “optimally structured” to get the lowest rates and discounts at each program level.
Westlake’s two profit-sharing programs for buy-here, pay-here deals (BHPH) are still available: ProfitBuilder and Partner Program. These two programs have unique advantages which allow the dealer to choose the BHPH solution that best fits their current business model. All programs are built into the Westlake Buy Program found online at www.dealercenter.net.
“We have been listening to our dealers and are very excited to be rolling out these changes,” says Mark Vazquez, vice president of sales. “Our dealers say they wanted things to be simplified, and moving to a FICO-based model was one way of doing that.”
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