Westlake Financial Services, with the assistance of JP Morgan and Royal Bank of Scotland, secured a $300 million credit facility that will fuel originations and growth plans.
The full-spectrum finance source has reduced its programs from four to three, and transitioned them from structure-based to FICO-based programs.
The full-spectrum finance source will officially enter the Massachusetts market on June 1, and is already signing up dealers in that state.
Westlake Financial Services named Norwalk Auto Auction as its overall 2011 Auction of the Year.
Westlake Financial Services named Kansas City Independent the Top Overall Auction for the third quarter. It finished near the top in almost all sales categories.
Advanced Lending & Portfolio Services, a bulk purchaser of buy-here, pay-here contracts, announced strong quarterly results, claiming a total portfolio size of $11.5 million at the end of 3Q 2011.
Westlake Financial Services announced its top auctions list for the second quarter, with Norwalk Auto Auction and Manheim Nevada taking the top spots.
Westlake Financial Services named its top auctions for the first quarter 2011.
Westlake Financial Services’ portfolio reached $1 billion dollars in total receivables, with over 150,000 accounts as of March 11, 2011.
Westlake Financial Services reported that it experienced improvement in resale values last year, as the subprime auto finance company experienced a 30 percent year-over-year gain in values in 2010 after a flat 2009.
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