Post Tagged with: "Westlake Financial Services"

Westlake Said to be Prepping Subprime Used Leasing

Westlake Said to be Prepping Subprime Used Leasing

June 26, 2017 at 10:44 am 0 comments

A Westlake Financial Services executive said last week that the company has plans to launch a subprime, used-vehicle leasing program potentially before yearend. Earlier this month, the lender acquired Credit Union Leasing of America (CULA), which originates lease contracts through its technology, but leaves the servicing and money factor for theRead More

Westlake Boosts Dialer Program to Lower Delinquencies

Westlake Boosts Dialer Program to Lower Delinquencies

June 21, 2017 at 11:55 am 2 comments

Westlake Financial Services has made some strategic shifts at its collections centers in order to lower delinquencies and losses as well as improve the lender’s relationships with its borrowers, Brian Renfro, senior vice president of servicing, told Auto Finance News. Renfro was hired in March to lead these changes andRead More

Westlake Grows Assets $1.5B With Acquisition of CULA

Westlake Grows Assets $1.5B With Acquisition of CULA

June 16, 2017 at 12:45 pm 1 comment

Westlake Financial Services has acquired Credit Union Leasing of America, which helps its credit union clients form leasing programs, the lender announced Thursday.   The deal increases Westlake’s total managed assets to $5.5 billion from $4 billion, according to the release. S&P Global’s presale report of the company’s first securitizationRead More

10 Powersport Lenders Pushing the Tech Envelope in 2017

10 Powersport Lenders Pushing the Tech Envelope in 2017

May 30, 2017 at 11:31 am 0 comments

Innovation is happening in almost every aspect of the powersports industry, from online dealerships entering the auto and powersports industries, to smaller financial institutions upgrading their dealer portals and loan origination systems. While, historically, many powersports customers have preferred a “personal touch” — such as a phone call — fromRead More

Westlake Sees ‘Quick’ Dealer Adoption of E-Contracting, Exec Says

Westlake Sees ‘Quick’ Dealer Adoption of E-Contracting, Exec Says

May 26, 2017 at 12:56 pm 0 comments

Westlake Financial Services saw “very quick” dealer adoption of its e-contracting solution, which the lender first rolled out in January to five states, and which has since grown to 22 states, Casey Harmon the company’s senior vice president of corporate development, told Auto Finance News. E-contracting is now used on 60%Read More

Bill Jensen Comes Out of Retirement to Join Westlake

Bill Jensen Comes Out of Retirement to Join Westlake

May 18, 2017 at 12:00 pm 0 comments

Westlake Financial Services has hired former Chase Auto Finance executive Bill Jensen to develop the lender’s strategic accounts division, the company announced in a press release yesterday. Jensen’s new duties will include analysis of all strategic account relationships to maximize business for dealerships and Westlake, the release stated. “Bill brings overRead More

Personal Debt Climbs Higher in Payment Hierarchy, Execs Say

Personal Debt Climbs Higher in Payment Hierarchy, Execs Say

May 18, 2017 at 11:02 am 0 comments

SAN DIEGO — Auto loan payments are still a priority for consumers, but other personal debt obligations are on the rise, said Yordanka Martin, director of portfolio risk management and credit loss forecasting at Hyundai Capital America. “The common conversation is, a person will definitely pay their auto loan first,Read More

Credit Overhaul: Why Millennials Demand New Underwriting Strategies

Credit Overhaul: Why Millennials Demand New Underwriting Strategies

May 3, 2017 at 8:50 am 0 comments

Powersport dealers see young millennials come into their stores all the time looking for the largest, fastest, most-expensive sportbike on the market. That’s when the warning light starts flashing in a lender’s head. “They start all gung-ho: They want the Suzuki Gixxer, they want the Honda CBR, anything that goesRead More

5 Powersports Lenders Altering Finance Offerings in 2017

5 Powersports Lenders Altering Finance Offerings in 2017

May 2, 2017 at 9:31 am 0 comments

Competition continues to ramp up as new lenders enter the powersports space, causing many players to bolster their finance offerings to meet market demand. Westlake Financial Services, for example, continues to push into used financing. However, many lenders are even altering their programs altogether, in an effort to remain competitive.

Pelican Restricts Repo Policy Amid Industry Concerns

Pelican Restricts Repo Policy Amid Industry Concerns

April 10, 2017 at 12:44 pm 1 comment

Pelican Auto Finance LLC has changed two collection and repossession policies in the wake of increased attention from the Federal Trade Commission and Consumer Financial Protection Bureau, Joel Kennedy, the lender’s chief performance and compliance officer, told Auto Finance News. The use of GPS-enabled kill switches that can disable aRead More

Powersports Expansion on the Road Map for Westlake

Powersports Expansion on the Road Map for Westlake

March 28, 2017 at 8:45 am 0 comments

Westlake Financial Services is eyeing expansion for its powersports portfolio this year, from adding new dealers to the network, to launching e-contracting, according to David Goff, the lender’s assistant vice president of marketing. Westlake will roll out e-contracting to powersports dealers this year, shortly after the nationwide expansion of e-contracting toRead More

Westlake Financial Services greets guests at its 2017 NADA booth.

Westlake Issues Its Largest Auto Securitization at $750M

March 22, 2017 at 12:27 pm 0 comments

Westlake Financial Services issued its largest securitization to date, backed by $750 million in mostly nonprime auto loans, according to the company and the presale note from DBRS ratings. Loans in the pool have an average size of $11,071, average terms of 48 months, and average Fico of 599, according to theRead More

DOJ Inspects BMW Financial Services’ Military Compliance

DOJ Inspects BMW Financial Services’ Military Compliance

March 14, 2017 at 12:23 pm 0 comments

BMW Financial Services received a request for information from the U.S. Justice Department regarding the company’s leasing compliance, under the Servicemembers Civil Relief Act (SCRA), according to documents obtained by Bloomberg. The Justice Department sought the information in August and BMW doesn’t know how many leases could be affected byRead More

Westlake: 3 Tips to Improve Dealer Training Efforts

Westlake: 3 Tips to Improve Dealer Training Efforts

March 13, 2017 at 9:30 am 0 comments

Powersports dealer portals will likely become more consistent among lenders as competition continues to amp up, and as lenders look to match what other players are doing — which could also result in dealer training becoming an easier task, said David Goff, assistant vice president of marketing at Westlake Financial Services.

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