Post Tagged with: "Westlake Financial Services"

Westlake Reimburses Borrowers Charged Over 21% APR

Westlake Reimburses Borrowers Charged Over 21% APR

August 17, 2017 at 12:05 pm 1 comment

The Massachusetts Division of Banks has ordered several fines and penalties against a number of buy-here-pay-here auto lenders — including Westlake Financial Inc.’s subsidiary Western Funding Inc. — for failure to obtain proper licensing and illegal lending practices. Last week, the agency announced in a press release that Westlake enteredRead More

Westlake’s Customized Subprime Program Hooked CARite

Westlake’s Customized Subprime Program Hooked CARite

August 15, 2017 at 12:38 pm 0 comments

Westlake Financial Service’s partnership with the online and brick-and-mortar dealership group CARite began with a message on LinkedIn. “We were evaluating which lenders we do business with and where we saw some gaps in terms of who can approve what kinds of deals,” Mike Cavanaugh, chief operating officer for CARite,Read More

Westlake Emerges as Preferred Subprime Lender for CARite

Westlake Emerges as Preferred Subprime Lender for CARite

August 11, 2017 at 12:15 pm 2 comments

Westlake Financial Services is the new leading provider of subprime and near-prime retail contract loans at CARite dealerships through a strategic partnership announced in a joint press release Thursday. Westlake snagged the preferred subprime lender slot over two larger players in the space. Ally Financial Inc. and Capital One AutoRead More

Westlake Exec Returns to Manage Losses, Delinquencies

Westlake Exec Returns to Manage Losses, Delinquencies

July 27, 2017 at 11:15 am 0 comments

When Brian Renfro was brought on at Westlake Financial Services as the lender’s senior vice president of servicing, he was returning to a familiar space. He was expected to move fast and make changes to the way agents interact with delinquent account holders and to revamp the company’s dialer systems.Read More

Dealers Urge Lenders for Portfolio Data to Improve F&I

Dealers Urge Lenders for Portfolio Data to Improve F&I

July 7, 2017 at 9:00 am 0 comments

Dealers such as Adam Smith Texas Harley-Davidson are seeking monthly reports and portfolio performance data from lender partners to help improve the F&I process. “The additional training that is most helpful for us is when a lender gives us a better understanding of what types of loans they are looking forRead More

AutoGravity's Volkswagen Credit App (PRNewsfoto/AutoGravity)

VW Credit Joins AutoGravity Through Equity Investment

July 6, 2017 at 11:53 am 2 comments

VW Credit Inc. has made an equity investment into the online origination portal AutoGravity and is both joining the platform as a captive lender and utilizing the company’s technology to create its own branded online financing mobile app, according to a Wednesday press release. AutoGravity declined to disclose the sumRead More

Westlake Said to be Prepping Subprime Used Leasing

Westlake Said to be Prepping Subprime Used Leasing

June 26, 2017 at 12:30 pm 2 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 3 comments

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

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