Since April 1, Westlake Portfolio Management has been handling customer service, collections, title management, repossessions, and remarketing for Total Finance’s $100 million auto loan portfolio, the bulk of which consists of active, non-delinquent accounts.
Total Finance was founded in 2000 and catered to “unbanked” and “underbanked” Hispanic consumers. It operated a chain of buy-here, pay-here dealerships in Illinois and Wisconsin called Car Outlet, and offered insurance under the Todo Seguro brand. Total Finance is a subsidiary of Marubeni Corp., which owns a 20% stake in Westlake.
WPM parent company Westlake Technology Holdings had $8.3 billion of assets under management at yearend 2018. Westlake Portfolio Management declined comment, and Total Finance could not be reached.