Westlake Portfolio Management has taken over servicing for Total Finance, a Chicago-based lender that filed for Chapter 11 bankruptcy protection on Feb. 13.
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.
