Westlake Financial Services increased its portfolio to $3.59 billion, as of January 2017, a 23% year-over-year rise from $2.92 billion at the same time a year ago, according to a presale report from S&P Global released Monday.
The company also grew its workforce to 1,467 employees, up from 1,370 at the same time a year prior, however its dealership network remained unchanged at 23,000.
Delinquencies and losses were up slightly for the Los Angeles-based lender on a year-over-year basis as well, with delinquencies at 5.59%, up from 5.39%. Losses at 8.95% in January — up from 8.27% a year prior — “are reverting back to more normalized levels compared with the lows in 2010 and 2011,” according to S&P.
Westlake’s 2017-1 trust is backed by $750.29 million auto loans, has a weighted average Fico of 599, a weighted average original term of 52.9 months, and an average seasoning of 4.64 months. The portion of the trust from the lender’s Platinum program, which has credit scores of 700 and greater, was at 2.96%, down from 6.65% in the previous issuance. Loans from the Gold program, with Ficos in the 600 to 699 range, were up to 38.7%, from 32.4% in the previous issuance, while loans from the Standard program, with Ficos 600 or lower, were at 58.36%, down slightly from 61%.
Separately, Westlake was the third lender the Federal Trade Commission has reached out to about kill switches, according to a published report earlier this week. The news came on the heels of previous reports from last month that Credit Acceptance Corp. was also approached.
