Westlake likely to take over SNAAC servicing
Westlake Portfolio Management will likely be tapped to handle servicing for Security National Automotive Acceptance Co.’s portfolio, Auto Finance News has learned. SNAAC announced yesterday that it will shutter operations this month.
No firm details were given regarding the third-party servicer, but Westlake Portfolio Management has been ramping up business, reaching more than $500 million in third-party servicing since beginning operations in 2018, a source told Auto Finance News.
Westlake Portfolio Management has been tapped several times in the past year to service the portfolios of subprime lenders exiting the business. It assumed servicing for Total Finance’s portfolio in May after the Chicago-based lender filed for bankruptcy protection three months earlier. In 2018, Westlake was called on to service Pelican Auto Finance’s $100 million portfolio in March and Honor Finance’s portfolio in August.
The SNAAC portfolio is estimated to be about $200 million.
