Westlake Financial’s subsidiary, Westlake Portfolio Management (WPM), has been tapped by Coastal Credit LLC to be the third-party servicer of its $103 million active portfolio, the company announced this week. WPM completed the onboarding of the portfolio April 2.
The Coastal Credit portfolio consists of approximately 10,500 active and more than 13,000 charge-off accounts. WPM will handle full third-party servicing responsibilities on the portfolio, including customer service, collections, titles management, and remarketing and treasury responsibilities.
In 2012, Parthenon Capital Partners purchased White River Capital Inc., a financial services holding company that owns subprime lender Coastal Credit LLC, for $80 million.
Westlake has been servicing Security National Automotive Acceptance Co.’s (SNAAC) portfolio as the Ohio-based lender shuttered operations in September 2019. Prior to that, it took over Total Finance’s portfolio in May 2019, and has been servicing Honor Finance and Pelican Auto Finance’s portfolios since 2018.