Westlake Financial Services has inked a deal to start purchasing auto refinance loans originated through CarFinance, the companies announced this week.
The goal of the partnership is to “complement” Westlake’s direct lending platform, LoanCenter, with auto loan refinancing, Ralph Ontiveros, vice president of Westlake services and lending solutions, said in a press release. The Los Angeles-based lender boasts a $5.5 billion auto loan portfolio, according to Big Wheels data.
CarFinance will handle sales, marketing and originations, while Westlake will hold the loans on its balance sheet and manage servicing from title administration to collections and customer service. Westlake’s MyAccount Portal will be available for customers to make payments online or via smartphone app, the company noted.
Working with CarFinance is a part of a strategic plan to grow the company’s direct lending business, Westlake’s Group President Ian Anderson said in a press release. “Westlake’s push toward direct lending refinancing is a big part of moving our business forward,” he said. Westlake started its direct lending platform in 2018 with subsidiary Westlake Direct, which offers customers preapprovals for loans through LoanCenter.
The partnership comes on the heels of Westlake’s deal with Axis Auto Finance that will have Westlake originating loans in Canada by the first quarter of 2020.
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