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Westlake president outlines strategy to cut costs

Lowering operating costs in 2020 is top of mind for Westlake Financial Services Group President Ian Anderson. “My goal really isn’t growth as much as lowering costs for 2020,” Anderson told Auto Finance News. Currently, Westlake’s operating expense ratio is at 2.58% of overall income, and “our goal is to get below 2% next year,” […]

Understanding how GLBA exemptions affect CCPA

The California Consumer Protection Act (CCPA) goes into effect in January, and although California Attorney General Xavier Becerra has said his office won’t enforce the law until July, lenders should start preparing now, said Michael Benoit, partner at Hudson Cook. One important aspect of that preparation is understanding how exemptions in the Gramm-Leach-Blilley Act (GLBA) overflow into the CCPA. […]

Testing the resiliency of auto ABS

The auto asset-backed securities market continues to attract investors — even from overseas. While market headwinds brought on by lengthening loan terms, trade disagreements and a potential economic downturn test the market’s resilience, closer examination of the auto ABS structure proves the strength of these bonds in the face of adversity. In fact, investor appetite […]

Westlake inks second partnership in Canada

Westlake Financial is adding a second strategic partnership in Canada, Group President Ian Anderson told Auto Finance News. The Los Angeles-based lender partnered with Preston, Ontario-based auto finance company Source One Financial two weeks ago, Anderson said, and plans to fund its first contract on Dec. 2. The alliance comes on the heels of a partnership […]

Member satisfaction climbs after WSECU brings website design in-house

Since overhauling its online platform in April, Washington State Employees Credit Union (WSECU) members have reported a boost in user satisfaction. “We do surveys of our members that have taken out loans and of members that have applied online, and we’re seeing that 90% of them are rating it as a low-effort experience,” said Ryan […]

Platinum Auto Finance cuts funding time in half

Platinum Auto Finance has cut turnaround time in half since introducing messaging capabilities into its funding and servicing operations, said Director of Servicing Armando Hidalgo. “We needed a solution instead of doing email, faxes and scans,” Hidalgo said. Since implementing Lightico’s technology in April, the subprime lender has used text messaging and mobile capabilities to […]

Arivo Acceptance secures warehouse facility with JPMorgan Chase

Subprime lender Arivo Acceptance has secured an expandable $200 million warehouse line of credit with JPMorgan Chase, Steve Pachella, chief financial officer, told Auto Finance News. The warehouse facility comes on the heels of an inaugural $166 million securitization — the Sandy, Utah-based lender's entire book of business — last month. “Obviously JPMorgan is one […]

Rodo integrates insurance into app to mitigate cancellations

LAS VEGAS — Digital leasing app Rodo has launched an insurance marketplace in conjunction with Travelers Group to mitigate lease cancellations, said Patrick McKeever, vice president of sales and business development at Rodo. “One of the things we heard from our consumers — and certainly first-time buyers — is they had no idea how expensive […]
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