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Westlake Financial’s ABS volume to top $3b by yearend 

MIAMI — Westlake Financial Services is on track to issue $3.4 billion in asset-backed securitizations by the end of the fourth quarter, a 13.3% increase year over year, company Treasury Director Franka Bicolli told Auto Finance News.  “Usually we issue the third securitization in August,” Bicolli said. “This year we have increases with different warehouse […]

LIBOR replacement on track for 2021

MIAMI — LIBOR’s replacement is top of mind at this year’s ABS East conference, and the general sentiment among issuers, investors and trustees is that a new overnight funds rate will be solidified by the targeted 2021 release. “[The industry] is getting to a point where people are narrowing down [the details] and [LIBOR’s replacement] […]

Texas bank sues Ford Credit for $25M

Ford Motor Credit has been sued for $25 million by the International Bank of Commerce (IBC) for allegedly failing to notify the bank and other investors that funding was terminated for Reagor-Dykes Auto Group (RDAG) dealerships.  Laredo, Texas-based IBC had loaned and refinanced more than $30 million to Reagor-Dykes from August 2017 to February 2018, the […]