Rising Delinquencies Dominate 2017’s Top Subprime Headlines

Despite the overall popularity of subprime, the sector has faced significant losses and increased fragmentation this year. While Credit Acceptance and Westlake Financial Services continue to express interest in subprime lending, Fitch Ratings found subprime ABS delinquencies have spiked to a 20-year high. Additionally, a stress test from S&P Global indicated a rise in both […]
  • Emma Sandler
  • December 26, 2017
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Powersports Lenders Advise Dealers to Ask for Performance Data [VIDEO]

As dealers urge lenders to distribute portfolio performance data to help improve the F&I process, lenders maintain that data is, in fact, being offered upon request, according to panelists at PowerSports Finance 2017 in late October. “Most of the time there is not any reason why we can’t provide [data], it just depends on data […]
  • Natalie Mattila
  • December 12, 2017
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New York Ups Enforcement With Settlement Against 3 Auto Lenders

Three auto finance companies — Credit Acceptance Corp., Clover Commercial Corp, and Westlake Financial Services — are the first auto lenders targeted by the New York Department of Consumer Affairs as the city ups its enforcement of “predatory financing practices.” The companies will pay a combined settlement of more than $311,000 in restitution to 50 […]
  • William Hoffman
  • December 1, 2017
  • 1

Lenders Aim to Develop Dealer Relations on All Levels Amid High Turnover [VIDEO]

LAS VEGAS — Developing the lender-dealer relationship from the senior level all the way down to the finance manager is crucial — particularly as dealership turnover is on the rise, panelists at PowerSports Finance 2017 said recently. Lenders should approach the relationship as a partnership, said Ozzie Giglio, chief executive and dealer principal at Windy […]
  • Natalie Mattila
  • November 30, 2017
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Westlake Expands E-Contracting Nationwide, Expects High Usage

Westlake Financial Services expanded its e-contracting solution to all 50 states this week and expects the digital process will come to make up a significant portion of its originations as more dealers sign on, the company said in a press release Tuesday. “E-contracted deals now make up about 20% of our monthly originations,” Mark Vazquez, […]
  • William Hoffman
  • October 4, 2017
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AutoGravity Adds Real-Time Inventory Amid Financing Milestone

On the heels of reaching a milestone $1 billion of requested financing on AutoGravity, the startup is introducing real-time inventory on new and used cars for partnered dealership groups, the company announced in a press release this morning.   Prior to the integration, consumers were only able to browse through catalog models of the brands, […]
  • William Hoffman
  • September 27, 2017
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Westlake Finalizes 2 Partnerships to Mitigate Risk

Westlake Financial Services announced two new partnerships in the past week that it claims will eliminate some risk in lending practices and help evaluate applicants with Fico credit scores below 600. On Tuesday, the company announced an expansion of its cooperation with the credit reporting agency Clarity Services to add the product Clear Fraud, which […]
  • William Hoffman
  • August 30, 2017
  • 1

Westlake Serves Up Largest-Ever Securitization

Westlake Financial Services issued an $800 million asset-backed securitization on Monday backed by $860 million of automotive loans, marking the largest ABS in the company’s 39-year history. “This ABS trumps the most recent securitization completed back in March 2017, which was — at the time — our largest ABS ever issued of $700 million,” Paul […]
  • Emma Sandler
  • August 23, 2017
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Westlake Reimburses Borrowers Charged Over 21% APR

The Massachusetts Division of Banks has ordered several fines and penalties against a number of buy-here-pay-here auto lenders — including Westlake Financial Inc.’s subsidiary Western Funding Inc. — for failure to obtain proper licensing and illegal lending practices. Last week, the agency announced in a press release that Westlake entered into a consent order at […]
  • William Hoffman
  • August 17, 2017
  • 1

Westlake’s Customized Subprime Program Hooked CARite

Westlake Financial Service’s partnership with the online and brick-and-mortar dealership group CARite began with a message on LinkedIn. “We were evaluating which lenders we do business with and where we saw some gaps in terms of who can approve what kinds of deals,” Mike Cavanaugh, chief operating officer for CARite, told Auto Finance News. “I […]
  • William Hoffman
  • August 15, 2017
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