Westlake Portfolio Management | Auto Finance News | Auto Finance News

Westlake likely to take over SNAAC servicing

Westlake Portfolio Management will likely be tapped to handle servicing for Security National Automobile Acceptance Co.’s portfolio, Auto Finance News has learned. SNAAC announced yesterday that it will shutter operations this month. No firm details were given regarding the third-party servicer, but Westlake Portfolio Management has been ramping up business, reaching more than $500 million […]

KBRA Withdraws Ratings as Honor Finance Securitization Winds Down

Honor Finance’s 2016 securitization has been withdrawn from Kroll Bond Rating Agency’s surveillance after being paid in full, the rating agency announced this week. The transaction had suffered two downgrades since July 2018, a month before the defunct company transferred its servicing to Westlake Portfolio Management. On June 17, servicer Westlake Portfolio Management exercised its […]

Westlake Takes Over Servicing for Bankrupt Lender Total Finance

Westlake Portfolio Management has taken over servicing for Total Finance, a Chicago-based lender that filed for Chapter 11 bankruptcy protection on Feb. 13.   Since April 1, Westlake Portfolio Management has been handling customer service, collections, title management, repossessions, and remarketing for Total Finance’s $100 million auto loan portfolio, the bulk of which consists of […]

BREAKING: Pelican Halts Originations, Transfers Portfolio to Westlake

Pelican Auto Finance LLC, a deep-subprime lender, stopped originating loans and transferred 95% of its portfolio to Westlake Financial Services‘ new venture Westlake Portfolio Management LLC on March 15, Auto Finance News has learned. Pelican halted originations as of Dec. 1, 2017, but began to taper off originations months before that time, co-founder and Chief […]