LOS ANGELES--(EON: Enhanced Online News)--Westlake Financial Services, a full-spectrum indirect auto finance company, announces a new $200 million (USD) securitization joint led by Wells Fargo and the Royal Bank of Scotland. The securitization closed on September 25, with all bonds sold on the investor market. JP Morgan and Credit Suisse were co-managers on the transaction.
“Westlake’s securitizations continue to perform in line with S&P’s expectations”
This is Westlake’s fourth securitization in four years, all rated “AAA” by Standard & Poor’s. Its three previous securitizations have performed better than S&P projections.
“Westlake’s securitizations continue to perform in line with S&P’s expectations,” says Jonathan Zhan, Director of Finance. “These sales help Westlake maintain its #1 lender status with automotive dealers by offering more competitive financing programs.”
Paul Kerwin, Chief Financial Officer, adds, “Over the past few years, Westlake has issued multiple securitizations that have been well received by our diverse investor base. We continue to see strong year over year growth and this most recent securitization ensures that Westlake can continue to hire and expand aggressively.”
About Westlake Financial Services: Westlake Financial Services is an internet based, privately held finance company that specializes in the acquisition and servicing of prime to sub-prime automotive retail installment contracts. Headquartered in Southern California, Westlake originates indirect retail installment contracts through a network of over 18,000 new and used car dealers throughout the United States. Westlake also offers portfolio purchasing through their ALPS division (Advanced Lending & Portfolio Services); www.westlakealps.com. Direct-to-consumer title loans and unsecured loans are done through Westlake’s wholly-owned subsidiary, Wilshire Consumer Credit. Flooring lines of credit are done through their Westlake Flooring Services division; www.westlakeflooringservices.com. All collections and servicing are performed in-house from its central facility located in the Mid-Wilshire area of Los Angeles.