Westlake Announces New $300 Million Credit Facility
LOS ANGELES, California – Westlake Financial Services, a full-spectrum auto finance company, announced a $200 million commercial paper conduit through Royal Bank of Scotland (RBS). JP Morgan recently joined with RBS to increase the credit facility by an additional $100 million, raising total capacity to $300 million (USD).
Paul Kerwin, Westlake’s Chief Financial Officer, explained that the RBS commercial paper conduit was executed December 2011 and represented a significant increase to Westlake’s overall operating capital. He goes on to say that JP Morgan joined with RBS to increase the facility in July 2012 by $100 million; that increase was executed July 26.
“Westlake Financial Services is pleased to announce this new partnership with Royal Bank of Scotland and JP Morgan. We appreciate the confidence these two well-regarded giants in the industry have shown in us,” Mr. Kerwin said. “With this new source of liquidity, Westlake is extremely well positioned to expand and continue the record growth that we have been experiencing since our incorporation 25 years ago.”
“Strong financial partners like RBS, JP Morgan, Wells Fargo, and others are the key to Westlake’s expanding portfolio of services,” said President Ian Anderson. “We have nearly doubled our sales rep force since last year, expanded our consumer finance and portfolio services divisions, as well as entered into new areas like flooring (with Westlake Flooring Services). The future looks bright and we look forward to our continuing partnership.”
About Westlake Financial Services
Westlake Financial Services is an internet based, privately held finance company that specializes in the acquisition and servicing of sub-prime to prime automotive retail installment contracts. Headquartered in Southern California, Westlake originates indirect retail installment contracts through a network of over 15,000 new and used car dealers throughout the United States. As of Q2-2012 Experian AutoCount® data, Westlake is the most-used auto finance company by independent dealers in the US. Westlake also offers portfolio purchasing through their ALPS division (Advanced Lending & Portfolio Services). Direct to consumer title loans and unsecured loans are done through Westlake’s wholly owned subsidiary, Wilshire Consumer Credit. All collections and servicing are performed in-house from its central facility located in the Mid-Wilshire area of Los Angeles.
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