Los Angeles, CA – Westlake Financial Services announced that it has entered into a new line of credit facility with a commercial bank syndicate, led by Wells Fargo Preferred Capital. The new facility increases its line of credit capacity from $130 million to $190 million.
“Westlake is excited about its new banking relationship with Wells Fargo and the ongoing commitment from the existing participants in the facility,” says Paul Kerwin, Chief Financial Officer. “The increase in our facility and our current excess cash reserves will enable us to increase our product offerings to our dealers and continue our expansion.”
Ian Anderson, President, says the increased credit facility provides dealer confidence in a turbulent marketplace. “Dealers are placing an increasing significance on lender stability and strength considering the ongoing cutbacks from their lenders,” he says. “This announcement sends a strong message that Westlake is committed to offering dealers a full spectrum of financial products, 24/7 availability, and industry-leading service.”
Westlake Financial Services is an internet based, privately held finance company that specializes in the acquisition and servicing of sub-prime to near-prime automotive retail installment contracts. Headquartered in Southern California, Westlake originates indirect contracts through a network of over 4,000 new and used car dealers throughout the United States. All collections and servicing are performed in-house from its central facility located in the Mid-Wilshire area of Los Angeles.