Westlake ALPS Purchases $5.9 Million Bulk Portfolio
FOR IMMEDIATE RELEASE (September 13, 2016):
Los Angeles, CA – Advanced Lending & Portfolio Services (ALPS), a division of Westlake Financial Services, announces the acquisition of a $5.9 million bulk auto-loan portfolio from a financial institution in Tyler, TX.
The portfolio consists of over 750 Buy-Here Pay-Here contracts from two dealerships located in Houston, TX. “We realized this was a unique opportunity for ALPS, as most lenders are not capable of accommodating the unique requirements of both the bank and the dealership. After understanding the end goals of both parties, we were pleased to accommodate the needs of everyone and complete a successful transaction for all involved,” stated Todd Laruffa, Assistant Vice President and division head of ALPS. “We help dealers and lenders with liquidating assets in a quick and efficient manner; our entire closing process usually takes between 2 – 3 weeks to finalize a deal this size.”
Westlake ALPS thrives on these types of unique opportunities and its ability to customize purchases to meet any seller’s current situation provides a strategic advantage. “When dealers work with ALPS, we offer them liquidity while providing their customers with exceptional service,” said Ian Anderson, Group President of Westlake Financial Services. “The Westlake ALPS team reached another milestone with this large acquisition and we significantly expanded our business while providing advantageous solutions to both the bank and dealership involved in the transaction.”
Dealerships, brokers, and finance companies interested in learning more about Westlake’s ALPS are invited to contact ALPS directly at 1.888.937.2577.
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About Westlake Financial Services: Westlake 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 20,000 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. Flooring lines of credit are offered through their Westlake Flooring Services division; www.WestlakeFlooringServices.com. Direct consumer title loans are offered through Westlake’s wholly owned subsidiary, Wilshire Consumer Credit. All collections and servicing functions are performed in-house at its headquarters located in the Mid-Wilshire area of Los Angeles.