Westlake Announces $12.2 Million Service-Retained Transaction with Fidelity Bank of Wichita
Los Angeles, CA – Westlake Financial Services announces the sale of a $12.2 Million service-retained Bulk Platinum portfolio to Fidelity Bank of Wichita (Fidelity).
“We are excited to establish a partnership with Fidelity Bank through the sale of our Platinum customer portfolio, which consists of 700+ FICO’s” stated Todd Laruffa, Assistant Vice President of Westlake’s Advanced Lending & Portfolio Services division (ALPS). “This transaction gives Westlake the flexibility to originate higher FICO customers, which in turn helps to provide more full-spectrum products to our dealer partners. Fidelity, an FDIC insured bank, has proven to be a solid financial partner and this mutually beneficial partnership holds much promise for future transactions,” concluded Laruffa.
Fidelity’s service-retained transaction with Westlake provides them the ability to create more revenue without bearing the cost of originating or servicing the loans. Westlake originated the $12.2 Million portfolio and sold it to Fidelity last Tuesday after servicing it for approximately 9 months. The portfolio consists of customers (with average 750 FICO) in the Prime to Super-Prime market. This purchase allows Westlake the flexibility to generate more Platinum paper in the future and provides no disruption to the customer by continuing to allow them to pay through Westlake Financial.
“We look forward to continuing to offer competitive rates and terms to our dealer partners with the establishment of further transactions complimentary to our core service advantages. This extends our ability to reach higher FICO customers in the Prime to Super-Prime market,” concluded Ian Anderson, President of Westlake Financial Services.
Westlake Financial Services’ ALPS division also specializes in loan portfolio acquisitions and revolving credit lines from Buy-Here Pay-Here (BHPH) dealerships and finance companies. 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 and unsecured 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. *Loans made or arranged pursuant to a California Finance Lenders Law license.