LOS ANGELES--(BUSINESS WIRE)--Westlake Financial Services has launched its electronic contracting automotive loan origination solution in 17 U.S. states through DealerCenter. The move has enhanced the auto lender’s customer service to both its borrowers and dealer-partners, while continuing to improve the company’s loan acquisitions processes. The solution will be available nationwide by the end of 2017.
“Our two most important customer groups are dealerships and car-buyers, and with electronic contracting we can serve them both better,” stated Casey Harmon, Westlake’s Senior Vice President of Corporate Development. “The DealerCenter eContracting solution is a more efficient, accurate process for our dealer network, and we think customers will enjoy the simplicity.”
Westlake partnered with eOriginal, Inc., pairing that company’s eAsset® Management technology with DealerCenter, a leading dealership management system and loan submission platform for independent dealers in the United States. The solution allows both independent and franchise dealers to sign contracts electronically, upload supporting documentations, and instantaneously push all information to Westlake as soon as the loan package is complete.
“It lets our dealers connect through DealerCenter to our underwriting systems,” added Harmon. “This seamless transfer of contract data drastically reduces the time it takes to receive a complete funding package, and allows our acquisitions team to start working deals faster. Several dealers have experienced same-day funding through Westlake’s eContracting solution.”
“Our e-contract solution supplies fast and easy funding to our dealer partners,“ commented Mark Vazquez, Westlake’s Senior Vice President of Sales and Marketing. “Plus it condenses the time a borrower spends in the dealership signing the documentation. It’s a win all around.”
To date, Westlake has funded almost 6,000 electronic contracts using the solution. On average, these eContracts have funded a half-day faster than traditional deals. Dealers can learn more about Westlake Financial Services financial products by visiting www.WestlakeFinancial.com or calling (888) 893-7937.
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 nationwide network of 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.WestlakeFlooring.com. All collections and servicing are performed in-house from its central facility located in the Mid-Wilshire area of Los Angeles.