LOS ANGELES--(BUSINESS WIRE)--Advanced Lending & Portfolio Services (ALPS), a division of Westlake Financial Services, announces the acquisition of a $14.7 million bulk auto-loan portfolio.
The portfolio consists of over 2,230 Buy-Here Pay-Here contracts from a lender located in Savannah, GA. “The owner wanted to exit the Buy-Here Pay-Here market, so we assessed his needs and quickly developed a strategy for him to accomplish this goal,” commented Todd Laruffa, Assistant Vice President and division head of ALPS. “Our entire closing process was completed on-site within one week,” added Laruffa.
Westlake ALPS was able to close by acting fast and flying the team to Savannah to work the deal on-site in order to meet the seller’s needs. “The purchase price on this deal generated a full pay-off for the senior lender, which proves Westlake ALPS to be a viable option for senior lenders to liquidate account receivables without the burden of a runoff scenario,” said Ian Anderson, Group President of Westlake Financial Services.
Dealerships, brokers, and finance companies interested in learning more about Westlake ALPS are invited to contact ALPS directly at 1.888.937.2577.
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 its ALPS division (Advanced Lending & Portfolio Services): www.WestlakeALPS.com. All collections and servicing functions are performed in-house at its headquarters located in the Mid-Wilshire area of Los Angeles.