Westlake Portfolio Management Takes Over Servicing of Mechanics Bank Auto Finance Portfolio Starting May 2025

LOS ANGELES--(BUSINESS WIRE)--Westlake Portfolio Management (WPM), a subsidiary loan servicing company of Westlake Technology Holdings, has entered into a servicing agreement with Mechanics Bank Auto Finance (MBAF) to oversee and manage their portfolio consisting of active and charged-off auto loans, effective May 1, 2025. Sharpening their focus on commercial, small-business and single-family lending, the California-based Mechanics Bank discontinued originating indirect auto loans in early 2023.

WPM will use the latest technology and strict compliance standards to efficiently manage Mechanics Bank’s portfolio so the bank’s customers experience smooth and reliable service. Backed by decades of servicing experience in the industry, the company tailors its services to fit each client’s goals and can easily scale as those needs grow, all while remaining consistently reliable.

“We are excited to partner with Mechanics Bank Auto Finance and bring our full-service portfolio management expertise to their auto finance business,” said Todd Laruffa, Vice President at Westlake Portfolio Management. “Our proven track record in managing auto loan portfolios will allow us to provide seamless, top-tier service to Mechanics Bank’s customers while supporting their long-term financial objectives.”

Mechanics Bank customers should receive both letters and emails announcing the servicing transition to WPM. Customers can register their account on myaccount.wpmservicing.com. Through the WPM MyAccount, customers can set up and manage their recurring ACH payments, view their statements, receive free credit score monitoring, or chat with an agent. Customers can also call 877-266-9600 to speak to a live WPM customer service representative.

Westlake Portfolio Management specializes in third-party portfolio servicing leveraging advanced technology, comprehensive reporting, and robust compliance protocols to help financial institutions and investors optimize loan performance. With Westlake’s decades of experience in the auto finance industry, WPM is committed to delivering efficiency and exceptional customer service across the portfolios it manages.

About Westlake Technology Holdings: Westlake Technology Holdings is an auto and finance technology company headquartered in Los Angeles, CA with approximately $24 billion in assets under management. Westlake Financial (“Westlake”) originates indirect automotive retail installment contracts through a nationwide network of new and used automotive and a wide variety of asset types. Westlake also offers credit facilities and commercial real estate loans through Westlake Capital Finance (WCF); portfolio servicing through Westlake Portfolio Management (WPM); floor plan lines of credit are provided through its Westlake Flooring Services division, www.WestlakeFlooringServices.com; shared cash flow auto lending through Westlake’s wholly-owned subsidiary, Western Funding Inc., a Nevada based auto lender; indirect automotive leasing for credit unions through Westlake’s subsidiary, Credit Union Leasing of America (CULA); dealer leads and direct-to-consumer auto loans are offered through Westlake Direct; consumer installment loans are offered through Westlake’s wholly-owned subsidiary LoanCenter, www.loancenter.com.