Westlake Direct, a Westlake Financial Services subsidiary, announces a partnership with CarFinance to purchase auto refinance loans originated through the CarFinance platform. CarFinance will market to customers and originate all loans. Westlake Direct will be the loan holder and handle all servicing, including customer service, collections, and titles administration once the contract has been finalized with the customer. Customers will be able to make payments through Westlake's MyAccount Portal, available online and as a mobile app.
"Partnering with CarFinance to add auto loan refinancing is a perfect complement to our current portfolio of auto loans being originated through LoanCenter.com," stated Ralph Ontiveros, VP of Westlake Services & Lending Solutions.
"Westlake's push towards direct lending refinancing is a big part of moving our business forward," commented Ian Anderson, Westlake's Group President. "Our partnership with CarFinance will contribute to their growth in providing refinancing options."
Westlake Direct started originating direct-to-consumer financing in 2018 through LoanCenter.com. The website offers customers pre-approvals for auto loans in seconds. LoanCenter.com also offers the popular "name your payment" option, along with the ability to find several vehicles that match a customer's approval.
About Westlake Direct: Westlake Direct is a subsidiary of Westlake Technology Holdings, an auto finance company.
About Westlake Technology Holdings: Westlake Technology Holdings is an auto and finance technology company headquartered in Los Angeles, CA with approximately $9.8 billion in assets under management. Westlake Financial Services originates indirect automotive retail installment contracts through a nationwide network of new and used automotive and powersports dealers. Westlake also offers loan portfolio purchasing, credit facilities and portfolio servicing through their ALPS division (Advanced Lending & Portfolio Services); www.WestlakeALPS.com. Floor plan lines of credit are provided through their 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 are through Westlake subsidiary, Credit Union Leasing of America (CULA). Dealer leads and direct-to-consumer auto loans are offered through Westlake Direct. Consumer title loans are through Westlake's wholly owned subsidiary Loan Center; www.loancenter.com.