Western Funding Restarts Loan Originations
LAS VEGAS — Western Funding Inc., a subprime auto finance source since 1962, is once again operating at full capacity after a recent pause in loan originations. Western Funding is now offering dealerships the full scope of funding options and some new features with the financial support of Westlake Financial Services.
“Western Funding will work with our current dealer base to re-implement their lending options and access to their reserve,” said Bret Pangborn, vice president of Western Funding. “In an effort to provide our dealerships with opportunities for growth, the partnership with Westlake Financial Services will give dealers access to uninterrupted resources that will advance their business goals and create more efficiency in their lending options.”
Western Funding dealerships now have easy access to DealerCenter, a dealer management solution (DMS). This software package integrates with RouteOne and offers dealers the ability to seamlessly run credit, match inventory to customers and submit applications to lenders in just a few clicks. The software also provides dealers with access to various funding options for their customers — even those with substandard credit.
Todd Laruffa of Westlake Advanced Lending and Portfolio Services led the way in establishing the financial support provided to Western Funding. “Western Funding is a true pioneer in the subprime auto finance industry, and I am excited to see their dealer reserve program thrive with our financial backing,” he said.
Under the company's business model, car dealers sell the loan contracts to Western Funding. Western Funding provides its dealer partners with an aggressive advance percentage and places the remaining portion of the loan balance into a reserve account, giving its dealer partners an additional opportunity to profit from well-performing loan pools. As borrowers make payments, the reserve level rises until it hits a certain point that triggers another payment from Western Funding to the dealer.
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