Press release content from Business Wire. The AP news staff was not involved in its creation.
Westlake Technology Holdings Closes 2020 With $12.14 Billion in Assets Under Management
February 11, 2021 GMT
LOS ANGELES (BUSINESS WIRE) Feb 11, 2021
Westlake Technology Holdings reports 14.7% growth over 2019 ending 2020 at $12.14 billion in total managed assets. The company directly attributes this success to the dedication of its employees. Despite the challenges of the COVID pandemic, their employees quickly adapted to remote work and persevered through the year – allowing the company to experience growth over 2019.
Through 2020, Westlake Technology Holdings improved its servicing, expanded relationships with industry partners, and launched new products.
Press release content from Business Wire. The AP news staff was not involved in its creation.
Westlake Financial Identifies Significant Portion of All Income Misrepresentation with IncomePass™ by Point Predictive
February 9, 2021 GMT
SAN DIEGO (BUSINESS WIRE) Feb 9, 2021
Point Predictive, the AI company that increases trust in lending, announced today that Westlake Financial, one of the nation’s largest auto lenders, adopted IncomePass™ to create a more streamlined lending experience for its dealers and borrowers that substantially reduces fraud and early payment default exposure. IncomePass identifies income misrepresentation on loan applications using advanced data science, allowing lenders to save review resources by focusing extra diligence on riskier auto loan applications.
U.S. Insurtech NextCar Announces $400 Million Debt Facility & Strategic Partnership With Westlake Financial
NextCar Holding Company Inc. (NXCR), a fintech and insurtech vehicle subscription platform, announced on Tuesday it has signed a letter of intent to form a partnership and receive a $400 million debt facility from
Westlake Financial.
NXCR reported that the $400 million debt facility from Westlake will provide it with highly flexible and efficient capital to finance subscriptions. The strategic partnership will meanwhile provide NXCR with loan and collections services through Westlake, as well as access to Westlake’s dealer network to scale indirect subscription offerings. While sharing more details about the partnership, Scott Painter, Founder and CEO of NXCR, stated:
Predatory Lender Returns Man’s Repossessed Truck Ahead Of Christmas Syndicated Local – CBS Los Angeles
LOS ANGELES (CBSLA) – Money experts say ’tis the season for some to get stuck in predatory loans – landing people in debt that can be tough to get out of.
One local man ended up owing almost four times what he took out, and his car was repossessed.
“It was my truck, and then we gave it to our son one year for his birthday, Christmas and graduation all together,” said Darrell Scriven.
His beloved pickup truck – with his last name on his personalized plate – was repossessed on his son’s birthday this year.
NXCR and Westlake Financial Announce $400 Million Debt Facility and Strategic Partnership to Advance NXCR s Vehicle Subscription Platform
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SANTA MONICA, Calif., Dec. 17, 2020 /PRNewswire/ NextCar Holding Company Inc. (NXCR), a fintech and insurtech vehicle subscription platform, and Westlake Financial (Westlake) have signed a letter of intent to secure a NXCR $400 million debt facility, and to enter into a strategic partnership. Westlake is one of the largest automotive lenders in the U.S. with nearly $12 billion in assets under management, and provides indirect financing through a network of over 20,000 new and used car dealerships throughout the U.S.