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Westlake Raises Money to Aid Hurricane Victims

Wednesday, 13 September 2017 15:22

Employees at Westlake Financial Services rallied to the cause of Hurricane Harvey relief, donating money and supplies for affected residents.
Employees donated a truckload of supplies, including clothing, canned goods, tools and housewares. These non-monetary supplies were donated to Operation Gratitude, a non-profit organization that collected items for the Harvey relief effort.
Westlake employees also raised over $4,000 through a crowd-funding account, which was matched 100 percent by the company.
Additionally, The Hankey Family Fund contributed more than $100,000, bringing Westlake’s total contribution to $108,000 for “The Greater Houston Community Foundation.”

New Car Prices Rise

Monday, 04 September 2017 23:51

The estimated average transaction price (ATP) for light vehicles in the United States was $34,648 in August, according to Kelley Blue Book.
New-car prices have increased by $243 (up 0.7 percent) from August 2016, while increasing slightly (up 0.5 percent) from July. 
Fiat Chrysler’s average prices climbed more than 6 percent in August, helped by a strong sales mix of Ram trucks. The Jeep brand also increased 6 percent, as the new Compass was up 8 percent year-over-year.

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Subprime Finance on Slower Pace

Monday, 04 September 2017 23:51

For the first time since 2012, originations to subprime consumers declined year-over-year for a number of major credit products, including auto finance, according to TransUnion.
The report found that 4.63 million subprime consumers originated an auto loan or lease, personal loan or credit card in Q1 2017. Comparatively, 4.89 million subprime consumers originated one of these products in the first quarter of 2016.
Auto loan originations declined 8.9 percent year-over-year from the first quarter of 2016 to the first quarter of 2017.
Originations to subprime consumers dropped to 1.1 million in the first quarter, down from 1.2 million in the first quarter of 2016. At the same time, total originations declined just 2.9 percent to 6.73 million in the first quarter.

Westlake Expands Relationship with Clarity

Friday, 01 September 2017 01:39

Westlake Financial Services has expanded its relationship with Clarity Services to strengthen its auto portfolio nationwide.
Westlake began testing Clarity’s Clear Fraud a year ago in select markets
By incorporating Clarity’s credit data, Westlake is able to more accurately price and structure deals with profitable loan terms, and determine down payment requirements. Westlake’s use of Clear Fraud helps the lender evaluate subprime applicants with credit scores below 600.
Clear Fraud also makes it easy to integrate scores into Westlake’s existing scorecard.