Advanced Lending & Portfolio Services (ALPS), a division of Westlake Financial Services, tried to make it a simple process for a buy-here, pay-here operator to cash in on his way to departing the space.
Earlier this week, Westlake ALPS announced the acquisition of a $14.7 million bulk auto-loam portfolio, which consisted of more than 2,230 BHPH vehicle installment contracts from a company located in Savannah, Ga.
“The owner wanted to exit the buy-here, pay-here market, so we assessed his needs and quickly developed a strategy for him to accomplish this goal,” said Todd Laruffa, assistant vice president and division head of ALPS. “Our entire closing process was completed on-site within one week.”
Westlake ALPS explained it was able to close by acting fast and flying the team to Savannah to work the deal on-site in order to meet the seller’s needs.
“The purchase price on this deal generated a full pay-off for the senior lender, which proves Westlake ALPS to be a viable option for senior lenders to liquidate account receivables without the burden of a runoff scenario,” said Ian Anderson, group president of Westlake Financial Services.
Dealerships, brokers and finance companies interested in learning more about Westlake ALPS are invited to ALPS directly at (888) 937-2577.