Following Bankruptcy, Western Funding Restarts Loan Originations

Now with the financial support of Westlake Financial Services, Western Funding — a subprime auto lender since 1962 — has resumed operating in full capacity.

After a recent pause in loan originations following a bankruptcy proceeding, Western Funding is now offering dealerships in 33 states the full scope of funding options previously available.

Furthermore, Western Funding now will offer approved dealerships its same lending programs with some new features.

"Western Funding will work with our current dealer base to re-implement their lending options and access to their reserve," Western Funding vice president Bret Pangborn said.

"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," Pangborn continued.

Western Funding dealerships now have access to DealerCenter. This software package integrates with RouteOne and can offer dealers the ability to seamlessly run credit, match inventory to customers, and submit applications to lenders in just a few clicks.

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," Laruffa said.

Under the company's business model, 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.

To do business with Western Funding, contact Pangborn at (702) 777-6142 or BPangborn@westernfundinginc.com.