FORT WORTH — How are three auto finance companies handling the meltdown in the credit market and continuing to help get credit-challenged consumers behind the wheels of vehicles?

Three presidents representing Westlake Financial Services, Regional Acceptance Corp. and First Investors Financial Services took the spotlight to answer this for attendees of this year's Non-Prime Auto Financing Conference, held by the National Auto Finance Association.

Taking to the stage Thursday were Ian Anderson, president of Westlake Financial; William "Bill" Jones, president and chief executive officer of Regional Acceptance; and Tommy Moore Jr., president and CEO of First Investors Financial Services. Serving as moderator was Elizabeth Webb, chief operating officer and co-founder of Innovate Auto Solutions.

As for Jones, he said Regional Acceptance is fortunate that BB&T funds the business since it is a subsidiary.

"We are funded by our parent, meaning we don't have to deal with the securitization fiasco. It's a frozen securitization market and we have not had to deal with it."

Westlake Financial, on the other hand, has focused more on the private sector for funding, Anderson explained.

Meanwhile, Moore said, "Securitization is the lifeblood of the industry and it is virtually shut down. Investors' flight is fear-based rather than fact-based. Auto ABS (asset-backed securities) are performing as intended despite (the bad environment.)"

So how are Anderson and his company dealing with the stress of the environment? By going back to basics

"We're paying attention to advance structures, not so much on customers but on vehicles," he noted.

Interestingly enough, Jones said his company has found that losses moderate on longer term loans.

"The key is making sure customers are in the right vehicle," he highlighted.

First Investors is taking a different tactic by shortening terms and bringing loan-to-value ratios back in line, Moore stated.

"Be proactive and not reactive. We are constantly slicing and dicing data," he said.

Moore went on to say that he's seen his company's collateral mix change with the economy. While First Investors traditionally had more new vehicles than used, it now doing about 85 percent used and 15 percent new.

"We've seen our portfolio shift more toward used cars," he indicated.

Another tactic the companies are doing is breaking dealers down into categories — A,B and C. This is based on risk. For instance C's could be on the list domestic automakers are seeking to cut.

Moore explained that for B's, his company ensures the titling has occurred. For example, he said Ford dealers used to be on the B list; however, the company recently moved these dealers back up to A category.

Jones said his company is looking closely at dealers representing Chrysler and General Motors.

"We're looking a little more specifically dealer to dealer. We're asking for financials, etc.," he explained.

"Asking for financials on franchised dealers (is not something we've done in the past)," he added.

Westlake Financial has been eliminating auctions where dealer turnout has not been as strong, Anderson said.

Overall, while the three executives are concerned about the current marketplace, they are hopeful looking to the future. For example, Anderson said he is looking forward to July "because July of last year was so bad. This is the first time, year-over-year, we will have something to celebrate."

Ultimately, the executives believe those who survive the current market downturn will learn and be stronger players in the future.