LOS ANGELES — Westlake Financial Services recently announced
a new $200 million securitization jointly led by Wells Fargo and the Royal Bank
of Scotland.

Officials indicated the securitization closed on Sept. 25 with
all bonds sold on the investor market. They also mentioned JP Morgan and Credit
Suisse were co-managers on the transaction.

This development is Westlake's fourth securitization in four
years, all rated AAA by Standard & Poor's. The company highlighted its
three previous securitizations have performed better than S&P projections.

"Westlake's securitizations continue to perform in line with
S&P's expectations," Westlake director of finance Jonathan Zhan said.
"These sales help Westlake maintain its #1 lender status with automotive
dealers by offering more competitive financing programs."

Westlake chief financial officer Paul Kerwin added, "Over
the past few years, Westlake has issued multiple securitizations that have been
well received by our diverse investor base. We continue to see strong year over
year growth and this most recent securitization ensures that Westlake can
continue to hire and expand aggressively."

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