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LOS ANGELES — This week, Westlake Financial Services
unveiled the first major overhaul of its finance programs since the company was
founded.

Officials explained that effective July 1 Westlake's
programs will be reduced from four to three with each of the new programs
becoming FICO-based, rather than structure-based as was previously the case.

The new programs are named Standard (0–599 FICO), Gold
(600–699 FICO) and Platinum (700–plus FICO).

Additionally, Westlake highlighted that finance managers can
make each deal "AAA," meaning certain credit and structure criteria are met
which results in a deal becoming "optimally structured" to get the lowest rates
and discounts at each program level.

Westlake went on to mention its two profit-sharing programs for
contracts most associated with buy-here, pay-here dealers are still available:
ProfitBuilder and Partner Program.

Officials reiterated these two programs have unique
advantages that can allow the dealer to choose the BHPH solution that best fits
their current business model.

The following are the highlights for Westlake's new
programs, effective July 1:

Standard Program (0–599 FICO)

—Westlake's most popular and flexible program
—All income types are OK
—No minimum income, job, or residence time
—Open bankruptcies and recent repossessions are OK
—No vehicle age or mileage restrictions

Gold Program (600–699 FICO)

—Rate participation available
—No minimum income, job, or residence time
—Open bankruptcies and recent repossessions are OK
—No vehicle age or mileage restrictions

Platinum Program (700–plus FICO)

—Lower rates
—Rate participation available
—Minimal stipulation requirements
—Longer terms available
—No vehicle age or mileage restrictions

AAA Deals

—4.99 percent APR, $250 fees on any vehicle age or mileage
—15.99 percent APR, $750 fees available on even the lowest credit customers

ProfitBuilder for BHPH-type Deals

—Control the APR as low as 1 percent and LTV up to 200 percent of
book value
—Receive up to 75 percent of book upfront and up to 50 percent of customer
monthly payments
—Ability to "cash out" early for a quick infusion of cash

Partner Program for BHPH-type Deals

—Control the APR as low as 1 percent and LTV up to 200 percent of
book value
—Collect 100 percent of the principal balance of the loan
—No discount fee

"We have been listening to our dealers and are very excited
to be rolling out these changes," said Mark Vazquez, Westlakes' vice president of
sales. "Our dealers say they wanted things to be simplified and moving to a
FICO-based model was one way of doing that.

"Using the Deal Wizard tool in the Buy Program takes the
guesswork out of choosing the right program for each customer," Vazquez
continued. "Just input the customer and car details and the wizard will
optimally structure the deal in the best program that will give the lowest
interest rates and discount fees. 
Simplicity — it's our theme this year."

Dealers can contact Westlake to learn how to turn any
Standard, Gold, or Platinum deal into AAA to get lower rates and fees. All
programs are built into the Westlake Buy Program found online at
www.dealercenter.net.

Dealers with questions about the Westlake program changes
are directed to their Westlake representative, or call (888) 893-7937.