ALPS in $4.6 million BHPH auto loan deal

Advanced Lending & Portfolio Services (ALPS), a division of Westlake Financial Services, has announced it has acquired a $4.6 million bulk auto-loan portfolio of buy-here pay-here (BHPH) contracts from two Texas-based independent auto dealerships specializing in pre-owned vehicles who were looking to quit the market.

The portfolio consists of over 550 BHPH contracts from Legends Auto Group and The Car Barn dealerships located in Waco.

Westlake ALPS was able to close this deal by acting quickly and efficiently in order to meet the seller’s needs, the company said. “Owners of the dealerships wanted to exit the BHPH market, so we assessed their needs and quickly developed a strategy for them to accomplish this goal,” commented Todd Laruffa, assistant vice president and division head of ALPS. “Our entire closing process was completed within one week.”

The latest deal follows a $5.9 million bulk auto-loan portfolio purchase from a financial institution in Texas in September. This portfolio consisted of over 750 BHPH contracts from two dealerships located in Houston.

“We realized this was a unique opportunity for ALPS, as most lenders are not capable of accommodating the unique requirements of both the bank and the dealership. After understanding the end goals of both parties, we were pleased to accommodate the needs of everyone and complete a successful transaction for all involved,” Laruffa said. “We help dealers and lenders with liquidating assets in a quick and efficient manner; our entire closing process usually takes between two – three weeks to finalize a deal this size.”

“When dealers work with ALPS, we offer them liquidity while providing their customers with exceptional service,” said Ian Anderson, group president of Westlake Financial Services. “The Westlake ALPS team reached another milestone with this large acquisition and we significantly expanded our business while providing advantageous solutions to both the bank and dealership involved in the transaction.”

Westlake is an internet based, privately held finance company that specializes in the acquisition and servicing of prime to sub-prime automotive retail installment contracts. Headquartered in Southern California, the company originates indirect retail installment contracts through a network of over 20,000 new and used car dealers throughout the US. Westlake also offers portfolio purchasing through the ALPS division.