Westlake Announces New Credit Facility With Japanese Firm

  Westlake Announces New Credit Facility With Japanese Firm

Business Wire

LOS ANGELES -- November 26, 2012

Westlake Financial Services, a full-spectrum auto finance company, announces a
new $30 million credit facility with MG Leasing Corporation (MGL), a Japanese
leasing company. The credit facility collateralizes Westlake’s auto finance
receivables. The agreement was executed on November 8, 2012 and funds today -
November 26, 2012.

Paul Kerwin, Westlake’s Chief Operating Officer, made special note that MGL is
the first Japanese finance company to partner with Westlake Financial
Services. “We appreciate MGL’s very competitive pricing and strong confidence
in our business plan,” Mr. Kerwin says. “We are honored to say this is MGL’s
first financing deal inside the United States as well as Westlake’s first
partnership with a Japanese finance firm. With this additional liquidity,
Westlake is well positioned to expand and continue our record growth that we
have been experiencing the past 25 years and into the future.”

“This transaction is meaningful because MGL is the first Japanese finance
company to fully understand and appreciate Westlake's unique business model
and the growing sub-prime market,” says Atsushi Suzuki, Westlake board member
and Marubeni Corporation representative. “Westlake's funding structure has
become even stronger compared to competitors by adding Japanese financing. I
hope this opportunity will continue to grow, and bring even more Japanese
financing to the U.S. sub-prime auto market.”

Ian Anderson, Westlake President, adds, “We are pleased to have such strong
financial partners like Wells Fargo, RBS, JP Morgan and others, and
diversifying our funding sources to include international finance companies is
the key to stabilizing Westlake’s funding base and supporting our expanding
portfolio of services.”

MGL is a joint venture of Marubeni Corporation (which acquired a 20% stake in
Westlake Financial Services in July 2011) and Sumitomo Mitsui Finance and
Leasing Company Ltd., a subsidiary of a top four global banking institution,
Sumitomo Mitsui Financial Group.

About Westlake Financial Services: Westlake Financial Services is an internet
based, privately held finance company that specializes in the acquisition and
servicing of sub-prime to prime automotive retail installment contracts.
Headquartered in Southern California, Westlake originates indirect retail
installment contracts through a network of over 15,000 new and used car
dealers throughout the United States. Westlake also offers portfolio
purchasing through their ALPS division (Advanced Lending & Portfolio
Services). Direct to consumer title loans and unsecured loans are done through
Westlake’s wholly owned subsidiary, Wilshire Consumer Credit. All collections
and servicing are performed in-house from its central facility located in the
Mid-Wilshire area of Los Angeles.


Corporate Communications Contact:
Westlake Financial Services
Farrell Johnson
Tel: (888) 389-3532
Fax: (323) 692-8944
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