We have just been approached by Westlake Financial to sign on. They are new to the NH area and are calling and signing on dealers both franchise and independent. How are they as a Subprime Company? How Long do the take to fund? I am well versed in the subprime market, so I know how it all works. The gentleman told me a 1 month recourse? Is this true? Would like to know a lot more before I sign on. Any guidance, feedback good or bad would be appreciated.
Good company make sure you study and know all their underwriting guidelines because they are firm on their guidelines. A little extra work inputing inventory into their own desking system but can pick you up a few extra sales per month. Funding is quick on clean packages.
The key to westlake is your rep. The program will drive you nuts unless you have the right vehicles but you'll learn which ones score better in their system but if you don't have a good enough rep the company is awful. Your rep will help you with your funding delays. Have had completed deals with zero problems that they still slow walked funding checks three or four days on. If you have a stip that needs to be faxed over half the time it is lost which is where the rep comes in. Any time I have had to deal with the head office everybody there is rude and unwilling to help. An example of this, since anyone from Westlake would want to know one so they don't think I'm making it up, has to do with a first payment default I had to buy back. Paid off the vehicle right away and repoed the car myself. Wholesaled the vehicle and had to wait five months to get the title from westlake. I talked to fifteen different people trying to get the title, especially since I was doing business still with westlake and I had sent my check so quickly. A good rep helps you with this, unfortunately my good rep was moved up the ladder and replaced by someone not good. I was left with people who didn't care which is my experience with westlake as a hole. Good rep - bareable company Bad Rep - not even worth trying
I am currently a Westlake Rep in PA. I have been with the company for 5 years. I would be glad to discuss our programs with you or any questions or concerns you might have. This is a great company and will get you deals that you might be missing right now. Contact me any time @ 814 931 5555 or firstname.lastname@example.org