I booked 100's of deals with them and never had one come back. The system works well in my opinion and they buy deals that nobody else will. The company is also on very solid financial ground, and that means a lot today.
The problem with the program is the need to enter the info into a second or third system. If you are on dealertrack or any other system that manages your deals you have to turn around and re-enter the info into the westlake system. You cant get a finance manager to do it consistently and therefore the deals dont get worked properly. They wont consider westlake until all of the "other lenders", whoever they are have turned it down. I tried the program and failed miserably
I've used Westlake a bit in the past with decent results. You have to be diligent in your paperwork; then again you should always be.
I did get several deals kicked back due to missing stips or poor verification, bu every deal did get done once the paperwork was in order. The only caveat is to duplicate everything you send in, as packets can and do get lost. You do need to stick to your deal until it is approved; work Westlake half as hard as the car buyer and you'll get them all done.
I just signed up my latest dealership with Westlake and have noticed the programs have gotten much better.
You do have to use their systems for booking deals, but the system is tried and true. The DMS system they provide though NowCom is pretty good for $50 a month, I actually used it as my primary DMS for years as I found it the best value on the market.
I was a rep for Westlake and they have an execellent program. They do have first payment default in the dealer agreement but they will help you put together deals that other lenders won't touch.
The company is also very solid financially which is very important in todays economy, since there are so many lenders closing.
I'm very happy with Westlake. I have consistently done 5 - 10 deals with them for 4 + years.
My dealership has a wide spread of credit profiles - from 750 plus Ficos financing at the CU's to buy here pay here. I started doing buy here pay here almost 5 years ago after reviewing deals that were going to CAC and Westlake.
If you understand the Westlake program (i.e.: how they score vehicles, proper structure, & how they score customers) -- it works. We average $2,200 PVR with them.
Double inputting on DealerTrack and Westlake can be a hassle, however, the deals Westlake buys are beyond the financing you will find with your regular finance sources.
I have used Westlake for 1 1/2 years now nad I find them much easier to use tham even some of the near prime lenders. They fund faster also. You just have to know their program and how to use it to your advantage. I have not had a deal come yet. Yes you have to enter it in twice but hey, quit complaining, it's iron you're putting on the street for people that others send away and money in your pocket. We do about 2100 per car with them so I believe it is worth the extra effort. If you don't want to do the work, send them to me, I will gladly accept the deals and the funds!!
Westlake can be the difference between an ok month and a great month for us. They are not our bread and butter, however, they have class ratings for each make and model. If you have the right inventory for their program with the better rating (1) along with a good down, we have found they can still be very profitable at times. Other times they are a great source to roll aged inventory if you dont mind breaking even. Cant beat westlake ath what they do. Everyone shold have Westlake in their line up.
THERE DEALER AGREEMENT LOOKS LIKE THEY WOULD HAVE SEVERAL LOOP HOLES TO MY THE NOTES ALL RECOURSE ? IAM NEW TO THIS PART OF THE BUSINESS . IAM STILL TRYING TO DO BUSINESS LIKE I DID WHEN I OPENED UP IN 1981.
The business today has drastically changed from 2001,let alone 1981,the minimal number of lenders left is an example. Westlake is solid with a great program,no funding issues if you or your staff do your job properly, The grosses are good,the funding is usualiy fast,less paper headaches than c.a.c,and can handle from B paper to buy-here pay here customers with their profit buildr program.