Mid-Wilshire-based Westlake Portfolio Management has begun servicing its largest contract to date.
The third-party servicing arm of Westlake Technology Holdings recently picked up the $221 million auto loan portfolio of now-defunct Security National Automotive Acceptance Co.
The accounts include 16,800 active loans from members of the U.S. armed services who made up SNAAC’s core client group.
Todd Laruffa, vice president at Westlake Portfolio Management, said his company was approached by SNAAC and the New York-based private equity firm that acquired the loan portfolio in June. The parties quickly reached a deal, and Westlake began servicing SNAAC’s former accounts in late September.
Laruffa said Westlake’s reputation in the automotive finance market was likely key to the decision by SNAAC and the private equity firm to seek out his company. “Westlake has more scale than virtually anyone else in this subprime auto space,” he added.
Westlake Portfolio Management was established in 2018 to expand Westlake Holdings’ third-party debt servicing. According to Laruffa, the company has serviced more than $1 billion in auto loans receivable.
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