Westlake Financial Services has partnered with MG Leading Corp. to secure the Japanese firm’s $30 million credit facility. Los Angeles-based Westlake made the move to collateralize its auto-finance receivables.
Westlake is overflowing with happiness about the partnership. Talking about it, Atsushi Suzuki, a Westlake board member and Marubeni Corp. representative, said, “I hope this opportunity will continue to grow, and bring even more Japanese financing to the U.S. subprime auto market.”
Paul Kerwin, Westlake’s chief operating officer, likewise thrilled, said, “We appreciate MGL’s very competitive pricing and strong confidence in our business plan. 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.”
Recently, Westlake has been busy in the international auto finance market. Just a few months ago it signed a similar agreement with the Royal Bank of Scotland for $100 million.