Case Study: Westlake Financial Services achieves 45,000 digital contracts in less than a year with eOriginal

How Westlake Went from 0 to 45,000 Digital Contracts in Less Than a Year

Westlake Financial Services, the largest privately held auto finance company in the U.S., originates retail installment contracts for largely non-prime customers through 400 facilities and a network of 30,000 dealers. Facing competitive pressure from digital-first lenders and hampered by a hybrid paper/digital process, Westlake needed a full paperless transformation and a way to securitize loans more efficiently to access capital and the secondary market.

Westlake implemented eOriginal’s eContracting and eAsset Management integrated with its dealer management system (with custodian Wells Fargo already on the platform), creating an end-to-end digital workflow to upload, manage, and transfer contracts. The nationwide rollout cut origination time by half a day, exceeded its digital origination goal (from 15% to 20%, a 33% increase), and enabled 45,000 electronic contract fundings before the end of 2017 — two months earlier than planned — while accelerating access to the secondary market and strengthening investor confidence.

Westlake Financial Services

Jack Ratusnik

Senior Product Manager