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Press Releases
Westlake Expands Partnership with NCCI
April 15, 2010
Los Angeles, CALIFORNIA - April 15, 2010 - Westlake Financial
Services announces an expanded partnership with National Creditors
Connection Inc. (NCCI), a field contact service provider, after a
successful three-month test program showed a 10 to 15 % improvement
in contact and payment rates of delinquent accounts.
NCCI is a leader in providing field contact services to financial
institutions and various other industries. Their experience
in "personal field visitation" leads to higher contact rates
compared to traditional collection techniques. According to
NCCI, a "field contact" is a "specific service request where a
personal visit is made to a borrower's residence or place of
employment to assist with re-establishing contact between the
creditor and borrower."
Timo Saarela, Westlake's VP of Servicing, says the testing
period began January 1, 2010 and ran through the first
quarter. During the program, 50 Test Accounts were sent to
NCCI each month to measure success rates for customer contact,
vehicle location and payment rates. Concurrently, 50 Control
Accounts were set up with similar delinquency rates and geographic
location. At the end of each month, the results of the two
groups were compared. The Test Accounts with NCCI had
significantly higher success rates than the Control Accounts.
"The results speak for themselves," says Mr. Saarela. "Our
partnership with NCCI is especially valuable in the sub-prime field
where customers may be more reluctant to return a phone call or
answer a letter. In those cases, the face-to-face contact
NCCI provides has proven to be more effective."
Mr. Saarela goes on to say that NCCI's user-friendly portal was
a factor in the successful test program. "Technology is a
strength that NCCI has compared to various other field contact
companies," he says. "That makes them a perfect fit for
Westlake since we are also technology-oriented. We look
forward to our expanded partnership with NCCI in 2010."
Justin Meece, NCCI Director of Sales, says, "NCCI is proud to
form a partnership with Westlake. Their successful track record in
the auto finance space makes them a valuable addition to our
existing client base. It has been a pleasure developing and
implementing field call services into their current collection
practices. We look forward to strategizing with Westlake in
the coming months on how NCCI can continue to help them achieve
their objectives in 2010 and beyond."
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About Westlake Financial Services: Westlake
Financial Services is an internet based, privately held finance
company that specializes in the acquisition and servicing of
sub-prime to near-prime automotive retail installment contracts.
Headquartered in Southern California, Westlake originates indirect
retail installment contracts through a network of over 6,000 new
and used car dealers throughout the United States. All collections
and servicing are performed in-house from its central facility
located in the Mid-Wilshire area of Los Angeles.
Corporate Communications Contact:
Farrell Johnson
Tel: (888) 389-3532
Fax: (323) 692-8944
Email: fjohnson@westlakefinancial.com
www.westlakefinancial.com