Westlake to Take Over Servicing of American Car Center’s Leases

Auto finance company Westlake Portfolio Management has agreed to take over servicing of leases by borrowers from used car retailer and financier American Car Center, according to a press release.

Although American Car Center ceased operations on Feb. 24 shortly after pulling a deal from bond markets, people who took out auto leases in exchange for vehicles from the Memphis-based dealer are still on the hook to make payments.

“We are expediting the transfer of existing ACC leases to provide a smooth transition for ACC customers,” Todd Laruffa, vice president of Westlake Portfolio Management, said in the statement.

The ...