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Westar Financial Says Boosted Volumes and Credit Quality

20 May 1998

Westar Financial Says New Products Have Boosted Volumes and Credit Quality

    OLYMPIA, Wash., May 20 -- Westar Financial Services
Incorporated (OTC: WEST), a prime-credit auto lessor, said its lease approval
volumes have soared at the same time credit quality has improved, following
the introduction of numerous new products at the beginning of this year.
    "Since the January 1998 introduction of several new product offerings
geared to the highest quality lessees, our annualized lease approval rate in
April surged 468% over December's annualized approval rate.  Westar now has an
estimated 1.5% of the huge auto lease finance market in the Pacific
Northwest," said Pete Kanatzar, Vice President - Risk Management.  "At the
same time, credit quality has improved.  The new programs and our proprietary
technology have given us the ability to manage Westar's results more
effectively as we have improved credit quality even further.
    "We are proving that we can drive our business to achieve targeted
volumes, margins and quality, which is very exciting," he noted.  "Approval
rates have climbed to 67% -- which means we are producing leases efficiently.
Many more dealers are producing applications for us that lead to approvals and
funding of leases."
    Westar's new products include programs such as risk-based pricing, low
mileage leases, three-month extensions, special college graduate packages, an
expanded list of value-added options, and automatic approvals and preferred
lease rates for the very highest credit quality lessees.
    "The market's response to our new product offerings has been gratifying.
Even as volumes increased sharply, the credit quality of leases has improved.
Average FICO scores (based on the Fair, Isaac & Co. credit rating system) are
exceeding 700 -- indicating our product strategy is working as planned,"
Kanatzar added.  "We plan to introduce significant new products over the next
several months."
    Westar Financial Services Incorporated is a fast-growing, Washington-based
automobile finance company focused solely on the prime-credit segment of the
$110-billion auto-lease finance market.  Westar's shares are traded
over-the-counter by Hoefer & Arnett, San Francisco; Hill Thompson, Jersey
City; and Monroe Securities, Rochester, NY.
    Statement regarding "Forward Looking Statements": This announcement
includes statements that include forward-looking statements which are subject
to a number of risks and uncertainties.  These include the ability to
successfully develop and market new products, retain high quality dealers and
lessors, and complete future financings, which might cause actual results to
differ materially from stated expectations.
    News on Call:  Press releases are available at no cost through Internet at
http://www.prnewswire.com/cnoc/exec/menu?110282 or call News on Call fax service at
800-IRNEWS-9 (800-476-3979), extension 110282.