Westar Financial Services Promotes Pete Kanatzar to Senior Vice President - Risk Management

13 August 1998
Westar Financial Services Promotes Pete Kanatzar to Senior Vice President - Risk Management
    OLYMPIA, Wash., Aug. 13 -- Westar Financial Services
Incorporated (OTC Bulletin Board: WEST), a prime-credit auto lender and
lessor, today announced that Robert E. (Pete) Kanatzar Jr., has been promoted
to Senior Vice President - Risk Management.
    Kanatzar, 46, the former Senior Vice President of Credit Policy and Risk
Management for NationsCredit Corporation, joined Westar as Vice President
- Risk Management, in August 1997.  NationsCredit is part of the Financial
Services Group of NationsBank Corporation , the fourth largest bank
in the U.S.
    "Pete has been instrumental in the success of several new product
offerings since January of this year," said Robert W. Christensen Jr.,
President & CEO.  "With these new products geared to the highest quality
lessees, Westar's annualized lease approval rate in June surged 633% over
December's annualized approval rate, even as credit quality has improved.  The
new programs and our proprietary technology have given us the ability to
manage Westar's results more effectively."
    Last week, Westar announced placement of a $27.5 million securitization
package -- its largest to date.
    "Lease approval volumes have soared during the past six months, largely
due to the new products Pete has developed and marketed.  At the same time,
credit quality has simultaneously improved from our already high levels,"
Christensen said.  "This securitization was completed without having to obtain
third party credit enhancement insurance, reflecting both the excellent credit
experience of our previous securitizations and the technology improvements
made since then.  The level of credit enhancement required for the latest
transaction was only 1.5%, far less than the 6.5% enhancement of our previous
securitizations, a direct reflection of the quality of our excellent credit
team."
    Westar Financial Services Incorporated is a fast-growing,
Washington-based automobile finance company.  Until now it has focused solely
on the prime-credit segment of the $110-billion auto-lease finance market.
Full-scale activities through its innovative Dealer-Direct Retail Leasing(TM)
(DDRL) program began in October 1995 to selected, high-quality automobile
dealers in the Pacific Northwest.  Westar's shares are traded over-the-counter
by Hoefer & Arnett, San Francisco; Hill Thompson, Jersey City; and Monroe
Securities, Rochester, NY.
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