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Westar Financial's Lease Volume Exceeds 850% Growth in December Quarter

4 January 1999

Westar Financial's Lease Volume Exceeds 850% Growth in December Quarter

    OLYMPIA, Wash., Jan. 4 -- Westar Financial Services
Incorporated (OTC Bulletin Board: WEST), a prime-credit auto lessor, today
reported it funded new leases totaling $16.2 million during its third quarter
of fiscal 1999 ended December 31, 1998, compared to the $1.7 million of new
leases funded in the like quarter a year ago, achieving a growth rate in
excess of 850%.  This represents a 44.6% increase over the $11.2 million in
new leases funded during the preceding quarter, ended September 30, 1998.
    "During the past six months, lease volumes have grown approximately
45% quarter to quarter," said Robert W. Christensen, Jr., Chairman & CEO.
"While our Southwestern Region began production on December 1, the bulk of
Westar's business is still originated in the Pacific Northwest, where we faced
very difficult weather conditions in November and December.  The increased
volumes and market share validate our emphasis on service to our dealers and
customers.  As Westar's volumes grow from Phoenix, we hope to gain substantial
counter-seasonal efficiencies.
    "Through our new leasing products, improved dealer penetration and stress
on prime credit quality, Westar also widened operating margins in spite of the
general instability and cost pressures in the capital markets during the last
half of the year," Christensen added.
    Westar Financial Services Incorporated is a fast-growing, innovative,
Washington-based automobile finance company.  It has focused solely on the
prime-credit segment of the $110-billion auto-lease finance market and has
completed six securitizations of auto lease receivable certificates for the
prime credit market.  WEST is the only publicly-traded automobile lease
finance company focused solely on this huge market.
    Westar's shares are traded over-the-counter by Hoefer & Arnett,
San Francisco; Hill Thompson, Jersey City; and Monroe Securities,
Rochester, NY.