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Westar Financial's Auto Lease Volume Exceeds $20 Million in Q4

1 April 1999

Westar Financial's Auto Lease Volume Exceeds $20 Million in Fourth Quarter; Posts Sixth Consecutive Quarterly Origination Record

    OLYMPIA, Wash., March 31 -- Westar Financial Services
Incorporated (OTC Bulletin Board: WEST), a prime-credit auto lessor, today
reported it originated new leases totaling $20 million during its fourth
fiscal quarter, ended March 31, 1999, achieving a growth rate in excess of
800%.  This production represents a 25% increase over the $16 million in new
leases originated during the preceding quarter, ended December 31, 1998, and
compares to the $2.5 million of new leases in the like quarter a year ago.
This strong quarterly performance brings the total of new leases originated in
fiscal year 1999 to approximately $56 million, more than quadruple the $12
million leases originated in fiscal 1998.
    "Lease volumes rapidly accelerated this year due to increasing demand from
our established dealer network and strong growth in new dealer relationships,"
said Robert W. Christensen, Jr., Chairman & CEO.  "Our new Southwestern
Region, based in Phoenix, is exceeding early forecasts and achieving strong
acceptances with dealers and customers alike.  Westar was among Arizona's top
10 auto lessors for the month of March -- well ahead of our internal plan.
"Increased volumes and market share have helped us build our lease servicing
portfolio to more than $100 million," Christensen noted.  "Although we posted
a net profit of $210,412 or $.09 per common share in our December quarter, we
will not show a profit in the March quarter due to the timing of our next
securitized transaction.  We expect to finalize this highly profitable
transaction in the next few weeks.  We believe we now have achieved the
critical mass in terms of our dealer network and lease originations to achieve
sustained profitability in the coming fiscal year."  Westar recognizes the
majority of its profits when leases are sold, and the company has completed
seven transactions in the past two years.  Fourth quarter and fiscal
1999 results are expected to be published in late June.
    Westar Financial Services Incorporated is an innovative, fast-growing,
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 seven 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.
    Statement regarding "Forward Looking Statements":  Statements concerning
future performance, developments or events, including securitizations, new
product developments, various statements concerning expectations for growth or
profits, discussion of accounting treatments, market forecasts for the
Company's products and for its industry, and any other guidance on future
periods, constitute forward-looking statements which are subject to a number
of risks and uncertainties including adequacy of working capital, which might
cause actual results to differ materially from stated expectations.