MINNEAPOLIS - Olympic Financial Ltd. said it is holding talks with US West Financial Services that could lead to US West's entry into auto finance.
Olympic said the two companies were discussing a joint venture that would increase Olympic's capacity to buy financing contracts from auto dealers.
If they agree, "we anticipate initiating a pilot program with US West Financial within the next 60 days," said Jeffrey C. Mack, chairman and chief executive officer of Minneapolis-based Olympic.
Olympic said it has acquired $90 million in auto finance contracts since June 1990, and recently completed the securitized sale of $41.6 million of receivables. Olympia has a branch in Denver and US West is based in a suburb. US West has been among the most active regional telephone companies in financial services.