They should know we are making currents payments they call us every month 2 to 3 days before the car payment is even due! You pledge your home as collateral and receive a loan (i.e. Buy a bicycle. We dont accept compensation in exchange for reviews or articles, and we dont directly sell any products or services ourselves. If we knew it was gonna be a repossession do they think We would have continued to pay them! Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. Take that with the fact that people do not go to a Sub-Prime lender such as Westlake if they have good(or even decent credit) means you have had let's just say credit "issues" keeping you from going to a regular source. Credit Monitoring, Credit Reporting Services and Identity Protection, Credit Counseling for Veterans & Active Duty Military, Recognizing a Credit Repair or Credit Counseling Scam. It does not affect our evaluations of them, which our writers and editors create independently, without considering our relationships with our partners. Customer FAQ Either way, you may be entitled to buy back the vehicle by paying the full amount you owe, which typically includes your past due payments, the entire remaining debt, and costs related to the repossession, like storage, sale preparation, and attorney fees; or bidding on it at the repossession sale I called Western Funding and explained the situation to the rep on the phone. You could also try to sell your car on the open market, or trade it in for something less expensive, but again, with the economy now in afull-blown recession, neither of these options seems very compelling. In pretty much every instance your bank does not need a court order to attempt to repossess your car. They should know we are making currents payments they call us every month 2 to 3 days before the car payment is even due! For more than 15 years we have helped nearly 50000 customers resolve their issues and will never stop striving to ensure further improvements on our platform for a better communication between companies and customers. Vehicle Repossession Retrieved from. On October 4th I called into Western Funding regarding my monthly payment on my account which was due, I asked the representative if it was possible to get an extension on the payment or a payment deferment as I was experiencing a reduction in work hours and was short on money to make the payment, I was approved for the payment deferment and told my next payment would be due on November 2nd which I again informed the representative that I would be working on getting all the funds together.I called Western Funding again in the beginning of November and gave them an update that my situation was still not resolved however I did make a $100 dollar payment towards the balance, I made another call on November 26th to inform Western Funding that I had returned to normal hours work and wanted to set up a payment for the balance for December 9th I was told I was not allowed to set up a payment for that date and was transferred to the collections department.The person in the collections department began lecturing me on how I had a balance and started claiming that I made arrangements for the 19th which wasn't true then informed me to remove my valuables out of the vehicle since I couldn't pay today that my vehicle was going on the repo list and I asked to speak to a supervisor or someone higher than the representative in corporate and was told with an attitude they don't want to speak with you however you can write them a letter if you desire.I am very disappointed with the disrespectful service I received from Western Funding and the threats to take my vehicle that were made due to me losing hours at work and then trying to make a payment but them refusing to accept my payment that I wanted to make. That means its representatives can't break into a locked garage, through a locked gate or otherwise use physical force against you or your property to take possession of your vehicle. He has worked in the nations capital since 1998 and is a two-time National Press Club award winner for Washington coverage. That might involve another loan. After that, your lender may sell it privately or at a public auction to cover your debt. Talk to your lender to make sure the trade is doable and that there are no extenuating fees. So the only liar in this situation is YOU. Car Repossession: How it Works Free COVID Antiviral Pills: New Official Website Helps Find Them, Long COVID Symptoms May Depend on the Variant You Contracted, use physical force against you or your property, Do Not Sell or Share My Personal Information, If you financed your car through the dealer, car review and pricing guide publisher, The most exhaustive list we came across of banks and other financial institutions -- big and small -- who have publicly announced coronavirus relief programs is from the. Under normal circumstances, most lenders will report a late payment to the credit bureaus once it's at least 30 days overdue, and they'll typically come to take your vehicle away after you've missed three or more payments in a row. My questions is this legal? Verified customer. Los Angeles California, Westlake Financial services Being screwed over Los Angeles California, Westlake Financial - Wilshire Consumer Credit Witholding Title after loan payoff and trying to charge consumers for title/lien. I never could, but with my wife working we made it work. With voluntary repossession, you agree on a time and place to return an item youve financed to your lender. 1. Simply explained, refinancing means replacing your current loan with a new one, usually from a different lender. They just gave me a check to apologize for all the issues. I have a loan on a truck through westlake financial. Deferrals (or loan extensions) are when the lender allows you to delay your next one or two payments before resuming the normal payment schedule. And Westlake is just one of seven firms in Finance and Accounting and an MBA in Management. How to talk to your bank about deferring payments, find help and everything else you should know. Your lender. See a consumer credit or FDCPA attorney. We fell behind on our payments and our car was impounded on Thursday February 2nd. When your lender seizes your car or another asset as collateral Its possible to hide your car from the repo man, but you could You can usually buy your car back within a short window after a SYNCB/PPC stands for Synchrony Bank/PayPal Credit. Westlake Financial The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. Listen whoever you are I used your company because I never had built my credit I had pak everything cash so wanting to build my credit not having scores I made the simple mistake of using your company to do that! Probably not, so should i take the truck back to the dealer or just let it get reposessed? When Will Westlake Financial Repo Your Car - ArnaBee I tried calling and being nice but it's like dealing with a bunch of 2 year olds! You can refinance your car for a lengthier loan term with a lower monthly payment, but that will only work if you've already paid off a substantial amount of the principal. Los Angeles California, westlake financial service rip off Los Angeles Nationwide, Westlake Financial Services Angry, customer service stinks and so do your collection practices Los Angeles California, Westlake Financial DO NOT GET A LOAN FROM THIS COMPANY Los Angeles Nationwide, westlake financial horrible customer service, unreasonable Los Angeles Nationwide, Westlake Financial Horrible and predatory lender Los Angeles California, westlake financial services I'm constantly being lied too, i think they just want to repo your car. Jesslyn Firman is a credit analyst for FinanceJar. Jesslyn has a B.S. He has a prodigious appetite for reading, which he helps feed with writing from Scottish philosopher Adam Smith, the Father of Capitalism. Bents writing also has been published by JPMorgan Chase, TheSimpleDollar and Interest.com. If you need to take out another loan after a repossession, you may need to settle for a much higher interest rate than youd otherwise have gotten. Long story short, i scrounged up 1000 to spend on transport and couldn't find anything remotely dependable in that price range, so i bought a 2002 Ford f150 from a low credit dealership. All rights reserved. I took my paperwork to the Toyota dealership, he said they'd already sent Westlake a car. Uniteds new CEO acknowledges airlines failures, Workers allege 80-hour weeks with no overtime at UC Berkeley sporting events, Volkswagen, Audi sales increase over last year despite emissions cheating scandal. Dont be afraid to drive a beater, if thats all you can afford. From time to time I hear from someone who is so fed up with their car theyve decided to stop making payments and walk away from it.. I purchased a car in early January 2023. This method isnt as beneficial if you have bad credit because you wont qualify for better rates. We take all of our customers concerns seriously. Pros and cons of voluntary repossession. Register on MyAccount today and enroll to receive your FICO Score for free. Western Funding has reviewed the customers concerns and has responded directly to our customer and the ********************, in writing. This company has been calling me from more than 10 different phone numbers all hours of the day and night for a month. Search Dealer Inventory - Westlake Financial Do the right thing Westlake Financial Services. Voluntary repossession has three key advantages: There are also a couple of downsides to voluntarily surrendering your vehicle or another item (on top of the obvious downside that youll lose your property): To make a fully informed decision, you need to know what your other options are. 5 Voluntary and involuntary repos arent different in this respect. Corporate Advocacy Business Remediation and Customer Satisfaction Program. Im $3000 in the whole because of this fraudulent company and dealership. Before you apply for an auto loan with one of Westlake Financials partner dealerships, take some time to check your credit and compare loan offers from other lenders. and Voluntary car repossession Most of the time, vehicle repossession is involuntary its initiated by the creditor rather than the borrower or lessee. Fast funding is possible within two days (or the same day in some cases). Few restrictions Westlake Financial doesnt set a limit on car age or mileage. However, it doesnt finance gray market cars (cars made outside the U.S. that dont adhere to U.S. safety standards), fire damaged cars, recycled cars, stripped cars, taxis or police cars. The worst thing you can do is ignore the problem and assume it'll work itself out on its own. We do not support this type of customer service, and we are working very hard to make sure that everyone is helped effectively and within a timely manner. At this point I am asking for Westlake Financial to honor the original loan and terms as well as to not report a repossession on my credit report. How do I get the repossession off our credit? Spend an hour cleaning up the truck a bit, However, if you have a repo of any sort on your credit report, most lenders will still probably view you as a higher-risk borrower and may be reluctant to offer you a loan. If not, consider a bike or moped. You'll want to know what kinds of programs your bank, credit union or other auto loan provider may have available to you. If you failed to pay that they would then have the legal right to file a suit against you in civil court. Find and finance your next car from participating dealers. Now i pay $288.51 a month with a 22.5 interest rate and 177 a month for insurance for this thing on a roughly 2000/mo(takehome) income. WebQuestions? I would of took that money and put it on a down payment with a company that isn't a bunch of harassing liars! Illegal Debt Collection Tactics - Consumer Financial Protection Bureau Copyright 1997-2023 Ripoff Report. The truck was illegally repossession in less then a month by a shady repo company that tried to run me off the road and destroy the truck. If you have any questions about your account, please contact our customer service team at 888-739-9192. But just like the help available with rent payments and unemployment benefits, you do have to ask. Voluntary repossession exists in contrast to involuntary repossession, where your lender dispatches someone to seize your property because youve stopped making payments on your loan. Monday morning we get to our car and find our debit card and money still there and went straight to ******* to send a MonyGram of ******** directly to them. Retrieved from, Long, H. (2019, February 12) A record 7 million Americans are 3 months behind on their car payments, a red flag for the economy. Thank you for bringing this matter to our attention. The next day I received a call from *****/***** requesting all correspondence from the dealer. Your credit score will take a bigger hit if you incur any of the following negative marks on your credit report before or after the repossession: Like most negative items, all repossessions stay on your credit report for seven years, starting from the date your lender reported your first late payment. Thank you for sharing your feedback with Westlake Financial Services. On the downside, interest will continue to accrue during the months you skip your payment, so you'll end up paying more for your vehicle in the long run. Learn more about how we make money. Consumers educating consumers., Complaints Reviews Scams Lawsuits Frauds Reported.. Say we owe over $22,000.00 for the rest of their so called contract !!!!!! You can also call your lender and inform them you can no longer make payments on your loan. Were grateful for that trust, and we wont abuse it. The lender may allow you to skip a payment and add it to the end of the loan or refinance your loan all together. Due to thecoronavirus recession andrecord levels of unemployment, over 7% of all car loans in the US are currently in some sort of deferment program, according to recent data released by credit reporting agencyTransUnion. We make money through advertising. Youll still need a way to get around. Want to check your If you've only had your car loan for a year or two, you might actually still owe more than it's worth. and I do not have a policy with this company nor have I ever done business with this company. Hiding negative complaints is only a Band-Aid. Los Angeles California, Westlake auto finance June 5 I traded in the vehicle I had financed with Westlake BEFORE my pmt was due. My questions is this legal? Miami Florida, Old Town Atelier Dan Kolar Alexandra Kolar Press and Ink Scamming and Blocking Paying Customers Temecula California, Full Service Network Jason Soltis, David Schwencke (CEO) They could not provide phone services needed, had to change providers after working with them for months to fix things. The tactics, most of which were used between January 2010 and April 2014, violate the federal Fair Debt Collection Practice Act and the Truth in Lending Act, the bureau said. Westlake Financial Repo A $300-million (minimum) gondola to Dodger Stadium? Typically, missing a car payment can damage your credit score or even lead to the bank repossessing your vehicle. WebDefinitely do a voluntary repossession. You will only be responsible for repaying the interest of the amount you used. Indirect lending If you prefer to negotiate your loan terms with a lender directly, Westlake Financial may not be right for you. Since Westlake Financial is an indirect lender, you can prequalify online to get in contact with dealers, but youll eventually need to visit a partner dealership to finish the deal. protections against repossession passed by various states here, executive orders and laws is available here, the day after you miss even just one payment, argued that debt collection is an essential service. Unless you happened to have left your keys in the car, the repo company will also contract a locksmith to make a new set of keys -- then charge your bank for that service, too. Also, if there are any state laws that might offer some protections against repossession, you'll want to find out about those, too. If you owe more than what the car is worth, youll still have to pay what you owe your lender. The lender will sell your car at auction, and if the sale doesnt bring what you owe, youre on the hook for the difference. Involuntary repossession means the lender seizes your vehicle because you are behind on your car payments. If you choose to do business with this business, please let the business know that you contacted BBB for a BBB Business Profile. Contact Westlake Financial today. Toyota dealership contacted them ( I was sitting right there) and Westlake gave them a 10 day payoff amt. Previous review Next review. With banks demonstrating some compassion right now for those who've suffered financial hardship, you might as well take advantage of one of their relief programs while you can. I want this removed off my credit. Dont want to wait? https://www.ripoffreport.com/reports/westlake-financial/nationwide/westlake-financial-services-repossession-on-my-credit-report-and-i-am-in-possession-of-th-1184418. The auto repossession industry never quite figured out whether repo companies, many of whichlaid off dozens of employees early on in the pandemic, were even allowed to operate in areas under strict shelter-in-place orders. File a complaint to Westlake Financial Services, Westlake Financial Services - Car finance company fraud, Westlake Financial Services - Fraudulent company, Westlake Financial Services - Overcharges, Westlake Financial Services - Unsolicited phone calls, Westlake Financial Services - Automobile loan, Westlake Financial Services - They stole 14,000 from me, Westlake Financial Services - Harassing and rude, Westlake Financial Services - Rude service, Westlake Financial Services reviews & complaints. Note that complaint text that is displayed might not represent all complaints filed with BBB. Do you not see how many negative comments are on this page? Additionally, youll find it difficult to convince a lender to refinance if you are upside down on your car loan. Before making a decision, take some time to consider both the advantages and disadvantages of voluntary repossession. Corporate Advocacy Program: How to repair your business reputation. Los Angeles California, Westlake Financial services I have an account with Westlake, but they accessed my son's bank account and withdrew money Los Angeles California, Westlake financial They keep harassing myself, my family and my job. Los angeles portage California,indiana, Westlake Financial Told new my loan pay off date was for 2/12019, Now starting pay off date 1/22/2020 Los Angeles California, Westlake financial services Scam artists and ripoffs. All rights reserved, Add a header to begin generating the table of contents. These arent long-term solutions, but if youve had a brief financial setback, they can help you through a tough time. Frankly, it should not matter where my money comes from. 2. Most types of property that can be financed can also be surrendered or repossessed, including appliances, furniture, and jewelry. What if it's too late and your car has already been repoed? You could prequalify online, but you wont know your exact rate or terms until you visit one of Westlakes partners dealers. A Westlake Financial auto loan could be a good fit, especially if youre looking for a used car and your credit is less than ideal. Westlake has no minimum income or credit score requirements. Youll always be able to tell what youre clicking. I was off work and was unable to pay a few months of my car payment and my account went in rep mode. Now, even if the reposession wasn't there, you were still 31 days late and that would also legitimatly be on your credit HISTORY. Westlake financial Harassment California, Westlake financial servicesHelp with Westlake financial services Oct. 2 2018. They sold the car to auction for $2500. I was off work and was unable to pay a few months of my car payment and my account went in rep mode. Sell the iPad. Scan this QR code to download the app now. Obviously, you dont want to default on your payments. We have called both places multiple times and just today the 8th Western funding told us its going to be an additional 24 to 48 hours. Involuntary repossession means the lender seizes your vehicle because you are behind on your car payments. Repo Los Angeles California, Westlake Financal The number is a scam and as far as I can tell we're going to get screwed Taylorville Illinois, Westlake Financial Harrasment, No Customer Service Los Angeles California, Auto Net RonyBut Everyone its involved Selling STOLEN PropertyWith Westlake Financial pomona California, Westlake Financial Harassment and Unfair Treatment Miami Florida, Westlake Financial Services Repossessed Vehicle with Payment only 18 days late Los Angeles California, Westlake Financial Services Repossession r car Los Angeles California, Wilshire Consumer Credit dba Westlake Financial Loanshark Behavior - Title Loan - Repossessed Car When No Money Due! At least we thought until we had our credit pulled due to wanting to buy a house and we find out westlake financial put the repossess on our credit! Taking the time to explore your options for eliminating debt now will save you a lot of money down the road. As businesses like this soda and candy shop in Asheville, North Carolina, start to reopen, you can bet repossession companies will be back to work, too. the one from June, AND the one for JULY. Titanium Program (750+) APR starting from 7.49%; borrow up to $50,000 We feel lost and like we are being scammed. I volunteer to repossessed the car. Western Funding has reviewed the customers concerns and has responded directly to our customer and the ********************, in writing. Still dealing with a lying, cheating, non customer service company! While most of other financial services help their customers extending the due dates and deferring payments, WestLake Financial is not even remotely interested in understanding the situation and defer even 1 payment. Im $3000 in the whole because of this fraudulent company and dealership. my truck was taking from where i was having my engine diagnosed and told them i was going to seek reimbursement for the lemon truck which was flooded and then resold. The companies, he said, also are in the process of installing an automated system that will analyze debt-collection calls. Number 2 - Had you failed to get the car back, it still would have been a reposession. However, its unclear how FICO and VantageScore (the two main credit scoring companies in the US) differentiate between involuntary and voluntary repossession when calculating your credit score. If you know its about to happen and have chosen not to do a voluntary repossession, remove your personal belongings and after-market equipment such as subwoofers and lights before this happens. Yes. So my question is essentially do i have any other reasonable options? I told them I traded in the vehicle and no longer had it. West Palm Beach Florida, Tuffy Tire & Auto Service Center Mavis Tire & Brake Charged Nearly $700 for Non-Fix Bay City Michigan, Lighting New York lighting by Jared Sent damaged product wont refund after I sent back damaged product website description is fake, Tara U THEY SCAM THOUSANDS OF PEOPLE WITH THEIR FLOWER ORDERS. Search over 2 MILLION PROPERTIES from Bank of America foreclosures, JP Morgan foreclosures, Citigroup They did not provide me with the original application like I asked. Voluntary Repossession That means it can't use or threaten to use force or violence. 2023, International Association of Better Business Bureaus, Inc., separately incorporated Better Business Bureau organizations in the US, Canada and Mexico and BBB Institute for Marketplace Trust, Inc. All rights reserved. Here are the most comprehensive resources we've been able to turn up to help with both. Western Funding has reviewed the customers concerns as well as the account. We promise to always deliver the best financial advice that we can. That company will use whatever information it can get -- your home and work addresses, for example -- to track down the vehicle and tow it to a secured, usually gated lot. They make more money off of you the longer you keep the car. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Westlake Financial Services - Rude service. They decided to give me some money to cover fuel expenses back and forth to ********** (an hour and a half drive for us) and for my troubles. If you're at risk of having your car or truck repossessed, there are other options available besides deferment, but none quite as simple or easy. Better Business Bureau Thank you for bringing this matter to our attention. ), At Willie Nelson 90, country, rock and rap stars pay tribute, but Willie and Trigger steal the show, Congressional investigators blame airlines for most flight cancellations, First Republic Bank stock plunges to record low as rescue plan proves elusive, Fed faults Silicon Valley Bank execs and itself in bank failure, Public tirades, recall threats as Shasta County roils from decision to dump voting machines. If we knew it was gonna be a repossession do they think We would have continued to pay them! Both firms specialize in loans to borrowers with bad credit. Data Point: Subprime Auto Loan Outcomes by Lender Type, Repossession: What It Is and How It Works, How to Get Your Car Back After a Repossession. It may not be copied without the written permission of Ripoff Report. Here is a list of our service providers. Join our community, read the PF Wiki, and get on top of your finances! That has been particularly true during the COVID pandemic. When considering complaint information, please take into account the company's size and volume of transactions, and understand that the nature of complaints and a firm's responses to them are often more important than the number of complaints. Westlake Financial Repossession questions. : Still, he acknowledged that the companys commission-based compensation system might have encouraged bad behavior as collectors sought to make contact with debtors. Enter your credentials to view your account. If you buy through our links, we may get a commission. Since you are with Westlake without even seeing your credit, I can imagine you have things such as Charge-Off's or collection accounts,. Also, your credit has to be good enough for a bank to underwrite a new loan for you, which may or may not be the case anymore. Number 1 - YOUR money? Can Debt Collectors Track You Down on Facebook? If youre a homeowner, it could pay to use the equity in your home to turn your car loan into something with a better interest rate. Heres a list of ways you might consider making some quick cash: Do you really need that car? MyAccount - FAQs - Westlake Financial Well everything was fine after paying everything they had asked us to pay! Don't sound like a repossession to me! Just so you know it will not stay on my credit for seven years because I will fight it with the credit report agency as well as posting on every website out there what a horrible company you are! When Does a Late Credit Card Payment Show Up on Credit Reports? See details. The lenders must also submit plans to the bureau detailing how they will make sure they are in compliance with debt-collection rules, and keep recordings of all debt-collection calls for the next five years. Our pages feature links to our partners websites. Should the customer have additional questions or concerns, he or she may reach Western Funding directly at the contact information provided in the written response. The bureau ordered the companies to pay $4.25 million in fines and to give $44.1 million back to borrowers in a combination of cash refunds and debt forgiveness. Westlake has about 329,000 customers. It may pay off to call a nonprofit credit counseling agency and let them look at your income and expenses to see if they can help create aa more affordable budget.
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