The posting time indicated is Arizona local time. I contacted the dealer and they stated that the payment couldn't come from them and that there was simply a miscommunication-- they were just going to cut me a check to apologize for the issues we'd had. 2012-2023 Debt.org LLC. Voluntary repossession You should consider turning your car over to your lender as your absolute last resort. Both firms specialize in loans to borrowers with bad credit. These companies may impact how and where the services appear on the page, but do not affect our editorial decisions, recommendations, or advice. Now when i traded in my truck they also recoreded it as a cash down not as trade in. Refinancing could drop your credit scores slightly, but not as badly as missing payments or defaulting on the loan. 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.. 2023 ONR Financial Networks LLC All Rights Reserved. This company has been calling me from more than 10 different phone numbers all hours of the day and night for a month. https://www.ripoffreport.com/reports/westlake-financial/nationwide/westlake-financial-services-repossession-on-my-credit-report-and-i-am-in-possession-of-th-1184418, Westlake Financial Caused a late fee before processing extension/deferral request Los Angeles Ca, Westlake Financial Service They financed a warranty which was useless and no good but kept my money and sent car to the auction Los Angeles California, Westlake Financial Services, LLC Refused to send me my refund check with the correct amount. If not, consider a bike or moped. If you buy through our links, we may get a commission. Calling to ask is about all you can do but be prepared for a negative response. The lender may allow you to skip a payment and add it to the end of the loan or refinance your loan all together. International Association of Better Business Bureaus. The bank will likely auction off your car to the highest bidder, then apply the revenue from that sale to your remaining balance, including repossession charges. WebWestlake is more than just an indirect auto lender. They just gave me a check to apologize for all the issues. Here are the most comprehensive resources we've been able to turn up to help with both. However, as most US cities are far along in the process of reopening and orders shuttering nonessential businesses have mostly been lifted, you can probably bet that repo companies will be up and running as soon as they can be. If four wheels are something you feel you cannot do without, consider a used car. MyAccount Login - Westlake Financial Ripoff Report How long does negative information remain on my credit report? When Will Westlake Financial Repo Your Car - ArnaBee I just want to make this clear you guys are nothing but scammers Ive been paying my payments and at no point I can see where my payments is going anywhere are that my lone is going down all they do is collect my payments and add more money to my payments so I repossess the car they come and get the car and they still call me telling that I have miss my payments which I dont have a payment to do you guys are nothing but big scammers. Before making a decision, take some time to consider both the advantages and disadvantages of voluntary repossession. My car has been repossessed, and I was told it will be sold. I tried calling and being nice but it's like dealing with a bunch of 2 year olds! Most types of property that can be financed can also be surrendered or repossessed, including appliances, furniture, and jewelry. 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. Thats the only way that we make money. Westlake Financial They LIED? They totally lied to us then screwed us just to get our money! Interest rates on home equity loans are usually lower than other non-secured loans, like credit cards, but may not be lower than your auto loan. You could do what's called a "voluntary repossession," where you contact your lender and indicate your desire to turn your vehicle over to it. If youre anywhere from 30-90 days late, your car could get repossessed. If you failed to pay that they would then have the legal right to file a suit against you in civil court. A voluntary repossession allows you to hand your car back to your lender on your own timeline. A Northwestern University graduate, he previously worked for the San Jose Mercury News, Newsday and the St. Petersburg Times. If, for example, if you have $40,000 of home equity, you would qualify to borrow $32,000 (40,000 x .80), which should be enough to pay off just about any car loan and possibly other debts like credit cards. *Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. Try to find somebody willing to take on your lease. They can, however, follow you to work, for example, or the grocery store, and wait until you leave your car unattended. ), send it off to your lender and wait for an approval confirmation. REBUTTAL BOX Westlake Financial offers indirect auto loans through participating new and used car dealerships across the U.S. Debt.org wants to help those in debt understand their finances and equip themselves with the tools to manage debt. Additionally, youll find it difficult to convince a lender to refinance if you are upside down on your car loan. In an effort to provide quality personal service, Western Funding has responded directly to the customer in writing directly to the customer in writing and that response has been uploaded here. Westlake Services, dba Westlake Financial Services If we knew it was gonna be a repossession do they think We would have continued to pay them! I logged in on the 14th and made the payment online as I was feeling so sick from surgery. The new lender pays off the old loan and takes over the cars title, until youve paid it off. 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. This is completely secure and wont hurt your credit score. One practice the bureau highlighted was the use of a software program called Skip Tracy that allowed debt collectors to select a phone number and caller ID text that customers would see when called about their loans. He was rude, telling me I owed the pmt regardless. Westlake Financial WESTLAKE FINANCIAL SERVICES Yes. Thank you for bringing this matter to our attention. Does your state have But these arent the only options. Westlake Financial WebVoluntary repossessions stay on your credit report up to seven years. Simply explained, refinancing means replacing your current loan with a new one, usually from a different lender. I'm as upside down as it gets on this thing. It does not affect our evaluations of them, which our writers and editors create independently, without considering our relationships with our partners. He has worked in the nations capital since 1998 and is a two-time National Press Club award winner for Washington coverage. If we knew it was gonna be a repossession do they think We would have continued to pay them! That means it can't use or threaten to use force or violence. The dealer offered to "cover" the first payment in order to help make things right. 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. Stop! The dealer immediately took action and kept the car and took it to the shop for us. So getting the car back was actually the smartest thing you could have done if you truly cared about your credit. BBB Business Profiles are provided solely to assist you in exercising your own best judgment. If you get a two-month deferral, your loan term will extend by two months. 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. Learn more about our editorial standards. Millions can't pay their car loans. Here's what to do if you're one of I still have to pay another $2000.00 +, or they will take my car. degree in Political Science at Florida State University. Submit a complaint and get your issue resolved. Our writers do not take FinanceJars relationship with its affiliates into consideration when writing their reviews and articles. See a consumer credit or FDCPA attorney. In retrospect, Im glad we put in place the things we have, he said. You can use any amount you need, up to your equity limit. Westlake has a portfolio of more than $2.5 billion in loans, many of them charging interest rates of more than 20% a year. If you don't like that, then YOU should have realized the end result prior to YOU deciding to not pay YOUR bills on time. How can they still be able to continue these fraudulent acts. Westlake said oh well it's gonna stay on there for 7 years! But just like the help available with rent payments and unemployment benefits, you do have to ask. I had issues with the car and the dealer offered to reimburse me for my troubles NOT to pay the first bill. Verified customer. Please DO NOT add attachments that contain your or other peoples personal information, if you dont want it to be visible to the public. YOU screwed up. 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. Corporate Advocacy Business Remediation and Customer Satisfaction Program. Anderson said the company over the last few years has made commissions a smaller part of overall compensation, fired collectors who broke policies, beefed up compliance staff and started monitoring more calls to keep collectors in bounds. Western Funding **** values its customers and takes each complaint seriously as an opportunity to assist and service customers more effectively. *In Canada, trademark(s) of the International Association of Better Business Bureaus, used under License. SYNCB/PPC: What Is It and Why Is It on My Credit Report? I thought nothing of it. 12/22/2022. Don't sound like a repossession to me! Celebrity Skin Cream wrinkle cream rip-off advertisements US Based and Foreign companies bilked consumers out of Hundreds of Millions of dollars over the past 7 years. You think you know so much! ), 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. 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. Read more reports about Westlake Financial. His writing covers credit scores, credit repair, and renters insurance. We promise to always deliver the best financial advice that we can. Los Angeles California Nationwide, Enrique Rocha Westlake Financial Services Nationwide, Westlake Financial California Los Angeles California, Westlake Financial services I financed a VW golf 2010 with westlake for $8500 , They obligated me to pay them $17000 in during 5 years. The repo company will then charge your bank for towing the vehicle, as well as a daily storage fee, usually around $25 to $75 per day. Patients made into prostitutes and sex slaves, bilking insurance companies out of millions, Sac_County Iowa Prosecutor Ben Smith pays $750,000 to settle Ripoff Report 1983 civil rights lawsuit.. Federal Judge stops prosecutors abuse of power against ED Magedson Founder of Ripoff Report. By signing up, you will receive newsletters and promotional content and agree to our. Thats our first priority, and we take it seriously. Talk to your lender to make sure the trade is doable and that there are no extenuating fees. Websites like leasetrader.com make this pretty straight forward. 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. However, cars and other vehicles are the items that most often come to mind when people think of repossession (both voluntary and involuntary). strict standards for business conduct. By extending the term of the loan for instance, if you had 24 months left on your original loan and you extended that to 36 months your monthly payments will be lower. You wont know when this will happen, and actual repossession takes place sporadically. Find a willing trader and fill out the paperwork. Thank you for bringing this matter to our attention. Can You Buy a Home While on Credit Counseling? We got our vehicle back been making payments now for another year. 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. Search over 2 MILLION PROPERTIES from Bank of America foreclosures, JP Morgan foreclosures, Citigroup Even if this isnt the case for you, if you cant afford your vehicle, getting rid of it might be the way to go. Our debit card and money was in the vehicle when it was taken so we had to ask our elderly neighbor for a ride and wasnt able to get there until Monday the 6th because of an ice storm on Friday and then not being open on weekends. These people along with shady dealership Etna auto sales scam me with fraudulent car loan that I was never informed of along with a ridiculous interest rate. What To Do When You Cant Pay Car Payment - Debt.org BBB Business Profiles generally cover a three-year reporting period. Richard Cordray, director of the Consumer Financial Protection Bureau, testifies before Congress in 2013. Another option for homeowners is a HELOC orhome equity line of credit, which is open-ended, like a credit card. 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. 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. 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. 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! 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. Here's what you need to know about rent relief during the pandemic, as well as what assistance is available if you have a mortgage. Buy a bicycle. Additional Services All business will get complaints. I would of took that money and put it on a down payment with a company that isn't a bunch of harassing liars! Voluntary repossession or voluntary surrender is when you choose to give up property that youre financing (such as a car) because you cant afford to pay your loan off. Your lender. Here is a list of our service providers. This report was posted on Ripoff Report on 10/22/2014 08:51 PM and is a permanent record located here: Bents Dulcio writes with a humble, field-level view on personal finance. Westlake is more than just an indirect auto lender. This business was made aware, more than once, that the vehicle had issues on the lot and the dealer was doing everything in their power to make me happy, which they did. PLUS the pay off amt is the same amt they told Toyota on June 5th! Covid -19, millions of people have problems paying their bills, due to massive unemployment, business closures and so forth. However, they are so sneaky and distrustful that they reported this information to the credit bureau in March of 2014. See details. Should the customer have additional questions or concerns, he or she may reach Westlake directly at the contact information provided in the written response. YOU turned on the collections and repo efforts. You can do this instead of waiting for it to be towed from your home or workplace. A fairly quick, and sometimes very profitable way, is to sell stuff online. Harsh..yes but it is reality. So you say I am the liar here your company is whack! Look at your response to my report! sue Westlake financial for repoing my Our six-week newsletter will help you make the right decision for you and your property. How do I get the repossession off our credit? I'm getting a Atty! MyAccount - FAQs - Westlake Financial Titanium Program (750+) APR starting from 7.49%; borrow up to $50,000 The payment was due on 11 February, which was a Saturday. The practice was used to place calls related to 137,000 loan accounts, the bureau said. This comment was posted by a verified customer. Repo Well one thing Mortgage lenders basically require is to have at least 24 months of almost perfect credit(yes, people do this all of the time). Better Business Bureau 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. Can Debt Collectors Track You Down on Facebook? Why Ripoff Report will not release author information! .I called Westlake Financial services and I talked to a gentleman who said he could not help me.after bieing STRESS out and trying to figure out how I could make arrangements to keep my car.and get it out of repo mode .After being stress out more by his comments.I called Westlake Financial Services the same day and I talked to Anthony Gonzalez who was very understanding with my situation . Voluntary repossessions stay on your credit report up to seven years. Customer FAQ 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. Jesslyn Firman, Reviewed by Here is the thing your credit report shows your HISTORY. That has been particularly true during the COVID pandemic. We had no issue with this. If you've fallen behind (or you think you're going to fall behind) on your car payment for 90 days or longer, you may very well be at risk of having your car repossessed. Before we drove off the lot, the car died on us. Frankly, it should not matter where my money comes from. Los Angeles CA, Westlake Financial Co Still sent out an order to repossess vehicle. Chris Kukla, a senior vice president at the Center for Responsible Lending, said hardball tactics are a common feature of many collectors handling borrowers with bad credit. BBB Business Profiles may not be reproduced for sales or promotional purposes. Corporate Advocacy Program: How to repair your business reputation. WebWhether you are a dealer or a loan customer, Westlake has the resources to help you. Financial hardship assistance is an umbrella term for options like refinancing, forbearance and deferral. WebWestlake is more than just an indirect auto lender. Refinancing allows you to lower your payments, either by extending the term of the loan, getting a lower interest rate or, ideally, both. Often the lender won't even charge a late fee until the payment is at least 10 days late, and most won't report it to the three major credit bureaus until it's over 30 days late. This is only general information. The repo company will then charge your bank for towing the vehicle, as well as a daily storage fee, usually around $25 to $75 per day. 1 attorney answer. So the only liar in this situation is YOU. You can view a list of every state's specific automobile repossession laws here, but generally speaking, your lending institution (or a company it hires) has the right to come onto your property and take the car so long as no one commits a "breach of the peace.". the one from June, AND the one for JULY. As a result, lenders are typically willing provide some help if youre going through a financial downturn. Its unfortunate we couldnt fix it all in the past.. Because unsecured loans dont have collateral, lenders cant repossess your property (either voluntarily or involuntarily) if you default on them, although lenders of unsecured loans can still sometimes claim your property if they sue you for nonpayment and the court enters a judgment against you. I have no choice but to accept their response, but I reject it wholeheartedly. US cities are far along in the process of reopening, what assistance is available if you have a mortgage, here's what other financial help is available, Stay updated with smart tax tips to help you file your return, track your refund and get the most money back. Sell the iPad. The payoff is too high to sell and get out from under it. Dale Smith is a former Associate Writer on the How-To team at CNET. You can also try selling your car yourself. Taking the time to explore your options now will save you a lot money down the road. Be proactive and ask and your lender may be able to help. Take advantage. If you choose to do business with this business, please let the business know that you contacted BBB for a BBB Business Profile. Whatever you do, don't try to hide your car from your bank or the repo company. We promise to always deliver the best financial advice that we can. 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. If you've skipped a car payment or two recently -- or you worry you might have to miss an upcoming one -- you're not alone. I'm Eligible for a Second COVID Vaccine Booster. Get answers to our most commonly asked questions about Westlake here. The links to our partners are always clearly marked. 2. . I told them I traded in the vehicle and no longer had it. They sold the car to auction for $2500. Experian notes that a voluntary repossession might hurt your score slightly less than an involuntary repossession, but they havent said whether this is always the case or just a possibility. We got ahold of Western Funding and was emailed a settle amount to get our car back. Westlake has reviewed the customers concerns and has responded directly to our customer and the ********************, in writing. Theres not much you can do on your iPad you cant do on your cellphone. WebWESTLAKE FINANCIAL SERVICES - 19 Photos & 787 Reviews - 4751 Wilshire Blvd, Los Angeles, California - Auto Loan Providers - Phone Number - Yelp Restaurants Westlake Financial Services 787 reviews Claimed Auto Loan Providers, Debt Relief Services Edit Closed 8:00 AM - 5:00 PM See hours Write a review Add photo Photos & videos See all 19 photos Look for an attorney who handles Fair Debt Collections Practices Act cases. If you would like to see more Rip-off Reports on this company/individual, search here: First of all, unless Robert has made a major purchase, this SUB-PRIME lender is NOT his company. Voluntary repossession is when you willingly return your car (or another piece of property youve financed) to your lender. When all is said and done, you'll owe anywhere from a few hundred to over a thousand dollars in charges, which you'll still be liable for whether you get your car out of repo or not. Depending on your credit score, you could fall into one of four tiers of interest rates: Standard, Gold, Platinum and Titanium. Westlake Financial Otherwise.wait 7years(well 6 years now). I want this removed off my credit. Contact Us - Westlake Financial (Scroll to the end for what else you should absolutely not do.). You can also call your lender and inform them you can no longer make payments on your loan. You may be able to hire an attorney with no money. Westlake Financial
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