Probably not, so should i take the truck back to the dealer or just let it get reposessed? WebVoluntary repossessions stay on your credit report up to seven years. Wilshire Consumer Credit is the first auto-title lender cited by the agency, according to the advocacy group Center for Responsible Lending. I decided to put that money in my account, which is what any normal person would do, and paid my loan bill from my account, which, where else would you pay it from. After the deferment period ends, either your monthly payment will either go up slightly or your loan will be extended by about the same amount of time as the deferment. The Association of Credit and Collection Professionals, a lobbying group for debt collectors, has argued that debt collection is an essential service, but lawmakers have yet to chime in. So, if you only used $10,000 out of the $32,000 you had available, then you only will pay interest on that $10,000. A Northwestern University graduate, he previously worked for the San Jose Mercury News, Newsday and the St. Petersburg Times. They totally lied to us then screwed us just to get our money! WebQuestions? They'd asked me for the due date so it could be handled. 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. View all Westlake Financial Services reviews & complaints. WHEREAS, WESTLAKE SERVICES, LLC d/b/a WESTLAKE FINANCIAL SERVICES, Los Angeles, California (Westlake or the Company), Westlake must immediately cease assessing repossession close fees on Massachusetts accounts with defaults that are cured prior to repossession pursuant to General Laws chapter 255B, sections 20A and Two auto lending companies controlled by low-profile L.A. billionaire Don Hankey will have to pay more than $48 million in fines and refunds after a federal consumer watchdog found the lenders were using illegal tactics to collect on loans. Company website run by crooks outside USA pretending to be in USA to get USA money taking your hard-earned dollars funneling it to the country of Peru, Better Business Bureau of South Florida BBB of South Florida Andre Amaro and the BBB of South Florida are harassing me and my small business! Register on MyAccount today and enroll to receive your FICO Score for free. Bike-sharing systems are becoming ubiquitous in larger cities. It may not be copied without the written permission of Ripoff Report. 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. Previous review Next review. How do I get the repossession off our credit? 1 attorney answer. So before you sit here and say I have bad credit for different reasons know your facts! A lot of these folks are cash-strapped, and [lenders] are making a bet that theyre not going to hire a lawyer, he said. Home equity loansare offered by banks,credit unionsand online lenders, at a fixed rate that, depending on your credit score, might beat the interest rate you currently pay on your car loan. Westlake Financial repossess my vehicle after being 31 days late on a payment and told me if you pay your payment and late fees and a fee for it being repossessed you can get your vehicle back and everything will be fine! Our pages feature links to our partners websites. 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. Number 2 - Had you failed to get the car back, it still would have been a reposession. Resolved. How is this going to impact my credit score? Our information is available for free, however the services that appear on this site are provided by companies who may pay us a marketing fee when you click or sign up. Your lender. Toyota dealership contacted them ( I was sitting right there) and Westlake gave them a 10 day payoff amt. Refinancing could drop your credit scores slightly, but not as badly as missing payments or defaulting on the loan. WebWestlake is more than just an indirect auto lender. Lease Takeovers Try to find somebody willing to take on your lease. Call (888) 859-0871 now. Depending on your credit score, you could fall into one of four tiers of interest rates: Standard, Gold, Platinum and Titanium. Don't sound like a repossession to me! He hit the nail squarely on the head over and over. 23 complaints closed in the last 12 months. Why Ripoff Report will not release author information! You will only be responsible for repaying the interest of the amount you used. You think you know so much! Take the bus. How much does a voluntary repossession affect your credit score? Westlake Services, LLC is an indirect auto finance company based in Los Angeles that specializes in purchasing and servicing auto loans, including many subprime Spend an hour cleaning up the truck a bit, This comment was posted by a verified customer. It does not need your car keys to take your car. I logged in on the 14th and made the payment online as I was feeling so sick from surgery. In a situation where repossession is unavoidable, a voluntary repossession does come with a few advantages. (Scroll to the end for what else you should absolutely not do.). Has your experience with this business or person been good? R. 8:57 pm EST. Jesslyn has a B.S. We promise to always deliver the best financial advice that we can. 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. Say we owe over $22,000.00 for the rest of their so called contract !!!!!! Los Angeles Nationwide, Westlake Financial Illegal Repossession with damage to vehicle and taking no responsibility Los Angeles, CA Nationwide, Westlake Financial Services None I have been threatened multiple times with criminal prosecution, i found out the vehicle was in the flood of Hurricane Sandy, my engine died before my contract was ever up. Written by Involuntary repossession means the lender seizes your vehicle because you are behind on your car payments. Dont want to wait? One way around this, however, is a deferment or forbearance program. As a result, lenders are typically willing provide some help if youre going through a financial downturn. The payoff is too high to sell and get out from under it. 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. As more and more people experience financial insecurity as a result of the coronavirus pandemic, banks and other lenders are offering programs to defer car payments. The dealer immediately took action and kept the car and took it to the shop for us. But on the plus side, your missed payments will not show up as negative marks on your credit report, so your credit score shouldn't take a hit. Corporate Advocacy Program - Verified Status, How To Get Your Report Featured On All Report Pages. Westlake Financial offers indirect auto loans through participating new and used car dealerships across the U.S. I told him, no I didn't! 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. They prey on people with bad credit desperate to get a vehicle. If youve fallen behind on your car payments, chances are other bills are stacking up as well. 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. WebFind homes for sale from 40% to 70% below market value. 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. Robert made excellent points as he usually does. Yes. So the only liar in this situation is YOU. You wont know when this will happen, and actual repossession takes place sporadically. They are a sub-prime lender and want to make sure they get THEIR money. 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). Prospective lenders look more favorably upon voluntary repossession than involuntary repossession because it suggests that you took responsibility for your debt and tried to make things easier on the creditor who had to repossess your property. REBUTTAL BOX We apologize for the negative experience you had with our company. The dealer felt bad for us and all the money we'd spent going back and forth from our home to ********** as well as the "pain" we experienced not having the car we'd purchased-- it was/is the exact color and model my wife wanted. My mom passed away October the 11 2022 I want to keep the car an continue to make the payment they want me to refinance **** which is crazy there a awful loan company they to be shut down. What can I do? New comments cannot be posted and votes cannot be cast. WebDefinitely do a voluntary repossession. 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.. SYNCB/PPC: What Is It and Why Is It on My Credit Report? I have roughly 1100 in fixed expenses aside from the stupid truck, so in short i can't really reasonably afford it. They make more money off of you the longer you keep the car. (If you don't see your lender on any of those lists, try contacting the company directly through its website or app.). Truck was repod on the 6th of November owing 242.00 no other past due payments truck was on a 20 day impound on the 20th day I went to pay the 382 or something like that to get my truck out of impound wen I did I was informed u guys had picked it up wen I called u guys u said u had repod my vehicle becuz it was in impound but the thing is u didnt have to go get the truck I was going to the very next day wen I was allowed to the truck was not left there I had been in contact with the tow yard several times while it was there they were fully aware that I was going to go get the truck at the rnd of the 20 days wen in the 6 th of November u guys repod then wen I called asking questions the guy I was talking to was very rude and impair isnt u have the recording as well as I do I was simply trying to understand wat happening n why I was more then willing to pay the tow yard fees and the 242 dollars I still owed on my monthly bill I have had a total of I think 19 payments with u guys with the exception of one payment late I think I might be wrong I might have paid it with in the grace period and I read ur policy saying that u guys were allowing us to skip a payment or more and put them twards the end of the loan but ur guys were rude I asked for a manager n he was even wors then the first guy he got loud with me becuz I asked him wat exactly it was that was paid to the tow yard n becuz he had already gave me a long list of charges and fees I had to now pay due to the repo I was unsure of wat was paid to them he demanded I get a pencil cuz he had already told me these things so now I needed tow right them down he kept getting upset wen I would ask any questions n wen I said Im sorry sir but I am not pay 1600 dollars today theres no way specially wen I feel like the truck shouldnt of been repos in the first place had u left it where it was Id have it today but becuz u went one day before I could Im stuck with 1100 more then I should be and wen I asked for help cuz I can only pay maybe half that today Im treated like Im on the street corner begging for change almost like u dnt want my biz any more like us rather take my truck then keep me as a costumer Im so confused and dumb founded n not knowing wat Im going to do now becuz thats the familys o ly means of transportation with two kids I. A fairly quick, and sometimes very profitable way, is to sell stuff online. 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. Before we drove off the lot, the car died on us. Want CNET to notify you of price drops and the latest stories? Los Angelas California. Los Angeles California, Westlake Financial Auto Loan/Finance RipOff Buyer Beware Read Carefully Los Angeles California, Westlake financial This company is heartless to their lienholders Los Angeles California, westlake financial repossesion with out notification vehicle payments made for 56 months repoed wit 3 payments remaining puyalluip wa puyallup wa, Westlake financial services Westlake Los Angeles California, Crown auto and fleet services Howard Kleinberg Bought my loan from Westlake financial now trying to repo my truck. The issue ended up taking about six weeks to repair as they had to wait for parts. If you have any questions about your account, please contact our customer service team at 888-739-9192. His writing covers credit scores, credit repair, and renters insurance. Fast forward to now. Thank you for bringing this matter to our attention. Better Business Bureau:I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is not satisfactory as it's none of their business where my money comes from. We strive to help dealers in all aspects of their business reach their goals and achieve success. Note that complaint text that is displayed might not represent all complaints filed with BBB. All business will get complaints. Westlake said oh well it's gonna stay on there for 7 years! I think my choices are narrowed down to give it back, stop making payments and wait for repo, or commit insurance fraud. Taking the time to explore your options now will save you a lot money down the road. Voluntary car repossession Most of the time, vehicle repossession is involuntary its initiated by the creditor rather than the borrower or lessee. Number 1 - YOUR money? It does not affect our evaluations of them, which our writers and editors create independently, without considering our relationships with our partners. Among the hardball tactics, according to the Consumer Financial Protection Bureau, was a program that disguised debt collectors caller ID information to make it appear calls were coming from pizza parlors or florists. ComplaintsBoard.com is a leading complaint resolution website on the Internet. YOU turned on the collections and repo efforts. I checked on Monday, the 13th and the site stated it had not been paid yet. Since you are with Westlake without even seeing your credit, I can imagine you have things such as Charge-Off's or collection accounts,. Westlake Financial purchases and services auto loans while its subsidiary Wilshire Consumer Credit provides high-interest loans secured by auto titles. The best option, of course, is to sell it, especially if the car is worth more than you owe on your loan. YOU screwed up. 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. Lines of credit usually offer variable interest rates that are lower than home equity loans, at least for the first year. Thank you for bringing this matter to our attention. The companies, he said, also are in the process of installing an automated system that will analyze debt-collection calls. 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. - Be real nice to them and see if they are willing to remove it. This will surely increase the credibility of your complaint. My questions is this legal? We fell behind on our payments and our car was impounded on Thursday February 2nd. Here is a list of our service providers. The links to our partners are always clearly marked. They totally lied to us then screwed us just to get our money! Advertisers above have met our 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. They Obligated me to pay $6597.00 for a car I don't have. Western Funding **** values its customers and takes each complaint seriously as an opportunity to assist and service customers more effectively. 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.". Even if this isnt the case for you, if you cant afford your vehicle, getting rid of it might be the way to go. Western Funding has reviewed the customers concerns as well as the account. I've spoken with the bank, and with my credit and the disparity between the payoff and vehicle value, I'm at the end of the road. 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. the one from June, AND the one for JULY. We challenge inaccurate negative items with the bureaus and your creditors. I told them I traded in the vehicle and no longer had it. Westlake Financial Services (Westlake) values its customers and takes each complaint seriously as an opportunity to assist and service customers more effectively. WebWelcome to Westlake MyAccount. Consumers educating consumers., Complaints Reviews Scams Lawsuits Frauds Reported.. now i cannot even get through to their 24 hr number. The consequences of This isn't right when I have the vehicle, make payments on it and drive it everyday! Chances are if you're worried about making your car payment, you have other bills keeping you up at night, too. 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. Western Funding **** values its customers and takes each complaint seriously as an opportunity to assist and service customers more effectively. Thats the only way that we make money. I purchased a car in early January 2023. YOU made a legal agreement to pay them a certain amount on a certain date for a specific amount of time. I have no choice but to accept their response, but I reject it wholeheartedly. 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. 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. School and two working parents that now cant get to work all becuz of why Im still not given any answered other then becuz the car was in impound now I understand u have the rights to go get it but I mean why would u with out contacting me to see wat my planes were if I was going to get it or just leaving it there and if I was going to go get it why would u repo it then charge me 1100 more then I would of had to pay in the first place I feel robbed. If you choose to do business with this business, please let the business know that you contacted BBB for a BBB Business Profile. 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. I had issues with the car and the dealer offered to reimburse me for my troubles NOT to pay the first bill. 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. 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. You would have most likely lost and then not only now have a judgement on your credit report but subject to other things such as possible wage garnishment or having them attach your bank account. 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. I never could, but with my wife working we made it work. You'll want to know what kinds of programs your bank, credit union or other auto loan provider may have available to you. IN 3 WEEKS THEY SENT 3 OF MY RECIPIENTS DEAD FROZEN TINY BOUQUETS calgary. 2. Jesslyn Firman, Reviewed by There are ways to get around if you are willing and resourceful. Felton, R. (2021, October 27) Many Americans Are Overpaying for Their Car Loans. Perhaps you have a Bankruptcy..again that is a big negative however that really just takes time to have less of an impact. Dale Smith is a former Associate Writer on the How-To team at CNET. Websites like leasetrader.com make this pretty straight forward. If that doesn't cover your entire debt, the bank can come after you for the remainder, including handing your account over to a collection agency and reporting the delinquency to the credit bureaus. You may occasionally receive promotional content from the Los Angeles Times. Try to find somebody willing to take on your lease. That has been particularly true during the COVID pandemic. In pretty much every instance your bank does not need a court order to attempt to repossess your car. Covid -19, millions of people have problems paying their bills, due to massive unemployment, business closures and so forth. 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. File your review. 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. ), send it off to your lender and wait for an approval confirmation. California, New Jersey Nationwide, Westlake Financial Stay Away! The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. But these arent the only options. I guess we are all liars thencracking up at this non sense! Your credit will take a hit and you'll be liable for any outstanding debt the bank fails to recoup at auction, but the overall impact to both your credit score and pocketbook will be less than if you wait for the bank to forcibly repo your car. All rights reserved. 1 Conversely, if the item sells for more than your debt is worth, your lender is normally required to give you the surplus. Don't just sit back and wait until the bank repos your car. Getting your car repossessed is stressful and embarrassing. Home Debt Voluntary Repossession: Everything You Need to Know. Western Funding has reviewed the customers concerns and has responded directly to our customer and the ********************, in writing. Just be honest and forthcoming about your situation and realistic about how much time you'll need to get back on your feet. Unlikemost other loans, when you do your taxes, you can claim the interest you pay on a home equity loan, just as you would on your mortgage. If youre able to get a lower interest rate, the total cost will still probably increase, though not as much. Tell us has your experience with this business or person been good? He joined The Times in 2006 and won the papers Editors Award in 2009 for coverage of the financial crisis. First off you need to get out of your fantasy that you are actually going to get approved for a Mortgage right noweven if the Reposession wasn't there. I felt threatened so I sent her all I had and explained the issue. If you get a two-month deferral, your loan term will extend by two months. A voluntary repossession allows you to hand your car back to your lender on your own timeline. You may be able to hire an attorney with no money. He left The Times in 2019. |, Don't let them get away with it! Let the truth be known!. Once we get the customer to pick up the phone, we can tell them how important it is that they make their payment.. Westlake Financial Services and subsidiary Wilshire Consumer Credit, both part of Hankeys Mid-Wilshire conglomerate Hankey Group, also falsely threatened to file criminal charges against borrowers; contacted employers, family and friends without required permission; and changed the terms of loans without informing customers, the bureau said.
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