In most states, a lender, like your bank, can start the repossession process the day after you miss even just one payment, but most companies give their customers a grace period. That means it can't use or threaten to use force or violence. 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. If you've only had your car loan for a year or two, you might actually still owe more than it's worth. Westlake Financial 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. It does not need your car keys to take your car. All rights reserved, Add a header to begin generating the table of contents. Here is a list of our service providers. Bogus Celebrity Advertisements FACE & Skin CREAM Ripoff! Ripoff Report has an exclusive license to this report. Customer FAQ 1 Conversely, if the item sells for more than your debt is worth, your lender is normally required to give you the surplus. WebWestlake Financial now lets you access your FICO Credit Score for FREE! (If you don't see your lender on any of those lists, try contacting the company directly through its website or app.). How can they still be able to continue these fraudulent acts. I thought nothing of it. WebWestlake Financial Services My auto loan was paid off by my credit union in February 2014 for estimated $13,000+; Westlake Financial Services reported to the credit bureau that my car was repossessed for the amount of $13,000+ in December 2013. Or, perhaps, public transportation or other options can get you where you need to go. 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. 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. Copyright 1997-2023 Ripoff Report. I have a loan on a truck through westlake financial. 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. Its the typical deadbeat immature response of "you must work for them". 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! Westlake Financial offers indirect auto loans through participating new and used car dealerships across the U.S. Another option for homeowners is a HELOC orhome equity line of credit, which is open-ended, like a credit card. Estimated amount consumers saved since 1997: $15,590,010,907. Depending on your credit score, you could fall into one of four tiers of interest rates: Standard, Gold, Platinum and Titanium. L.A. auto finance firms must refund $44 million for collection tactics .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 . Repo Deficiency Lawsuits 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. 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. Can You Buy a Home While on Credit Counseling? 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. We'll continue to update this story as new details emerge. Sam has a Masters degree in Creative Writing. One option if you're struggling to pay your car payment is to try and sell your car for cash to pay off the loan, but that won't work if you owe more than the car is worth. Why Ripoff Report will not release author information! Consumers want to see how a business took care of business. This report was posted on Ripoff Report on 10/22/2014 08:51 PM and is a permanent record located here: 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. You were repo'ed PLAIN AND SIMPLE. 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. 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. My questions is this legal? second mortgage) that usually amounts to 80% of the equity in your home. Jesslyn Firman is a credit analyst for FinanceJar. The posting time indicated is Arizona local time. There are two types of vehicle repossession which are voluntary and involuntary. 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. Repo Samuel Osbourne Voluntary surrender may spare you stress and save you money (i.e, by enabling you to avoid towing fees). BBB is here to help. So they are right it is going to remain on your credit for7 years. That might involve another loan. (Scroll to the end for what else you should absolutely not do.). Ian Anderson, president of Westlake Financial, said it was never company policy for debt collectors to threaten borrowers or to use Skip Tracy to disguise calls as coming from another business. 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. 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. 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. He learned how to cut financial corners while acquiring a B.S. 5 Voluntary and involuntary repos arent different in this respect. We take all of our customers concerns seriously. Since that loan will be for the amount left on your loan rather than the original price of the car, your payments should be lower. Whether or not lawmakers decide the repo industry performs an "essential" function, or if the repo man has to wait for a treatment or vaccine like the rest of us before getting back to work, eventually your delinquency will catch up with you. Verified customer. The practice was used to place calls related to 137,000 loan accounts, the bureau said. WebWestlake is more than just an indirect auto lender. Heres a list of ways you might consider making some quick cash: Do you really need that car? Spend an hour cleaning up the truck a bit, My car has been repossessed, and I was told it will be sold. 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.