Westlake Financial services Repossession on my credit report and I am in possession of the vehicle still making payments! 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. Bents Dulcio writes with a humble, field-level view on personal finance. Youll still need a way to get around. However, BBB does not verify the accuracy of information provided by third parties, and does not guarantee the accuracy of any information in Business Profiles. I tried calling and being nice but it's like dealing with a bunch of 2 year olds! 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. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Yes, I also want to receive the CNET Insider newsletter, keeping me up to date with all things CNET. WebFind homes for sale from 40% to 70% below market value. Your car was REPOSESSED, it doesn't matter if you were able to later reclaim it, it does not take away that the reposession occured. 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. The worst thing you can do is ignore the problem and assume it'll work itself out on its own. I was off work and was unable to pay a few months of my car payment and my account went in rep mode. Hiding negative complaints is only a Band-Aid. WebVoluntary repossessions stay on your credit report up to seven years. Thank you for bringing this matter to our attention. In retrospect, Im glad we put in place the things we have, he said. The auction price gives in general about 25-33% of the actual value of the car. Bogus Celebrity Advertisements FACE & Skin CREAM Ripoff! File your review. If you go past 30 days delinquent -- and especially if you miss the next two payments in your loan cycle as well -- that's where you start treading into repossession, or repo, territory. Do you not see how many negative comments are on this page? They do not provide me with the original application like I asked. Dont want to wait? and What are the consequences of not making your car payment? You can use any amount you need, up to your equity limit. Copyright 1997-2023 Ripoff Report. I never could, but with my wife working we made it work. 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. 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. BBB Business Profiles are provided solely to assist you in exercising your own best judgment. Voluntary repossessions stay on your credit report up to seven years. Whatever I do with my money is my prerogative. Los Angeles California, Westlake Financial Contract is over with them. Here are the most comprehensive resources we've been able to turn up to help with both. 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. They LIED? Lease Takeovers Try to find somebody willing to take on your lease. No materials from this website may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way. Consumers want to see how a business took care of business. 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. ComplaintsBoard.com is a leading complaint resolution website on the Internet. 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. 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. To get a payoff amount on a current Westlake loan: (888) 8-YES-YES (1-888-893-7937) Originations: For dealer questions about pending deals (888) 8-YES-YES (1-888-893-7937) For the Verification Department (regarding customer interviews) (866) 619-2521 Deal Submission Addresses: Using FedEx: Westlake Financial 4054 Willow Lake Blvd They were rude on the phone, repeatedly, and have poor morals and ethics running rampant in their business. I called Western Funding and explained the situation to the rep on the phone. Frankly, it should not matter where my money comes from. Probably not, so should i take the truck back to the dealer or just let it get reposessed? Be proactive and ask and your lender may be able to help. Well never try to trick you into clicking anything youre not genuinely interested in. 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. END OF STORY! WebBanks dont want to take cars back. Note that complaint text that is displayed might not represent all complaints filed with BBB. Share your photos and videos with others to prove the truth of your words. By clicking "Submit" I agree by electronic signature to: (1) be contacted about credit repair or credit repair marketing by a live agent, artificial or prerecorded voice and SMS text at my residential or cellular number, dialed manually or by autodialer, and by email (consent to be contacted is not a condition to purchase services); and (2) the Privacy Policy and Terms of Use. The practice was used to place calls related to 137,000 loan accounts, the bureau said. They are a sub-prime lender and want to make sure they get THEIR money. He has worked in the nations capital since 1998 and is a two-time National Press Club award winner for Washington coverage. If you have any questions about your account, please contact our customer service team at 888-739-9192. Remember you had the car reposessed so even with them you have a negative history. Fill out a form, possibly attach some documentation (termination letter, layoff notice, etc. However, cars and other vehicles are the items that most often come to mind when people think of repossession (both voluntary and involuntary). 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. I Cant Pay My Car Payment. Westlake has a portfolio of more than $2.5 billion in loans, many of them charging interest rates of more than 20% a year. As a result, lenders are typically willing provide some help if youre going through a financial downturn. Bents has experience with student loans, affordable housing, budgeting to include an auto loan and other personal finance matters that greet all Millennials when they graduate. Pretending to be family members and even flower shops and pizza delivery services, the collectors tried to get borrowers to disclose their location or the location of the vehicle, for possible repossession, the bureau said. 2023 CNET, a Red Ventures company. After that, your lender may sell it privately or at a public auction to cover your debt. 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. NEVER do business with Western Funding. Talk to your lender to make sure the trade is doable and that there are no extenuating fees. Has your experience with this business or person been good? Verified customer. 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. Do Not Sell or Share My Personal Information, First Republic up in air as regulators juggle banks fate, 8 best interview questions to land a top job, Bank rates are up. 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. Copyright 1997-2023, Ripoff Report. Why Ripoff Report will not release author information! Theres not much you can do on your iPad you cant do on your cellphone. REBUTTAL BOX Resolved. Search dealer inventory with a hassel-free car buying experience. 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. Voluntary repossession is an alternative to involuntary repossession that gives you some control over how your lender takes back ownership of a secured asset such as a vehicle. Refinancing could drop your credit scores slightly, but not as badly as missing payments or defaulting on the loan. This is not legal advice and no attorney-client relationship is established. If you owe more than what the car is worth, youll still have to pay what you owe your lender. Western Funding has reviewed the customers concerns and has responded directly to our customer and the ********************, in writing. 1 Conversely, if the item sells for more than your debt is worth, your lender is normally required to give you the surplus. So you say I am the liar here your company is whack! 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. He left The Times in 2019. How to avoid leaving money on the table. 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. 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. All business will get complaints. He was rude, telling me I owed the pmt regardless. If your bank doesn't have it set up that easy and you have no idea where to begin, the legal services websiteDoNotPay has a chatbot that can help you draft a letter to your lender. That might involve another loan. All rights reserved. YOU failed(lied) to meet YOUR obligation and they exercised their legal right to reposess the vehicle. Call us now. And don't just stop paying your loan and hope for the best. What the BBB has done to consumers for over 100 years is one of the many reasons why Ripoff Report was created. 12/22/2022. In a situation where repossession is unavoidable, a voluntary repossession does come with a few advantages. If you are struggling to make a car payment, you have options. Consumers educating consumers., Complaints Reviews Scams Lawsuits Frauds Reported.. The dealer offered to "cover" the first payment in order to help make things right. Ocala Florida, Westlake Financial Worst individual consumer experience of my life!!!! 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. Heres a list of ways you might consider making some quick cash: Do you really need that car? - 100% Legal. Enter your credentials to view your account. Our pages feature links to our partners websites. 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. However, if you cant, a voluntary repo will almost always be better than an involuntary one. We take all of our customers concerns seriously. Westlake Services, LLC is an indirect auto finance company based in Los Angeles that specializes in purchasing and servicing auto loans, including many subprime I thought nothing of it. How Long Does a Repo Stay on Your Credit? 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. R. 8:57 pm EST. It does not need your car keys to take your car. Now when i traded in my truck they also recoreded it as a cash down not as trade in. Specialists available Monday to Friday, 10AM - 8PM EST. One week later, Westlake called me telling me my pmt was late. Dale Smith is a former Associate Writer on the How-To team at CNET. They told us 24 to 48 hours we should have our car released from the Adjusters once they send them the release forum. In pretty much every instance your bank does not need a court order to attempt to repossess your car. The lender will sell your car at auction, and if the sale doesnt bring what you owe, youre on the hook for the difference. Youll be out from under the monthly payments, and you can use the cash left over from the sale to get a cheaper vehicle. YOU turned on the collections and repo efforts. Los Angelas California. 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. In general, if you can avoid a repo, you should do so. Drug Rehab Deception Addiction Treatment Industry Rocked By Fraud & Abuse. What are the consequences of Westlake repossessing your car? 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. Refinancing allows you to lower your payments, either by extending the term of the loan, getting a lower interest rate or, ideally, both. In all cases, repossession is specific to secured loans, where the collateral is the item youve purchased. Wilshire Consumer Credit is the first auto-title lender cited by the agency, according to the advocacy group Center for Responsible Lending. If you fall behind on your home equity loan payments, the bank has the right to foreclose on your home. 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. See details. 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. YOU made a legal agreement to pay them a certain amount on a certain date for a specific amount of time. So before you sit here and say I have bad credit for different reasons know your facts! Deferrals (or loan extensions) are when the lender allows you to delay your next one or two payments before resuming the normal payment schedule. As an alternative to car repossession, you can try negotiating with your lender for a more manageable repayment plan. Dont be afraid to drive a beater, if thats all you can afford. They should know we are making currents payments they call us every month 2 to 3 days before the car payment is even due! How do I get the repossession off our credit? Most will require you to pay off these types ofold debts before they will even consider approving you for a mortgage. the one from June, AND the one for JULY. 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. Previous review Next review. Los Angeles California, westlake financial bad services, liars, not understandable los angeles Nationwide, Westlake 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. Search over 2 MILLION PROPERTIES from Bank of America foreclosures, JP Morgan foreclosures, Citigroup Who's crazy enough to start this website? We strive to help dealers in all aspects of their business reach their goals and achieve success. Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. Titanium Program (750+) APR starting from 7.49%; borrow up to $50,000 When Should I Get It? Ford is currently offering to pay six months' worth of new vehicle payments when you purchase a new car from the company. That has been particularly true during the COVID pandemic. Im $3000 in the whole because of this fraudulent company and dealership. He learned how to cut financial corners while acquiring a B.S. Types Of Repossession. How can I stop a repossession? Generally speaking, banks would rather work with you and retain you as a customer than leave you stranded without a vehicle. Fast forward to yesterday, I received a call from ***** again stating that it was decided that they wanted the dealer to purchase the car loan back because they broke rules by paying the first payment. They didn't. Involuntary repossession means the lender seizes your vehicle because you are behind on your car payments. That said, you can probably handle this on your own.

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