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. Learn more about how we make money. If you failed to pay that they would then have the legal right to file a suit against you in civil court. Let us know what you think. I was off work and was unable to pay a few months of my car payment and my account went in rep mode. 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. Or, perhaps, public transportation or other options can get you where you need to go. 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. We make money through advertising. 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. Our six-week newsletter will help you make the right decision for you and your property. Home > Credit > Loans > Auto Loans > Help! The Impact of a Voluntary Vehicle Surrender. Westlake Financial Repo Why You Should Never, Ever Do A 'Voluntary Repo Do you know who else doesnt want you defaulting? 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. Want to check your How can they still be able to continue these fraudulent acts. 1 attorney answer. YOU turned on the collections and repo efforts. . Thank you for bringing this matter to our attention. Take advantage. I will not ever again. Westlake Financial 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. 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. Yes. If your credit score is 700 or higher, consider refinancing. BBB Business Profiles generally cover a three-year reporting period. Thank you for bringing this matter to our attention. 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. File your review. You have no intelligent rebuttal to his responsenone at all! Join our community, read the PF Wiki, and get on top of your finances! 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. 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. A lot of these folks are cash-strapped, and [lenders] are making a bet that theyre not going to hire a lawyer, he said. Thank you for bringing this matter to our attention. 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. 1. To ensure that our articles and reviews are objective and unbiased, our writers and editors operate independently from our advertisers and affiliates. But these arent the only options. 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. Westlake Services, dba Westlake Financial Services Jesslyn has a B.S. Los Angelas California. How Palm Springs ran out Black and Latino families to build a fantasy for rich, white people, 17 SoCal hiking trails that are blooming with wildflowers (but probably not for long! Its illegal fraud, to be more precise and the harder you make the repo man work, the more he charges the bank, costs that will be passed on to you. I am not liable for this debt with WESTERN FUNDING and do not have a contract with WESTERN FUNDING. 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 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. Los Angeles California. L.A. auto finance firms must refund $44 million for collection tactics 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. When Does a Late Credit Card Payment Show Up on Credit Reports? Dont want to wait? Some of our articles feature links to our partners, who compensate us when you click them. This may affect the products and services that we showcase in our articles and how we place and order them. We take all of our customers concerns seriously. Don't just sit back and wait until the bank repos your car. YOU failed(lied) to meet YOUR obligation and they exercised their legal right to reposess the vehicle. 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. 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! They Obligated me to pay $6597.00 for a car I don't have. 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. The thing about getting a sub-prime loan is just doing what you have to do until youve built your credit enough to trade in or refi (make on time payments). So you say I am the liar here your company is whack! There are two types of vehicle repossession which are voluntary and involuntary. I guess we are all liars thencracking up at this non sense! If youve fallen behind on your car payments, chances are other bills are stacking up as well. (2008, November). If you get a two-month deferral, your loan term will extend by two months. Advertisers above have met our Search over 2 MILLION PROPERTIES from Bank of America foreclosures, JP Morgan foreclosures, Citigroup We hope this template helps you achieve your goals. I have no choice but to accept their response, but I reject it wholeheartedly. A voluntary repo is classed as a derogatory item and will remain on your credit report for up to seven years. Archived post. A $300-million (minimum) gondola to Dodger Stadium? This isn't right when I have the vehicle, make payments on it and drive it everyday! Jim Puzzanghera covered business and economic issues from the Los Angeles Times Washington, D.C., bureau. My questions is this legal? Learn more about how we make money. If we knew it was gonna be a repossession do they think We would have continued to pay them! If you click on one of those links, we get paid. Once this is all done, hand over the keys. Refinancing is not an option. I still have to pay another $2000.00 +, or they will take my car. Richard Cordray, director of the Consumer Financial Protection Bureau, testifies before Congress in 2013. I told him, no I didn't! They do not provide me with the original application like I asked. If you are struggling to make a car payment, you have options. The new lender pays off the old loan and takes over the cars title, until youve paid it off. The worst thing you can do is ignore the problem and assume it'll work itself out on its own. Voluntary repossessions stay on your credit report up to seven years. How is this even possible if we are making current payments and still in possession of the vehicle. Our expert, award-winning staff selects the products we cover and rigorously researches and tests our top picks. Calling to ask is about all you can do but be prepared for a negative response. 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. We know that taking financial advice from us requires a lot of trust on your part. I want this removed off my credit. The dealer immediately took action and kept the car and took it to the shop for us. I GET A LETTER demanding 2 months pmt. 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. However, it may look better to lenders than an involuntary repo. A voluntary repossession allows you to hand your car back to your lender on your own timeline. There are a few A credit freeze prevents prospective lenders and creditors from A repossession takes 7 years to come off your credit report, We make money from advertising. I volunteer to repossessed the car. No materials from this website may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way. And Westlake is just one of seven firms The payment was due on 11 February, which was a Saturday. We promise to always deliver the best financial advice that we can. 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). Voluntary repossession is when you willingly return your car (or another piece of property youve financed) to your lender. 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! This comment was posted by a verified customer. The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. Our editorial team operates independently (with no influence from our affiliates or our advertising team) so as to avoid compromising the objectivity of our reviews. Resolved. And best of all, their advice and budgeting help is FREE! Look for something around $3,000-$5,000Remember, youll still need money for insurance and an emergency fund for the inevitable repairs. He has worked in the nations capital since 1998 and is a two-time National Press Club award winner for Washington coverage. 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. Consumers struggling to pay their bills deserve to be treated with respect, not subjected to illegal threats and deceptive phone calls, said Richard Cordray, director of the bureau, which announced the action Thursday. Westlake Financial offers indirect auto loans through participating new and used car dealerships across the U.S. I have a loan on a truck through westlake financial. The payoff is too high to sell and get out from under it. 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. Voluntary Repossession 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. Everything we publish is as accurate and as complete as we can make it. Depending on your credit score, you could fall into one of four tiers of interest rates: Standard, Gold, Platinum and Titanium. Be proactive, some shrewd financial planning and a little foresight goes a long way. Ocala Florida, Westlake Financial Worst individual consumer experience of my life!!!! Otherwise.wait 7years(well 6 years now). 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. Can You Buy a Home While on Credit Counseling? I do not have a policy with this company nor have I ever done business with this company.

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