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). I think my choices are narrowed down to give it back, stop making payments and wait for repo, or commit insurance fraud. YOU screwed up. Generally speaking, banks would rather work with you and retain you as a customer than leave you stranded without a vehicle. She said that it would not be a problem and if the dealer hadn't made the payment by the end of the day, I'd call the next day and pay it after I got out of surgery. ), 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. This report was posted on Ripoff Report on 10/22/2014 08:51 PM and is a permanent record located here: Uber may be an option depending on how far you live from work and how often you need to commute. For taxes, credit cards and everything else, here's what other financial help is available. These companies may impact how and where the services appear on the page, but do not affect our editorial decisions, recommendations, or advice. My questions is this legal? Why is Frank McCourt really pushing this? Types Of Repossession. Still dealing with a lying, cheating, non customer service company! 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. Jesslyn has a B.S. 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. Sell the iPad. Look for something around $3,000-$5,000Remember, youll still need money for insurance and an emergency fund for the inevitable repairs. Wilshire Consumer Credit is the first auto-title lender cited by the agency, according to the advocacy group Center for Responsible Lending. 23 complaints closed in the last 12 months. Who is ED Magedson - Founder, Ripoff Report. But these arent the only options. YOU failed to pay YOUR bills on time. WebIf you need immediate assistance, it's always best to call our Customer Service at 800-967-8526. In pretty much every instance your bank does not need a court order to attempt to repossess your car. If four wheels are something you feel you cannot do without, consider a used car. You will only be responsible for repaying the interest of the amount you used. 2012-2023 Debt.org LLC. TODAY. And Westlake is just one of seven firms that make up the multibillion-dollar empire controlled by Hankey, estimated to be worth $2.56 billion. We strive to help dealers in all aspects of their business reach their goals and achieve success. How do I get the repossession off our credit? If you've fallen behind on your car payments, chances are other bills are stacking up as well. Some of our articles feature links to our partners, who compensate us when you click them. A program that benefits the consumer, assures them of complete satisfaction and confidence when doing business with a member business. BBB Business Profiles are subject to change at any time. BBB asks third parties who publish complaints, reviews and/or responses on this website to affirm that the information provided is accurate. You can also call your lender and inform them you can no longer make payments on your loan. So before you sit here and say I have bad credit for different reasons know your facts! If you're at risk of having your car or truck repossessed, there are other options available besides deferment, but none quite as simple or easy. Why Ripoff Report will not release author information! Written by WebWestlake Financial now lets you access your FICO Credit Score for FREE! Westlake executives blamed the abuses on rogue employees and said they have put systems in place to prevent further illegal activity. Refinancing is not an option. Her work covers credit repair and credit scores, and in the past she's extensively researched and written about the insurance industry. Consumers want to see how a business took care of business. To ensure that our articles and reviews are objective and unbiased, our writers and editors operate independently from our advertisers and affiliates. This is not legal advice and no attorney-client relationship is established. WebVoluntary repossessions stay on your credit report up to seven years. Los Angeles California, Westlake Financial Trying to refinance the vehicle and Westlake refuses to provide me the information needed El Monte ca California, Westlake Financial PO Box Payment taken after requested to stop auto draft due to insurance payoff now cant get the funds returned Los Angeles California, Westlake Financial Services/Owner Report false information Los Angeles California, Westlake Financial Services (WFS) Failure to provide Release of Lien Marble Falls TX, Westlake financial Recieve a dozen if not more calls a day from several different numbers all from wesltlake finacial. the one from June, AND the one for JULY. Do you know who else doesnt want you defaulting? 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. Before you apply for an auto loan with one of Westlake Financials partner dealerships, take some time to check your credit and compare loan offers from other lenders. 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. Verified customer. Westlake Financial Services is an indirect auto lender, so youll need to apply for a loan through one of its partner dealers. First, call your lender and ask about any hardship assistance programs you may qualify for. Here are a couple of alternatives to voluntary repossession: Sam Osbourne is a content writer for FinanceJar. Well guide you through the process. 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! By signing up, you will receive newsletters and promotional content and agree to our. Number 2 - Had you failed to get the car back, it still would have been a reposession. I was off work and was unable to pay a few months of my car payment and my account went in rep mode. It was just to get the customer to pick up the phone, Anderson said. 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. Whatever you do, don't try to hide your car from your bank or the repo company. Repossessions are considered derogatory marks on your credit report, which means that they can seriously damage your credit. 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. So you say I am the liar here your company is whack! One week later, Westlake called me telling me my pmt was late. Western Funding **** values its customers and takes each complaint seriously as an opportunity to assist and service customers more effectively. We hope this template helps you achieve your goals. Here is the thing your credit report shows your HISTORY. Your lender may be more lenient if you've never missed a payment before, but the more often you've been late in the past, the sooner they might attempt repossession. They were rude on the phone, repeatedly, and have poor morals and ethics running rampant in their business. 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. Copyright 1997-2023, Ripoff Report. The new lender pays off the old loan and takes over the cars title, until youve paid it off. If you get a two-month deferral, your loan term will extend by two months. I have roughly 1100 in fixed expenses aside from the stupid truck, so in short i can't really reasonably afford it. Learn more about how we make money. They LIED? So the only liar in this situation is YOU. Thank you for bringing this matter to our attention. The next day I received a call from *****/***** requesting all correspondence from the dealer. As businesses like this soda and candy shop in Asheville, North Carolina, start to reopen, you can bet repossession companies will be back to work, too. Search dealer inventory with a hassel-free car buying experience. Join our community, read the PF Wiki, and get on top of your finances! Thank you for sharing your feedback with Westlake Financial Services. They should know we are making currents payments they call us every month 2 to 3 days before the car payment is even due! This will surely increase the credibility of your complaint. We'll continue to update this story as new details emerge. second mortgage) that usually amounts to 80% of the equity in your home. Dale Smith is a former Associate Writer on the How-To team at CNET. These arent long-term solutions, but if youve had a brief financial setback, they can help you through a tough time. 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. If you click on one of those links, we get paid. My wife and i have a scheduled c section this Friday to welcome our second (and last) into the world and she left her job a few weeks ago so of course i shoulder all financial burden. The payoff is too high to sell and get out from under it. How Long Does a Repo Stay on Your Credit? His writing covers credit scores, credit repair, and renters insurance. And don't just stop paying your loan and hope for the best. 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. repossessions stay on your credit report for seven years. You wont know when this will happen, and actual repossession takes place sporadically. FinanceJar partners with other companies in the credit and finance industry, such as credit card issuers and credit repair companies. I would of took that money and put it on a down payment with a company that isn't a bunch of harassing liars! For one, you're probably not going to beat them at their own game, and the longer it takes to find it (and the more difficult you make it), the more they're going to charge you for their services in the end. I am not liable for this debt with WESTERN FUNDING and do not have a contract with WESTERN FUNDING. 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! READ: Foreign websites steal our content, Click Here to read other Ripoff Reports on Westlake Financial. What can I do? 2023 CNET, a Red Ventures company. 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. YOU failed(lied) to meet YOUR obligation and they exercised their legal right to reposess the vehicle. If youre a homeowner, it could pay to use the equity in your home to turn your car loan into something with a better interest rate. Or, perhaps, public transportation or other options can get you where you need to go. 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. Say we owe over $22,000.00 for the rest of their so called contract !!!!!! 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. Our writers and editors follow strict editorial standards and operate independently from our advertisers and affiliates. Now, even if the reposession wasn't there, you were still 31 days late and that would also legitimatly be on your credit HISTORY. I have a loan on a truck through westlake financial. 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). 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, 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. Ford is currently offering to pay six months' worth of new vehicle payments when you purchase a new car from the company. 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. Toyota dealership contacted them ( I was sitting right there) and Westlake gave them a 10 day payoff amt. Can You Buy a Home While on Credit Counseling? I purchased a car in early January 2023. The downside is youll be putting all your eggs into one very precious basket. I guess we are all liars thencracking up at this non sense! Our expert, award-winning staff selects the products we cover and rigorously researches and tests our top picks. Westlake Financial Services - Rude service. 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. Dont be afraid to call onfavors from friends or family. Westlake Financial offers indirect auto loans through participating new and used car dealerships across the U.S. IN 3 WEEKS THEY SENT 3 OF MY RECIPIENTS DEAD FROZEN TINY BOUQUETS calgary. 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. As an alternative to car repossession, you can try negotiating with your lender for a more manageable repayment plan.