Here's a look at the most current information and resources we could locate to help you deal with your car payment. Our expert, award-winning staff selects the products we cover and rigorously researches and tests our top picks. Even if this isnt the case for you, if you cant afford your vehicle, getting rid of it might be the way to go. Can You Buy a Home While on Credit Counseling? You were repo'ed PLAIN AND SIMPLE. They prey on people with bad credit desperate to get a vehicle. Western Funding has reviewed the customers concerns and has responded directly to our customer and the ********************, in writing. 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. Contact Bridgecrest | Bridgecrest.com As a matter of policy, BBB does not endorse any product, service or business. File your review. That might involve another loan. 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.. Youll still need a way to get around. If you quit paying your car payment, eventually a vehicle recovery service will come tow your car. Most lenders' programs have been streamlined to be pretty simple to apply for. Uber may be an option depending on how far you live from work and how often you need to commute. Covid -19, millions of people have problems paying their bills, due to massive unemployment, business closures and so forth. 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. WebQuestions? WebWestlake Financial is not a prime lender and is very agressive with loan defaults. If you are struggling to make a car payment, you have options. I will not ever again. Whatever you do, don't try to hide your car from your bank or the repo company. Monday morning we get to our car and find our debit card and money still there and went straight to ******* to send a MonyGram of ******** directly to them. Her work covers credit repair and credit scores, and in the past she's extensively researched and written about the insurance industry. 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. 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. BBB is here to help. Taking the time to explore your options for eliminating debt now will save you a lot of money down the road. We apologize for the negative experience you had with our company. At this point I am asking for Westlake Financial to honor the original loan and terms as well as to not report a repossession on my credit report. A review would mean a lot to us and takes less than 20 seconds. You think you know so much! If you know its about to happen and have chosen not to do a voluntary repossession, remove your personal belongings and after-market equipment such as subwoofers and lights before this happens. Advertisers above have met our Its the typical deadbeat immature response of "you must work for them". 12/22/2022. Robert made excellent points as he usually does. You can also call your lender and inform them you can no longer make payments on your loan. The auction price gives in general about 25-33% of the actual value of the car. YOU made a legal agreement to pay them a certain amount on a certain date for a specific amount of time. 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. REBUTTAL BOX We make money through advertising. They make more money off of you the longer you keep the car. Why is Frank McCourt really pushing this? (2008, November). 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. 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. 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. They totally lied to us then screwed us just to get our money! In general, if you can avoid a repo, you should do so. A deferment or forbearance allows you to skip between one and three payments with no late fees or penalties. I have roughly 1100 in fixed expenses aside from the stupid truck, so in short i can't really reasonably afford it. How to talk to your bank about deferring payments, find help and everything else you should know. No one is able to explain to me why. BBB Business Profiles generally cover a three-year reporting period. Better Business Bureau Voluntary repossessions stay on your credit report up to seven years. Bad idea. 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. A voluntary repo is classed as a derogatory item and will remain on your credit report for up to seven years. Some of our articles feature links to our partners, who compensate us when you click them. Westlake Financial offers indirect auto loans through participating new and used car dealerships across the U.S. Archived post. Refinancing could drop your credit scores slightly, but not as badly as missing payments or defaulting on the loan. 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. Instead, the software was intended to be used only to make calls appear to be coming from local numbers instead of toll-free numbers that consumers often will not pick up a practice the firm said was legal, though no longer used. If your financial situation has become drastic, you could save your car from repossession by filing forChapter 13 bankruptcyand making the car part of the repayment plan you present the court. The best option, of course, is to sell it, especially if the car is worth more than you owe on your loan. Ripoff Report | Complaints Reviews Scams Lawsuits Frauds Reported. If you failed to pay that they would then have the legal right to file a suit against you in civil court. 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. Fill out a form, possibly attach some documentation (termination letter, layoff notice, etc. Additional Services I volunteer to repossessed the car. 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. Read more reports about Westlake Financial. Westlake has reviewed the customers concerns and has responded directly to our customer and the ********************, in writing. Do you know who else doesnt want you defaulting? 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. Samuel Osbourne Let us know what you think. Voluntary repossession You should consider turning your car over to your lender as your absolute last resort. Look for an attorney who handles Fair Debt Collections Practices Act cases. and 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. Copyright 1997-2023, Ripoff Report. The complaint has been investigated and resolved to the customers satisfaction. Find a willing trader and fill out the paperwork. Still, he acknowledged that the companys commission-based compensation system might have encouraged bad behavior as collectors sought to make contact with debtors. If you've fallen behind on your car payments, chances are other bills are stacking up as well. The new lender pays off the old loan and takes over the cars title, until youve paid it off. WebContact Westlake Financial at (888) 739-9192 for assistance if: You paid off your vehicle more than 10 business days ago and have not received your title or lien release If you 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. WebWhether you are a dealer or a loan customer, Westlake has the resources to help you. The payoff is too high to sell and get out from under it. In a situation where repossession is unavoidable, a voluntary repossession does come with a few advantages. I was off work and was unable to pay a few months of my car payment and my account went in rep mode. Fill in your information and we will securely pull your TransUnion credit report. Los Angeles California, Westlake Financial Contract is over with them. Say we owe over $22,000.00 for the rest of their so called contract !!!!!! 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. Previous review Next review. MyAccount - FAQs - Westlake Financial 1 Conversely, if the item sells for more than your debt is worth, your lender is normally required to give you the surplus. Illegal Debt Collection Tactics - Consumer Financial Protection Bureau 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.". In most cases, your lender will contract with a third-party agency that specializes in repossessions. Robert Jellison. Call us now. I had issues with the car and the dealer offered to reimburse me for my troubles NOT to pay the first bill. If you choose to do business with this business, please let the business know that you contacted BBB for a BBB Business Profile. If your credit score is 700 or higher, consider refinancing. You pledge your home as collateral and receive a loan (i.e. 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. Before making a decision, take some time to consider both the advantages and disadvantages of voluntary repossession. If youre able to get a lower interest rate, the total cost will still probably increase, though not as much. WebYou can challenge a creditor's claim for a deficiency judgment if it failed to legally repossess the car, such as for the following reasons: Breach of Peace Creditors can't breach the peace while repossessing the car. 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. Additional Services Customer Reviews are not used in the calculation of BBB Rating. He has a prodigious appetite for reading, which he helps feed with writing from Scottish philosopher Adam Smith, the Father of Capitalism. Bents writing also has been published by JPMorgan Chase, TheSimpleDollar and Interest.com. Dont be afraid to drive a beater, if thats all you can afford. But just like the help available with rent payments and unemployment benefits, you do have to ask. Listen whoever you are I used your company because I never had built my credit I had pak everything cash so wanting to build my credit not having scores I made the simple mistake of using your company to do that! They LIED? The earlier you act the better, the point is to stay ahead of the crisis. This problem wont just disappear if you wait long enough. 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. How Voluntary Repossession Works - NerdWallet Join our community, read the PF Wiki, and get on top of your finances! You've been warned. Get a credit improvement plan that works for you with 1 phone call. Specialists available Monday to Friday, 10AM - 8PM EST. Once we get the customer to pick up the phone, we can tell them how important it is that they make their payment.. This company has been calling me from more than 10 different phone numbers all hours of the day and night for a month. 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. That means it can't use or threaten to use force or violence. Its unfortunate we couldnt fix it all in the past.. Frankly, it should not matter where my money comes from. *In Canada, trademark(s) of the International Association of Better Business Bureaus, used under License. ), send it off to your lender and wait for an approval confirmation. Estimated amount consumers saved since 1997: $15,590,010,907. He joined The Times in 2006 and won the papers Editors Award in 2009 for coverage of the financial crisis. We strive to help dealers in all aspects of their business reach their goals and achieve success. Also, your credit has to be good enough for a bank to underwrite a new loan for you, which may or may not be the case anymore. Western Funding has reviewed the customers concerns and has responded directly to our customer and the ********************, in writing. Additionally, youll find it difficult to convince a lender to refinance if you are upside down on your car loan. 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. This was the conversation between me and the dealership at *************. 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. 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. Has your experience with this business or person been good? Want CNET to notify you of price drops and the latest stories? 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. Theres not much you can do on your iPad you cant do on your cellphone. If you've only had your car loan for a year or two, you might actually still owe more than it's worth. They did not provide me with the original application like I asked. second mortgage) that usually amounts to 80% of the equity in your home. Thats the only way that we make money. Refinancing allows you to lower your payments, either by extending the term of the loan, getting a lower interest rate or, ideally, both. Westlake has about 329,000 customers. Learn more about how we make money. We strive to help dealers in all aspects of their business reach their goals and achieve success. Sam has a Masters degree in Creative Writing. NEVER do business with Western Funding. There are ways to get around if you are willing and resourceful. 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. WebFind homes for sale from 40% to 70% below market value. Number 2 - Had you failed to get the car back, it still would have been a reposession. Voluntary repossession has three key advantages: There are also a couple of downsides to voluntarily surrendering your vehicle or another item (on top of the obvious downside that youll lose your property): To make a fully informed decision, you need to know what your other options are. There are two types of vehicle repossession which are voluntary and involuntary. Retrieved from, Zoepf, S. (2018, March 5). So getting the car back was actually the smartest thing you could have done if you truly cared about your credit. Im $3000 in the whole because of this fraudulent company and dealership. For more than 15 years we have helped nearly 50000 customers resolve their issues and will never stop striving to ensure further improvements on our platform for a better communication between companies and customers. You could do what's called a "voluntary repossession," where you contact your lender and indicate your desire to turn your vehicle over to it. Many states have laws on the books about how long and under what conditions lenders must allow you the opportunity to get your vehicle back, but the terms aren't exactly favorable, especially if you're in the kind of financial situation that led to repo in the first place. I am not liable for this debt with WESTERN FUNDING and do not have a contract with WESTERN FUNDING. Los Angelas California. All rights reserved. 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. I tried calling and being nice but it's like dealing with a bunch of 2 year olds! 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. When your lender seizes your car or another asset as collateral Its possible to hide your car from the repo man, but you could You can usually buy your car back within a short window after a SYNCB/PPC stands for Synchrony Bank/PayPal Credit. I called Western Funding and explained the situation to the rep on the phone. Westlake is more than just an indirect auto lender. He left The Times in 2019. They were rude on the phone, repeatedly, and have poor morals and ethics running rampant in their business. WebBanks dont want to take cars back. 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. Western Funding **** values its customers and takes each complaint seriously as an opportunity to assist and service customers more effectively. Probably not, so should i take the truck back to the dealer or just let it get reposessed? PLUS the pay off amt is the same amt they told Toyota on June 5th! The dealer immediately took action and kept the car and took it to the shop for us. 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. Your lender. He learned how to cut financial corners while acquiring a B.S. 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. Learn more about how we make money. Taking the time to explore your options now will save you a lot money down the road. Just be honest and forthcoming about your situation and realistic about how much time you'll need to get back on your feet. Remember you had the car reposessed so even with them you have a negative history. Our writers and editors follow strict editorial standards and operate independently from our advertisers and affiliates. 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. If you owe more than what the car is worth, youll still have to pay what you owe your lender. 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 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. 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. Involuntary repossession means the lender seizes your vehicle because you are behind on your car payments. 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. If you fall behind on your home equity loan payments, the bank has the right to foreclose on your home. Youll always be able to tell what youre clicking. Welcome to Westlake's MyAccount - Westlake Financial They offered to pay all bills to get the issue resolved. WESTLAKE FINANCIAL SERVICES Western Funding **** values its customers and takes each complaint seriously as an opportunity to assist and service customers more effectively. Felton, R. (2021, October 27) Many Americans Are Overpaying for Their Car Loans. You will only be responsible for repaying the interest of the amount you used. Everything we publish is as accurate and as complete as we can make it. Yes. My questions is this legal? Calling to ask is about all you can do but be prepared for a negative response. With voluntary repossession, you agree on a time and place to return an item youve financed to your lender. I was off work and was unable to pay a few months of my car payment and my account went in rep mode. I did. If the repo is correct then it has a 100% right to be on your bureau reports. I felt threatened so I sent her all I had and explained the issue. Again, it shouldnt affect your credit score. 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. If you own a home, you may want to look into a home equity loan. Trying to rip me off for an additional $450.00,, if you deal with Westlake financial, you'd better do a search and see all the bad things they do to people. Ripoff Report Hiding negative complaints is only a Band-Aid. The dealer offered to "cover" the first payment in order to help make things right.