YOU would have still been on the hook for the balance between what they sold it for and the remaining amount on the loan. Most will require you to pay off these types ofold debts before they will even consider approving you for a mortgage. The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. 1 Conversely, if the item sells for more than your debt is worth, your lender is normally required to give you the surplus. I will not ever again. Those are a big no-no with lenderseven if they are beyond the 24 months. 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. Previous review Next review. Dale Smith is a former Associate Writer on the How-To team at CNET. Our expert, award-winning staff selects the products we cover and rigorously researches and tests our top picks. Also, most banks have a 10 day grace period. 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. Why Ripoff Report will not release author information! Horrible customer service is all you get! Taking the time to explore your options now will save you a lot money down the road. First, call your lender and ask about any hardship assistance programs you may qualify for. Refinancing is not an option. Im $3000 in the whole because of this fraudulent company and dealership. The lenders must also submit plans to the bureau detailing how they will make sure they are in compliance with debt-collection rules, and keep recordings of all debt-collection calls for the next five years. So the only liar in this situation is YOU. But beware: Youll ultimately pay more for the car before the loan is paid off. 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. Then tryed to repressed the truck. To ensure that our articles and reviews are objective and unbiased, our writers and editors operate independently from our advertisers and affiliates. Its the typical deadbeat immature response of "you must work for them". R. 8:57 pm EST. Generally speaking, banks would rather work with you and retain you as a customer than leave you stranded without a vehicle. 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. Jim Puzzanghera covered business and economic issues from the Los Angeles Times Washington, D.C., bureau. Look at your response to my report! Whatever I do with my money is my prerogative. 2023 CNET, a Red Ventures company. Please DO NOT add attachments that contain your or other peoples personal information, if you dont want it to be visible to the public. Well guide you through the process. One way around this, however, is a deferment or forbearance program. Drug Rehab Deception Addiction Treatment Industry Rocked By Fraud & Abuse. However, someone who thinks they are at risk of repossession may opt to tell their lender and give back the car voluntarily. 5 Voluntary and involuntary repos arent different in this respect. 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. They might find savings available in areas you hadnt considered. Here's what you need to know about rent relief during the pandemic, as well as what assistance is available if you have a mortgage. This is only general information. Los Angeles California Nationwide, Enrique Rocha Westlake Financial Services Nationwide, Westlake Financial California Los Angeles California, Westlake Financial services I financed a VW golf 2010 with westlake for $8500 , They obligated me to pay them $17000 in during 5 years. Scan this QR code to download the app now. Corporate Advocacy Business Remediation and Customer Satisfaction Program. I am not liable for this debt with WESTERN FUNDING and do not have a contract with WESTERN FUNDING. Frankly, it should not matter where my money comes from. Youll always be able to tell what youre clicking. 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. However, if you cant, a voluntary repo will almost always be better than an involuntary one. Obviously, you dont want to default on your payments. Home Debt Voluntary Repossession: Everything You Need to Know. With voluntary repossession, you agree on a time and place to return an item youve financed to your lender. All rights reserved. Do you know who else doesnt want you defaulting? Another option for homeowners is a HELOC orhome equity line of credit, which is open-ended, like a credit card. 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. 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! I purchased a car in early January 2023. The payoff is too high to sell and get out from under it. That has been particularly true during the COVID pandemic. Heres a list of ways you might consider making some quick cash: Do you really need that car? 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. You may be tempted to hide your car from your creditors to avoid this. Western Funding has reviewed the customers concerns and has responded directly to our customer and the ********************, in writing. Look for something around $3,000-$5,000Remember, youll still need money for insurance and an emergency fund for the inevitable repairs. If we knew it was gonna be a repossession do they think We would have continued to pay them! We dont accept compensation in exchange for reviews or articles, and we dont directly sell any products or services ourselves. WebBanks dont want to take cars back. BBB Business Profiles may not be reproduced for sales or promotional purposes. Our expert, award-winning staff selects the products we cover and rigorously researches and tests our top picks. How can I stop a repossession? I think my choices are narrowed down to give it back, stop making payments and wait for repo, or commit insurance fraud. I'm as upside down as it gets on this thing. Ripoff Report has an exclusive license to this report. Everything we publish is as accurate and as complete as we can make it. Remember you had the car reposessed so even with them you have a negative history. Using the same example as above, the limit would be $32,000. 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. Retrieved from, Zoepf, S. (2018, March 5). When Does a Late Credit Card Payment Show Up on Credit Reports? If your property sells for less than the amount you owe, you may be required to pay the difference (known as the deficiency balance). You can also call your lender and inform them you can no longer make payments on your loan. WebWestlake Financial is not a prime lender and is very agressive with loan defaults. The consequences of Repossessions are considered derogatory marks on your credit report, which means that they can seriously damage your credit. Bike-sharing systems are becoming ubiquitous in larger cities. That means it can't use or threaten to use force or violence. The posting time indicated is Arizona local time. Jesslyn Firman, Reviewed by 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. Dont be afraid to call onfavors from friends or family. Pros of voluntary surrender Los Angeles California, Westlake auto finance June 5 I traded in the vehicle I had financed with Westlake BEFORE my pmt was due. WebWhether you are a dealer or a loan customer, Westlake has the resources to help you. Westlake Financial purchases and services auto loans while its subsidiary Wilshire Consumer Credit provides high-interest loans secured by auto titles. 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. 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. The repo company will then charge your bank for towing the vehicle, as well as a daily storage fee, usually around $25 to $75 per day. The tactics, most of which were used between January 2010 and April 2014, violate the federal Fair Debt Collection Practice Act and the Truth in Lending Act, the bureau said. Just so you know it will not stay on my credit for seven years because I will fight it with the credit report agency as well as posting on every website out there what a horrible company you are! 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. Join our community, read the PF Wiki, and get on top of your finances! 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. Resolved. So getting the car back was actually the smartest thing you could have done if you truly cared about your credit. Free COVID Antiviral Pills: New Official Website Helps Find Them, Long COVID Symptoms May Depend on the Variant You Contracted, use physical force against you or your property, Do Not Sell or Share My Personal Information, If you financed your car through the dealer, car review and pricing guide publisher, The most exhaustive list we came across of banks and other financial institutions -- big and small -- who have publicly announced coronavirus relief programs is from the. Refinancing could drop your credit scores slightly, but not as badly as missing payments or defaulting on the loan. los Angeles California, Westlake Financial Services Wrong and Illegal in every way Los Angeles California, GABRIELA BONILLA BONILLA LAW FIRM ORLANDO SCAM POSTING FOR A FAMILY MEMBER SCAM ARTIST STOLEN RETAINER HIDDEN FEES SCAM WORST FAMILY LAW LAWYER EXCESSIVE BILLING ORLANDO FLORIDA, Kenny Lessing REALTIME SCRIPTSTORE took $275 still no website A BULLY does not know how to treat customers Charlotte North Carolina Carolina, Paradise Property Management Ventura Illegal eviction my account being hacked, PPM will not investigate how it happened Ventura California, Kei Kullberg Quintessential Mortgage Group bait and switch you into promising you a low-rate Mortgage Scammer White Plains New York, TAHINI GODDESS Sally schimko Sexyveggies Tahini Goddess inulin Goddess Prebiotic white labeling of non-licensed food supplement. In practice, however, most lenders are willing to give your car back if you can at least catch up with your late payments (and, of course, even up with the repo company as well). Specialists available Monday to Friday, 10AM - 8PM EST. His writing covers credit scores, credit repair, and renters insurance. Find a willing trader and fill out the paperwork. Thats our first priority, and we take it seriously. If you file forChapter 7 bankruptcy, the creditor is prevented from repossessing the car, but could go to court and receive an order that permits repossession. Western Funding has reviewed the customers concerns and has responded directly to our customer and the ********************, in writing. Before making a decision, take some time to consider both the advantages and disadvantages of voluntary repossession. The practice was used to place calls related to 137,000 loan accounts, the bureau said. Read on to learn more about what a voluntary repo is and how it affects your credit. (In this context, financing refers to taking out a loan to buy a piece of property and using that property to secure the loan.). Read more reports about Westlake Financial. Felton, R. (2021, October 27) Many Americans Are Overpaying for Their Car Loans. And don't just stop paying your loan and hope for the best. Deferrals (or loan extensions) are when the lender allows you to delay your next one or two payments before resuming the normal payment schedule. You can do this instead of waiting for it to be towed from your home or workplace. Hiding negative complaints is only a Band-Aid. He left The Times in 2019. Estimated amount consumers saved since 1997: $15,590,010,907. Simply explained, refinancing means replacing your current loan with a new one, usually from a different lender. So you say I am the liar here your company is whack! They are a sub-prime lender and want to make sure they get THEIR money. I have no choice but to accept their response, but I reject it wholeheartedly. For taxes, credit cards and everything else, here's what other financial help is available. California, New Jersey Nationwide, Westlake Financial Stay Away! See a consumer credit or FDCPA attorney. Now, even if the reposession wasn't there, you were still 31 days late and that would also legitimatly be on your credit HISTORY. All rights reserved. If you have any questions about your account, please contact our customer service team at 888-739-9192. TODAY. They can, however, follow you to work, for example, or the grocery store, and wait until you leave your car unattended. The best option, of course, is to sell it, especially if the car is worth more than you owe on your loan. If not, consider a bike or moped. A deferment or forbearance allows you to skip between one and three payments with no late fees or penalties. I am not liable for this debt with western funding and do not have a contract with convergent. Banks, Credit Unions & Savings Institutions, Credit Protection Laws: The Consumer Credit Protection Act, How to Lower Your Credit Card Interest Rate, Credit Cards for Millennials: Terms, How to Apply & Rewards Programs, Unable to Pay Credit Card Minimum Payment, Gray Charges Have Credit Card Customers Seeing Red, Hazards of Paying the Minimum Payment on Your Credit Card, Revolving Credit: What It Is & How It Works, Unconventional Ways of Building, Improving Your Credit History, Unable to Pay Credit Card Minimum Payment , https://www.consumerreports.org/car-financing/many-americans-overpay-for-car-loans-a8076436935/, https://www.washingtonpost.com/business/2019/02/12/record-million-americans-are-months-behind-their-car-payments-red-flag-economy/?noredirect=on&utm_term=.9ed74c490e2e, http://ceepr.mit.edu/files/papers/2018-005%20Authors%20Statement.pdf, https://www.consumer.ftc.gov/articles/0144-vehicle-repossession. Take the bus. Voluntary repossession You should consider turning your car over to your lender as your absolute last resort. I took my paperwork to the Toyota dealership, he said they'd already sent Westlake a car. strict standards for business conduct. Our pages feature links to our partners websites. There are two types of vehicle repossession which are voluntary and involuntary. Robert Jellison. You need to change your entire attitude. I do not have a policy with this company nor have I ever done business with this company. Im $3000 in the whole because of this fraudulent company and dealership. Still, he acknowledged that the companys commission-based compensation system might have encouraged bad behavior as collectors sought to make contact with debtors. They told us 24 to 48 hours we should have our car released from the Adjusters once they send them the release forum. 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 YOU made a legal agreement to pay them a certain amount on a certain date for a specific amount of time. However, it shouldnt hurt your credit score. Thanks! 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. 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. 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. My questions is this legal? ), 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. How much does a voluntary repossession affect your credit score? You were repo'ed PLAIN AND SIMPLE. 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. But just like the help available with rent payments and unemployment benefits, you do have to ask. In general, if you can avoid a repo, you should do so. Theres not much you can do on your iPad you cant do on your cellphone. You pledge your home as collateral and receive a loan (i.e. 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. How to avoid leaving money on the table. Also, if there are any state laws that might offer some protections against repossession, you'll want to find out about those, too. Now when i traded in my truck they also recoreded it as a cash down not as trade in. Celebrity Skin Cream wrinkle cream rip-off advertisements US Based and Foreign companies bilked consumers out of Hundreds of Millions of dollars over the past 7 years. 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. Car was in shop and repo from there without my knowledge. If you buy through our links, we may get a commission. BBB Business Profiles are provided solely to assist you in exercising your own best judgment. In pretty much every instance your bank does not need a court order to attempt to repossess your car. and Credit Monitoring, Credit Reporting Services and Identity Protection, Credit Counseling for Veterans & Active Duty Military, Recognizing a Credit Repair or Credit Counseling Scam. Before making a decision, take some time to consider both the advantages and disadvantages of voluntary repossession. However, if you cant, a voluntary repo will almost always be better than an involuntary one. 12/22/2022. Learn more about how we make money. I told them I traded in the vehicle and no longer had it. 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. Lease Takeovers Try to find somebody willing to take on your lease. If youre anywhere from 30-90 days late, your car could get repossessed. 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. now i cannot even get through to their 24 hr number. .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 . I want this removed off my credit. Who's crazy enough to start this website? Bad idea. Before we drove off the lot, the car died on us. This method isnt as beneficial if you have bad credit because you wont qualify for better rates. If four wheels are something you feel you cannot do without, consider a used car. This is the best way to manage and repair your business reputation. We got ahold of Western Funding and was emailed a settle amount to get our car back. He was rude, telling me I owed the pmt regardless. We take all of our customers concerns seriously. Want CNET to notify you of price drops and the latest stories? Youll be out from under the monthly payments, and you can use the cash left over from the sale to get a cheaper vehicle. Buy a bicycle. They didn't. 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. 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. 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. 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. 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! Covid -19, millions of people have problems paying their bills, due to massive unemployment, business closures and so forth. YOU failed to pay YOUR bills on time. Since you are with Westlake without even seeing your credit, I can imagine you have things such as Charge-Off's or collection accounts,. Her work covers credit repair and credit scores, and in the past she's extensively researched and written about the insurance industry. Find and finance your next car from participating dealers. By extending the term of the loan for instance, if you had 24 months left on your original loan and you extended that to 36 months your monthly payments will be lower. How those businesses take care of those complaints is what separates good businesses from the rest. Westlake has a portfolio of more than $2.5 billion in loans, many of them charging interest rates of more than 20% a year. 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. Want to check your Websites like leasetrader.com make this pretty straight forward. Dont be afraid to drive a beater, if thats all you can afford. https://www.ripoffreport.com/reports/westlake-financial/nationwide/westlake-financial-services-repossession-on-my-credit-report-and-i-am-in-possession-of-th-1184418. 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! Both firms specialize in loans to borrowers with bad credit. How is this even possible if we are making current payments and still in possession of the vehicle. As a result, lenders are typically willing provide some help if youre going through a financial downturn. ), send it off to your lender and wait for an approval confirmation. They do not provide me with the original application like I asked. Or, perhaps, public transportation or other options can get you where you need to go. Vehicle Repossession Retrieved from. If you leave your vehicle in repo, either because you can't afford to get it out or you just decide it's not worth it, you're still not completely off the hook. Los Angelas California. WebWestlake is more than just an indirect auto lender. I checked on Monday, the 13th and the site stated it had not been paid yet. I'm Eligible for a Second COVID Vaccine Booster. And best of all, their advice and budgeting help is FREE! A review would mean a lot to us and takes less than 20 seconds. Types Of Repossession. Long story short, i scrounged up 1000 to spend on transport and couldn't find anything remotely dependable in that price range, so i bought a 2002 Ford f150 from a low credit dealership. Western Funding has reviewed the customers concerns as well as the account. They'd asked me for the due date so it could be handled.
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