Look for an attorney who handles Fair Debt Collections Practices Act cases. 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. 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. Youll be out from under the monthly payments, and you can use the cash left over from the sale to get a cheaper vehicle. I am glad to be rid of this very unprofessional company. Say we owe over $22,000.00 for the rest of their so called contract !!!!!! Now when i traded in my truck they also recoreded it as a cash down not as trade in. Sam has a Masters degree in Creative Writing. This is the best way to manage and repair your business reputation. Here are the most comprehensive resources we've been able to turn up to help with both. Western Funding has reviewed the customers concerns and has responded directly to our customer and the ********************, in writing. I had issues with the car and the dealer offered to reimburse me for my troubles NOT to pay the first bill. 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. Learn more about how we make money. WebDefinitely do a voluntary repossession. 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. Our expert, award-winning staff selects the products we cover and rigorously researches and tests our top picks. However, if you cant, a voluntary repo will almost always be better than an involuntary one. 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. Heres a list of ways you might consider making some quick cash: Do you really need that car? Find and finance your next car from participating dealers. 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! We apologize for the negative experience you had with our company. 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. It may not be copied without the written permission of Ripoff Report. 2. 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. As a matter of policy, BBB does not endorse any product, service or business. Who is ED Magedson - Founder, Ripoff Report. Los Angeles California, Westlake Financial Services My car was repo for no reason stated that I broke contract. 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. How much does a voluntary repossession affect your credit score? The Impact of a Voluntary Vehicle Surrender. A Northwestern University graduate, he previously worked for the San Jose Mercury News, Newsday and the St. Petersburg Times. Westlake Financial Services - Rude service. Westlake has about 329,000 customers. This review was chosen algorithmically as the most valued customer feedback. The new lender pays off the old loan and takes over the cars title, until youve paid it off. 1 attorney answer. They Obligated me to pay $6597.00 for a car I don't have. Westlake Financial Services (Westlake) values its customers and takes each complaint seriously as an opportunity to assist and service customers more effectively. 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. They told us 24 to 48 hours we should have our car released from the Adjusters once they send them the release forum. Our expert, award-winning staff selects the products we cover and rigorously researches and tests our top picks. WebWhether you are a dealer or a loan customer, Westlake has the resources to help you. It does not need your car keys to take your car. Look at your response to my report! Sell the iPad. Note that complaint text that is displayed might not represent all complaints filed with BBB. However, you wont be hit with the fees that hit those who have their cars involuntarily repossessed. Richard Cordray, director of the Consumer Financial Protection Bureau, testifies before Congress in 2013. 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. If you buy through our links, we may get a commission. 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. This is completely secure and wont hurt your credit score. However, in the wake of the recent economic turmoil brought on by the coronavirus pandemic, most lenders have streamlined their financial hardship programs and are willing to be a bit forgiving if you just ask for help. Share your photos and videos with others to prove the truth of your words. Here is the thing your credit report shows your HISTORY. Here are a couple of alternatives to voluntary repossession: Sam Osbourne is a content writer for FinanceJar. The links to our partners are always clearly marked. The complaint has been investigated and resolved to the customers satisfaction. Even if this isnt the case for you, if you cant afford your vehicle, getting rid of it might be the way to go. Depending on your credit score, you could fall into one of four tiers of interest rates: Standard, Gold, Platinum and Titanium. New comments cannot be posted and votes cannot be cast. Has your experience with this business or person been good? I am not liable for this debt with western funding and do not have a contract with convergent. - 100% Legal. 1 Conversely, if the item sells for more than your debt is worth, your lender is normally required to give you the surplus. Then tryed to repressed the truck. Spend an hour cleaning up the truck a bit, Debt.org wants to help those in debt understand their finances and equip themselves with the tools to manage debt. 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. We dont accept compensation in exchange for reviews or articles, and we dont directly sell any products or services ourselves. Voluntary car repossession Most of the time, vehicle repossession is involuntary its initiated by the creditor rather than the borrower or lessee. 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. 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 The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. Pros and cons of voluntary repossession. Those are a big no-no with lenderseven if they are beyond the 24 months. Take advantage. Westlake has a portfolio of more than $2.5 billion in loans, many of them charging interest rates of more than 20% a year. When Does a Late Credit Card Payment Show Up on Credit Reports? But just like the help available with rent payments and unemployment benefits, you do have to ask. Register on MyAccount today and enroll to receive your FICO Score for free. How can they still be able to continue these fraudulent acts. Simply explained, refinancing means replacing your current loan with a new one, usually from a different lender. It's at 225k miles, approaching mileage where nobody's gonna buy it regardless of condition and what kbb says. Well guide you through the process. Don't sound like a repossession to me! The lender will sell your car at auction, and if the sale doesnt bring what you owe, youre on the hook for the difference. 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. A fairly quick, and sometimes very profitable way, is to sell stuff online. But they would have then sold the car at auction. They sold the car to auction for $2500. It was just to get the customer to pick up the phone, Anderson said. This isn't right when I have the vehicle, make payments on it and drive it everyday! 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. Talk to your lender to make sure the trade is doable and that there are no extenuating fees. 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. WebQuestions? What can I do? However, cars and other vehicles are the items that most often come to mind when people think of repossession (both voluntary and involuntary). If you are struggling to make a car payment, you have options. Getting your car repossessed is stressful and embarrassing. Frankly, it should not matter where my money comes from. There are two types of vehicle repossession which are voluntary and involuntary. Los Angeles California. Western Funding has reviewed the customers concerns as well as the account. Also future car buyers beware of this company WESTLAKE FINANCIAL yourself' don't get caught up in there lying, cheating scams! As a result, lenders are typically willing provide some help if youre going through a financial downturn. Generally speaking, banks would rather work with you and retain you as a customer than leave you stranded without a vehicle. Los Angeles California, Westlake Financial unauthorized use of a debit card not once but twice. Join our community, read the PF Wiki, and get on top of your finances! END OF STORY! WebWestlake Financial is not a prime lender and is very agressive with loan defaults. I thought nothing of 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. 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. Remember you had the car reposessed so even with them you have a negative history. I called Western Funding and explained the situation to the rep on the phone. 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. 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. And Westlake is just one of seven firms They decided to give me some money to cover fuel expenses back and forth to ********** (an hour and a half drive for us) and for my troubles. 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. protections against repossession passed by various states here, executive orders and laws is available here, the day after you miss even just one payment, argued that debt collection is an essential service. However, someone who thinks they are at risk of repossession may opt to tell their lender and give back the car voluntarily. By signing up, you will receive newsletters and promotional content and agree to our. We promise to always deliver the best financial advice that we can. This is only general information. Here is a list of our service providers. 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. Los Angeles CA, Westlake Financial Co Still sent out an order to repossess vehicle. So getting the car back was actually the smartest thing you could have done if you truly cared about your credit. Copyright 1997-2023 Ripoff Report. Since you are with Westlake without even seeing your credit, I can imagine you have things such as Charge-Off's or collection accounts,. However, its unclear how FICO and VantageScore (the two main credit scoring companies in the US) differentiate between involuntary and voluntary repossession when calculating your credit score. Either way, you may be entitled to buy back the vehicle by paying the full amount you owe, which typically includes your past due payments, the entire remaining debt, and costs related to the repossession, like storage, sale preparation, and attorney fees; or bidding on it at the repossession sale Learn more about our editorial standards. In retrospect, Im glad we put in place the things we have, he said. This is not legal advice and no attorney-client relationship is established.
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