It does not affect our evaluations of them, which our writers and editors create independently, without considering our relationships with our partners. 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. Tell us has your experience with this business or person been good? We strive to help dealers in all aspects of their business reach their goals and achieve success. Refinancing could drop your credit scores slightly, but not as badly as missing payments or defaulting on the loan. A review would mean a lot to us and takes less than 20 seconds. Want to check your 2023, International Association of Better Business Bureaus, Inc., separately incorporated Better Business Bureau organizations in the US, Canada and Mexico and BBB Institute for Marketplace Trust, Inc. All rights reserved. Additionally, youll find it difficult to convince a lender to refinance if you are upside down on your car loan. R. 8:57 pm EST. How Voluntary Repossession Works - NerdWallet in Finance and Accounting and an MBA in Management. 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. They did not provide me with the original application like I asked. Has your experience with this business or person been good? Getting your car repossessed is stressful and embarrassing. Why You Should Never, Ever Do A 'Voluntary Repo 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. Learn more about how we make money. I'm as upside down as it gets on this thing. Our expert, award-winning staff selects the products we cover and rigorously researches and tests our top picks. WebBanks dont want to take cars back. 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. Westlake Financial Services is an indirect auto lender, so youll need to apply for a loan through one of its partner dealers. Our writers do not take FinanceJars relationship with its affiliates into consideration when writing their reviews and articles. Uber may be an option depending on how far you live from work and how often you need to commute. Well never try to trick you into clicking anything youre not genuinely interested in. 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. A fairly quick, and sometimes very profitable way, is to sell stuff online. One week later, Westlake called me telling me my pmt was late. How much does a voluntary repossession affect your credit score? The next day I received a call from *****/***** requesting all correspondence from the dealer. However, cars and other vehicles are the items that most often come to mind when people think of repossession (both voluntary and involuntary). Still dealing with a lying, cheating, non customer service company! 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. NEVER do business with Western Funding. Tax deductible. 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. Websites like leasetrader.com make this pretty straight forward. 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. The interest will keep accruing while your payments are being deferred, so youll pay more before the loan ends. FinanceJar partners with other companies in the credit and finance industry, such as credit card issuers and credit repair companies. We know that taking financial advice from us requires a lot of trust on your part. The consequences of Thanks! YOU turned on the collections and repo efforts. Robert made excellent points as he usually does. IN 3 WEEKS THEY SENT 3 OF MY RECIPIENTS DEAD FROZEN TINY BOUQUETS calgary. If not, consider a bike or moped. Typically, missing a car payment can damage your credit score or even lead to the bank repossessing your vehicle. 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. Uniteds new CEO acknowledges airlines failures, Workers allege 80-hour weeks with no overtime at UC Berkeley sporting events, Volkswagen, Audi sales increase over last year despite emissions cheating scandal. US cities are far along in the process of reopening, what assistance is available if you have a mortgage, here's what other financial help is available, Stay updated with smart tax tips to help you file your return, track your refund and get the most money back. Its unfortunate we couldnt fix it all in the past.. The practice was used to place calls related to 137,000 loan accounts, the bureau said. If you choose to do business with this business, please let the business know that you contacted BBB for a BBB Business Profile. So, ask your lender about hardship programs, which include loan deferrals and late-fee waivers. The auction price gives in general about 25-33% of the actual value of the car. 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. I am not liable for this debt with western funding and do not have a contract with convergent. I made the purchase in October of 2016. Remember you had the car reposessed so even with them you have a negative history. Written by Jesslyn has a B.S. 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. Copyright 1997-2023 Ripoff Report. 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. So what do you do? All rights reserved. Don't sound like a repossession to me! My questions is this legal? degree in Political Science at Florida State University. Heres a list of ways you might consider making some quick cash: Do you really need that car? Car Repossession: How it Works 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. The Economics of Ride Hailing, Revisited, Retrieved from, N.A. I still have to pay another $2000.00 +, or they will take my car. 23 complaints closed in the last 12 months. This isn't right when I have the vehicle, make payments on it and drive it everyday! 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! The posting time indicated is Arizona local time. *Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. 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. Well guide you through the process. 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. If your property sells for less than the amount you owe, you may be required to pay the difference (known as the deficiency balance). What To Do When You Cant Pay Car Payment - Debt.org 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. Ford is currently offering to pay six months' worth of new vehicle payments when you purchase a new car from the company. They offered to pay all bills to get the issue resolved. They prey on people with bad credit desperate to get a vehicle. The truck was illegally repossession in less then a month by a shady repo company that tried to run me off the road and destroy the truck. He has worked in the nations capital since 1998 and is a two-time National Press Club award winner for Washington coverage. They make more money off of you the longer you keep the car. Do you know who else doesnt want you defaulting? Thank you for bringing this matter to our attention. Westlake Financial offers indirect auto loans through participating new and used car dealerships across the U.S. First off you need to get out of your fantasy that you are actually going to get approved for a Mortgage right noweven if the Reposession wasn't there. Search Dealer Inventory - Westlake Financial 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. L.A. auto finance firms must refund $44 million for collection tactics I never could, but with my wife working we made it work. The issue ended up taking about six weeks to repair as they had to wait for parts. Home > Credit > Loans > Auto Loans > Help! Western Funding **** values its customers and takes each complaint seriously as an opportunity to assist and service customers more effectively. 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. All business will get complaints. So before you sit here and say I have bad credit for different reasons know your facts! If they cant sell it for enough to pay off the loan, you still owe the difference, plus any late fees you incurred. 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. So they are right it is going to remain on your credit for7 years. Fast funding is possible within two days (or the same day in some cases). Few restrictions Westlake Financial doesnt set a limit on car age or mileage. However, it doesnt finance gray market cars (cars made outside the U.S. that dont adhere to U.S. safety standards), fire damaged cars, recycled cars, stripped cars, taxis or police cars. I GET A LETTER demanding 2 months pmt. Consumers want to see how a business took care of business. Bents Dulcio writes with a humble, field-level view on personal finance. When Will Westlake Financial Repo Your Car - ArnaBee Our relationships with our affiliates may affect which products we feature on our site and where these products appear in our articles. It was just to get the customer to pick up the phone, Anderson said. Obviously, you dont want to default on your payments. They Obligated me to pay $6597.00 for a car I don't have. 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. Jim Puzzanghera covered business and economic issues from the Los Angeles Times Washington, D.C., bureau. As a result, lenders are typically willing provide some help if youre going through a financial downturn. Company is a scam! Unless you happened to have left your keys in the car, the repo company will also contract a locksmith to make a new set of keys -- then charge your bank for that service, too. 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. Most lenders' programs have been streamlined to be pretty simple to apply for. They might find savings available in areas you hadnt considered. You can refinance your car for a lengthier loan term with a lower monthly payment, but that will only work if you've already paid off a substantial amount of the principal. Since you are with Westlake without even seeing your credit, I can imagine you have things such as Charge-Off's or collection accounts,. You need to change your entire attitude. WebDefinitely do a voluntary repossession. How long does negative information remain on my credit report? The new lender pays off the old loan and takes over the cars title, until youve paid it off. Im $3000 in the whole because of this fraudulent company and dealership. Customer FAQ Repackaged from Purchased from Amazon, stealing all certifications and false manufacturing markers from the packaging of NB food supplements. WebQuestions? Using the same example as above, the limit would be $32,000. And best of all, their advice and budgeting help is FREE! Here are the most comprehensive resources we've been able to turn up to help with both. Should the customer have additional questions or concerns, he or she may reach Western Funding directly at the contact information provided in the written response. Contact Us - Westlake Financial US Bank Foreclosures | Bank Foreclosure Listings By State Los Angeles California, Westlake auto finance June 5 I traded in the vehicle I had financed with Westlake BEFORE my pmt was due. 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. Truck was repod on the 6th of November owing 242.00 no other past due payments truck was on a 20 day impound on the 20th day I went to pay the 382 or something like that to get my truck out of impound wen I did I was informed u guys had picked it up wen I called u guys u said u had repod my vehicle becuz it was in impound but the thing is u didnt have to go get the truck I was going to the very next day wen I was allowed to the truck was not left there I had been in contact with the tow yard several times while it was there they were fully aware that I was going to go get the truck at the rnd of the 20 days wen in the 6 th of November u guys repod then wen I called asking questions the guy I was talking to was very rude and impair isnt u have the recording as well as I do I was simply trying to understand wat happening n why I was more then willing to pay the tow yard fees and the 242 dollars I still owed on my monthly bill I have had a total of I think 19 payments with u guys with the exception of one payment late I think I might be wrong I might have paid it with in the grace period and I read ur policy saying that u guys were allowing us to skip a payment or more and put them twards the end of the loan but ur guys were rude I asked for a manager n he was even wors then the first guy he got loud with me becuz I asked him wat exactly it was that was paid to the tow yard n becuz he had already gave me a long list of charges and fees I had to now pay due to the repo I was unsure of wat was paid to them he demanded I get a pencil cuz he had already told me these things so now I needed tow right them down he kept getting upset wen I would ask any questions n wen I said Im sorry sir but I am not pay 1600 dollars today theres no way specially wen I feel like the truck shouldnt of been repos in the first place had u left it where it was Id have it today but becuz u went one day before I could Im stuck with 1100 more then I should be and wen I asked for help cuz I can only pay maybe half that today Im treated like Im on the street corner begging for change almost like u dnt want my biz any more like us rather take my truck then keep me as a costumer Im so confused and dumb founded n not knowing wat Im going to do now becuz thats the familys o ly means of transportation with two kids I. Horrible customer service is all you get! We have called both places multiple times and just today the 8th Western funding told us its going to be an additional 24 to 48 hours. File your review. 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. Advertisers above have met our Let us know what you think. 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. If you are struggling to make a car payment, you have options.