I tried calling and being nice but it's like dealing with a bunch of 2 year olds! Be proactive and ask and your lender may be able to help. I was off work and was unable to pay a few months of my car payment and my account went in rep mode. I Cant Pay My Car Payment. They are a sub-prime lender and want to make sure they get THEIR money. If you get a two-month deferral, your loan term will extend by two months. BBB Business Profiles generally cover a three-year reporting period. Call (888) 859-0871 now. Our writers and editors follow strict editorial standards and operate independently from our advertisers and affiliates. Generally, the law only compels lenders to release your car if you pay off the loan plus any towing and storage charges that have accrued. Lines of credit usually offer variable interest rates that are lower than home equity loans, at least for the first year. Call us now. I will not ever again. Hiding negative complaints is only a Band-Aid. So they are right it is going to remain on your credit for7 years. I had issues with the car and the dealer offered to reimburse me for my troubles NOT to pay the first bill. Try to find somebody willing to take on your lease. And best of all, their advice and budgeting help is FREE! When Should I Get It? 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. Customer Reviews are not used in the calculation of BBB Rating. Taking the time to explore your options for eliminating debt now will save you a lot of money down the road. If you buy through our links, we may get a commission. Youll be out from under the monthly payments, and you can use the cash left over from the sale to get a cheaper vehicle. 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. Harsh..yes but it is reality. Most will require you to pay off these types ofold debts before they will even consider approving you for a mortgage. Please DO NOT add attachments that contain your or other peoples personal information, if you dont want it to be visible to the public. 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. Be proactive, some shrewd financial planning and a little foresight goes a long way. A Northwestern University graduate, he previously worked for the San Jose Mercury News, Newsday and the St. Petersburg Times. Now when i traded in my truck they also recoreded it as a cash down not as trade in. You can do this instead of waiting for it to be towed from your home or workplace. Ripoff Report has an exclusive license to this report. Your credit score will take a bigger hit if you incur any of the following negative marks on your credit report before or after the repossession: Like most negative items, all repossessions stay on your credit report for seven years, starting from the date your lender reported your first late payment. I still have to pay another $2000.00 +, or they will take my car. 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. I've spoken with the bank, and with my credit and the disparity between the payoff and vehicle value, I'm at the end of the road. I guess we are all liars thencracking up at this non sense! Thank you for bringing this matter to our attention. 2023 ONR Financial Networks LLC All Rights Reserved. Los Angeles California, Westlake auto finance June 5 I traded in the vehicle I had financed with Westlake BEFORE my pmt was due. *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. Look for something around $3,000-$5,000Remember, youll still need money for insurance and an emergency fund for the inevitable repairs. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Still, he acknowledged that the companys commission-based compensation system might have encouraged bad behavior as collectors sought to make contact with debtors. Corporate Advocacy Business Remediation and Customer Satisfaction Program. You pledge your home as collateral and receive a loan (i.e. Consumers educating consumers., Complaints Reviews Scams Lawsuits Frauds Reported.. - Be real nice to them and see if they are willing to remove it. 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. I do not have a policy with this company nor have I ever done business with this company. 1 Conversely, if the item sells for more than your debt is worth, your lender is normally required to give you the surplus. Find and finance your next car from participating dealers. Company website run by crooks outside USA pretending to be in USA to get USA money taking your hard-earned dollars funneling it to the country of Peru, Better Business Bureau of South Florida BBB of South Florida Andre Amaro and the BBB of South Florida are harassing me and my small business! Anderson said the company over the last few years has made commissions a smaller part of overall compensation, fired collectors who broke policies, beefed up compliance staff and started monitoring more calls to keep collectors in bounds. We feel lost and like we are being scammed. Deferrals (or loan extensions) are when the lender allows you to delay your next one or two payments before resuming the normal payment schedule. 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. As a result, lenders are typically willing provide some help if youre going through a financial downturn. Most lenders' programs have been streamlined to be pretty simple to apply for. Does your state have Get a credit improvement plan that works for you with 1 phone call. 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. 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. 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. *In Canada, trademark(s) of the International Association of Better Business Bureaus, used under License. If you own a home, you may want to look into a home equity loan. 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. BBB asks third parties who publish complaints, reviews and/or responses on this website to affirm that the information provided is accurate. Indirect lending If you prefer to negotiate your loan terms with a lender directly, Westlake Financial may not be right for you. Since Westlake Financial is an indirect lender, you can prequalify online to get in contact with dealers, but youll eventually need to visit a partner dealership to finish the deal. Refinancing allows you to lower your payments, either by extending the term of the loan, getting a lower interest rate or, ideally, both. If you've skipped a car payment or two recently -- or you worry you might have to miss an upcoming one -- you're not alone. 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 Westlake Financial Services - Rude service. I checked on Monday, the 13th and the site stated it had not been paid yet. He was rude, telling me I owed the pmt regardless. If your credit score is 700 or higher, consider refinancing. Pros of voluntary surrender A fairly quick, and sometimes very profitable way, is to sell stuff online. Robert made excellent points as he usually does. YOU screwed up. In a situation where repossession is unavoidable, a voluntary repossession does come with a few advantages. Western Funding **** values its customers and takes each complaint seriously as an opportunity to assist and service customers more effectively. They should know we are making currents payments they call us every month 2 to 3 days before the car payment is even due! 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. If you've only had your car loan for a year or two, you might actually still owe more than it's worth. degree in Political Science at Florida State University. View all Westlake Financial Services reviews & complaints. Generally speaking, banks would rather work with you and retain you as a customer than leave you stranded without a vehicle. If you are struggling to make a car payment, you have options. The complaint has been investigated and resolved to the customers satisfaction. 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. Voluntary repossession is an alternative to involuntary repossession that gives you some control over how your lender takes back ownership of a secured asset such as a vehicle. 23 complaints closed in the last 12 months. We promise to always deliver the best financial advice that we can. If, for example, if you have $40,000 of home equity, you would qualify to borrow $32,000 (40,000 x .80), which should be enough to pay off just about any car loan and possibly other debts like credit cards. (If you don't see your lender on any of those lists, try contacting the company directly through its website or app.). We had no issue with this. 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. There are two types of vehicle repossession which are voluntary and involuntary. Search dealer inventory with a hassel-free car buying experience. Depending on your credit score, you could fall into one of four tiers of interest rates: Standard, Gold, Platinum and Titanium. Richard Cordray, director of the Consumer Financial Protection Bureau, testifies before Congress in 2013. they cannot deliver what they say an insane amount of money Pittsburgh Pennsylvania, Attorney Sharon K. Campbell COLLUDES with Wells Fargo Dallas Texas, BlackSwanCapital.co Black Swan Enterprises Peter Tumbas Black Swan Capital The offered guaranteed low-cost financing if I first stepped in high-cost short term financing New York New York, Geeks Ondemand LLC, Lizeth Lagomarcino Papaleo Geeks Ondemand LLC, The Geeks Mob SCAM! Refinancing is not an option. 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. All rights reserved. In general, if you can avoid a repo, you should do so. Consumers love to do business with someone that can admit mistakes and state how they made improvements. 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. Car was in shop and repo from there without my knowledge. 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. Toyota dealership contacted them ( I was sitting right there) and Westlake gave them a 10 day payoff amt. Home equity loansare offered by banks,credit unionsand online lenders, at a fixed rate that, depending on your credit score, might beat the interest rate you currently pay on your car loan.
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