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Who is ED Magedson - Founder, Ripoff Report. BBB Business Profiles are subject to change at any time. A lot of these folks are cash-strapped, and [lenders] are making a bet that theyre not going to hire a lawyer, he said. I felt threatened so I sent her all I had and explained the issue. REBUTTAL BOX WebWestlake is more than just an indirect auto lender. 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. Even if this isnt the case for you, if you cant afford your vehicle, getting rid of it might be the way to go. We know that taking financial advice from us requires a lot of trust on your part. In a situation where repossession is unavoidable, a voluntary repossession does come with a few advantages. Its unfortunate we couldnt fix it all in the past.. Again, it shouldnt affect your credit score. Thats the only way that we make money. If four wheels are something you feel you cannot do without, consider a used car. Now when i traded in my truck they also recoreded it as a cash down not as trade in. As a result, lenders are typically willing provide some help if youre going through a financial downturn. 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! Now, even if the reposession wasn't there, you were still 31 days late and that would also legitimatly be on your credit HISTORY. 2012-2023 Debt.org LLC. This is the best way to manage and repair your business reputation. In retrospect, Im glad we put in place the things we have, he said. In most cases, your lender will contract with a third-party agency that specializes in repossessions. How those businesses take care of those complaints is what separates good businesses from the rest. Repo However, someone who thinks they are at risk of repossession may opt to tell their lender and give back the car voluntarily. Voluntary surrender may spare you stress and save you money (i.e, by enabling you to avoid towing fees). Westlake executives blamed the abuses on rogue employees and said they have put systems in place to prevent further illegal activity. 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. e will give you advice for how you can improve your credit. Due to thecoronavirus recession andrecord levels of unemployment, over 7% of all car loans in the US are currently in some sort of deferment program, according to recent data released by credit reporting agencyTransUnion. Obviously, you dont want to default on your payments. The consequences of We strive to help dealers in all aspects of their business reach their goals and achieve success. Take that with the fact that people do not go to a Sub-Prime lender such as Westlake if they have good(or even decent credit) means you have had let's just say credit "issues" keeping you from going to a regular source. Westlake will repo your car if you are more than 30 days late on your payment. Also, if there are any state laws that might offer some protections against repossession, you'll want to find out about those, too. Types Of Repossession. They LIED? Our relationships with our affiliates may affect which products we feature on our site and where these products appear in our articles. I never could, but with my wife working we made it work. To ensure that our articles and reviews are objective and unbiased, our writers and editors operate independently from our advertisers and affiliates. Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. Try to find somebody willing to take on your lease. 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. So getting the car back was actually the smartest thing you could have done if you truly cared about your credit. 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. YOU turned on the collections and repo efforts. We apologize for the negative experience you had with our company. Get answers to our most commonly asked questions about Westlake here. 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. They told us 24 to 48 hours we should have our car released from the Adjusters once they send them the release forum. Corporate Advocacy Program - Verified Status, How To Get Your Report Featured On All Report Pages. 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. READ: Foreign websites steal our content, Click Here to read other Ripoff Reports on Westlake Financial. WebWestlake Financial Services reviews & complaints Westlake Financial Services Customer Support Lowest Rating 21 Resolved 104 Unresolved 17% of 125 complaints were resolved File a complaint Table of contents Share Complaints Contacts WebIf you need immediate assistance, it's always best to call our Customer Service at 800-967-8526. Find a willing trader and fill out the paperwork. It was just to get the customer to pick up the phone, Anderson said. 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. Dont want to wait? The lender will sell your car at auction, and if the sale doesnt bring what you owe, youre on the hook for the difference. They'd asked me for the due date so it could be handled. But just like the help available with rent payments and unemployment benefits, you do have to ask. BBB asks third parties who publish complaints, reviews and/or responses on this website to affirm that the information provided is accurate. We promise to always deliver the best financial advice that we can. Learn more about our editorial standards. Take the bus. Westlake Services, dba Westlake Financial Services Car was in shop and repo from there without my knowledge. 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. However, I see where we are going with this. BBB is here to help. Once this is all done, hand over the keys. Western Funding has reviewed the customers concerns and has responded directly to our customer and the ********************, in writing. 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. Ripoff Report | Complaints Reviews Scams Lawsuits Frauds Reported. 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.