It's at 225k miles, approaching mileage where nobody's gonna buy it regardless of condition and what kbb says. Western Funding **** values its customers and takes each complaint seriously as an opportunity to assist and service customers more effectively. Welcome to Westlake's MyAccount - Westlake Financial Robert Jellison. The thing about getting a sub-prime loan is just doing what you have to do until youve built your credit enough to trade in or refi (make on time payments). Our writers do not take FinanceJars relationship with its affiliates into consideration when writing their reviews and articles. I was off work and was unable to pay a few months of my car payment and my account went in rep mode. Dont click on those slick Ads! Our six-week newsletter will help you make the right decision for you and your property. I was off work and was unable to pay a few months of my car payment and my account went in rep mode. Prospective lenders look more favorably upon voluntary repossession than involuntary repossession because it suggests that you took responsibility for your debt and tried to make things easier on the creditor who had to repossess your property. they would call me 30 xs a day when i repeatedly told them I was dealing with very serious medical issues, they continued threatened me with criminal prosecution among other things. Learn more about how we make money. Home > Credit > Loans > Auto Loans > Help! YOU turned on the collections and repo efforts. Scan this QR code to download the app now. 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. 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. Probably not, so should i take the truck back to the dealer or just let it get reposessed? These arent long-term solutions, but if youve had a brief financial setback, they can help you through a tough time. 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. You wont know when this will happen, and actual repossession takes place sporadically. 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. So before you sit here and say I have bad credit for different reasons know your facts! Why is Frank McCourt really pushing this? Obviously, you dont want to default on your payments. With banks demonstrating some compassion right now for those who've suffered financial hardship, you might as well take advantage of one of their relief programs while you can. 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. The Federal Reserve Board says almost 8 million Americans are three months behind on theirauto loans, and that should be a warning sign for working class consumers and those with a low income, especially if youre in the 25-35 age bracket. They didn't. Types Of Repossession. There are two types of vehicle repossession which are voluntary and involuntary. Titanium Program (750+) APR starting from 7.49%; borrow up to $50,000 Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. All rights reserved. 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! Voluntary repossession You should consider turning your car over to your lender as your absolute last resort. A $300-million (minimum) gondola to Dodger Stadium? For taxes, credit cards and everything else, here's what other financial help is available. Were grateful for that trust, and we wont abuse it. 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. Be proactive, some shrewd financial planning and a little foresight goes a long way. Westlake Financial Services (Westlake) values its customers and takes each complaint seriously as an opportunity to assist and service customers more effectively. 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 Caused a late fee before processing extension/deferral request Los Angeles Ca, Westlake Financial Service They financed a warranty which was useless and no good but kept my money and sent car to the auction Los Angeles California, Westlake Financial Services, LLC Refused to send me my refund check with the correct amount. 1 Conversely, if the item sells for more than your debt is worth, your lender is normally required to give you the surplus. Try to find somebody willing to take on your lease. Contact Bridgecrest | Bridgecrest.com Uber may be an option depending on how far you live from work and how often you need to commute. You think you know so much! Jesslyn Firman is a credit analyst for FinanceJar. Voluntary car repossession Most of the time, vehicle repossession is involuntary its initiated by the creditor rather than the borrower or lessee. I think my choices are narrowed down to give it back, stop making payments and wait for repo, or commit insurance fraud. With the increase in remote work due to pandemic restrictions, many people no longer make a daily commute to the office. A lot of these folks are cash-strapped, and [lenders] are making a bet that theyre not going to hire a lawyer, he said. 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.