Westlake Financial Help

[sutliffhl21]

I was approved through Westlake Financial in December. My first payment was due on Jan 18'th. My mother is in the hospital with a life threatening condition and I honestly put my life on hold. I know banks have a grace period. I made the payment today through money gram which would make it 16 days late. It was the first payment. Not smart I know. I called west lake to give them the info and they said my account was "under review". I said its no biggie I paid in full and even offered to pay next months payment. The lady said that my loan was under review to see if they were still going to honor my contract, or cancel it and send it back to the dealership. Ive never heard of this before. I bought a new 2015 hyundai elantra and the contract was for $17k. On the finance contract it says "no recourse" so how could they send it back and make it the dealers problem. Ive trying to clean up my credit and was able to get this loan until I can refi at a later time. Can westlake do this after they already funded the loan and send it back to the dealer? And what happens if they do? What does the dealer do? I have a signed finance contract and as of today everything is paid up to date.

[BRBiz]

Marv would know better but I would think after its funded its not the dealers issue. Possibly some lenders have a certain amount of time to cancel it as part of a agreement with a lender but I would think even at that it would be no more then 30 days.

[sutliffhl21]

I hope Marv chimes in. This has me a nervous wreck. Ive put down 5k as a down payment to get this car. How could they take the money back from the dealership? Granted I was 16 days late and I read up that westlake has a first payment default clause on some of their loans but this was not a buy here loan..it was a normal loan. And furthermore if it were the case I would think that the dealership would have majorly emphasised this when closing the loan. Im in Pennsylvania and not sure how it works but the dealership said they rarely use these guys but nonetheless I would think that they would have mentioned this. Threatening to repo? I can see that..but to threaten they are going to cancel the contract and give it back to the dealer? Thats a new one. Hopefully someone knows more about this.

[BRBiz]

Well a default clause would generally mean a repo right away if allowed under state law not recalling the deal which I just don't see happening.

[MarvBear]

If the dealer signed a first payment default clause contract with westlake, then it is possible they return the contract and flat out cancel it.

[sutliffhl21]

Do you think that they WILL go right to canceling it? And if they do..what happens to the loan..the vehicle and the down payment? I was never explained any of this at the dealer when I bought it or I would have just paid it the same day

[MarvBear]

I don't deal with Westlake. I have never liked their reputation.

 

I would think they are just trying to scare you, so you pay on time.

[LionelDizzle]

Had the same issue with the wife's car payment. Her dad died and we held off paying the first payment and the calls swarmed in. Threats of her contract under review.

21 days later.

We made another payment right after the first and kept the payments up to date since then. Fast forward five years later car is paid in full. Thank God. Never will we make that mistake again.

 

 

Sent from my iPhone using Tapatalk

[SteveD]

If you have the money available make your next payment now.

 

I would think that that would help take the loan out of review status.

[rpina1]

My primary bank is Westlake. They do have a first payment recourse (with the dealer). That means that if the customer does not make his first payment they can send back the deal and cancel it.

 

If you need some help PM me and I'll see if there is anything I can do. I've visited Westlake twice and had dinner with many of them just in January.

 

You can always re-contract. I can find out the primary rep for your deal if you contact me, and you can work with that rep and the dealer to clear everything up.

 

I hope that everything will be OK in your personal life.

[rpina1]

any update?

[headonastick]

I am not certain whether to resurrect this old thread or start a new one... but my car was repossessed by Westlake this morning. They are claiming a 1st payment default. It was late, long story but irrelevant.

That said, my account is now current and I don't owe a payment until March 11. But the car was repo'd anyway. So now what?

[TeeSharice]

I am not certain whether to resurrect this old thread or start a new one... but my car was repossessed by Westlake this morning. They are claiming a 1st payment default. It was late, long story but irrelevant.

 

That said, my account is now current and I don't owe a payment until March 11. But the car was repo'd anyway. So now what?

 

 

Have you gotten anything from them in writing?? have you contacted their collections department to see what they offer as an option?

 

What state are you in?? familiarize yourself with your local repo laws

[headonastick]

 

I am not certain whether to resurrect this old thread or start a new one... but my car was repossessed by Westlake this morning. They are claiming a 1st payment default. It was late, long story but irrelevant.

 

That said, my account is now current and I don't owe a payment until March 11. But the car was repo'd anyway. So now what?

 

 

Have you gotten anything from them in writing?? have you contacted their collections department to see what they offer as an option?

 

What state are you in?? familiarize yourself with your local repo laws

 

Sorry, I am in Florida. They actually told me they didn't repo the car at first; now I can't get a straight answer, nothing in writing at this point. Can't even get the identity of the repo company.

 

If the account is current, I am not sure I am interested in additional options but I'll ask.

 

 

[headonastick]

The plot thickens... Westlake insists they did not pick up the vehicle, the dealer insists they did not pick up the vehicle, the police only tell me that the car was reported repo'd. So, I am at a loss, but it does not appear to be a Westlake issue. I think.

[bigpoppa09]

Westlake was the lender on the car i traded in end of Jan i read the horror stories online but i made my payments a week and a half before due date i never heard a peep out them im glad i dont have to deal with them anymore. sorry OP u going through that. my thing is with a Sub Prime lender all ways make your payments on time. they ask for all kinds of info to verify. but when u leave Sub Prime Ville i bought 2 brand new cars in same week no verification no Docs requested just signed and Drive. the first chance u get to Refi dump em

[MarvBear]

This is February 2016, something is awry.

 

A year later, a repo for a first payment default, when all subsequent payments have been made on time, does not add up.

[breeze]

I agree. They've got your $5k, a year's worth of payments, and the vehicle. No wonder they won't tell you anything. I think someone made a mistake. I think I'd go in to the dealership in person and say "somebody made a mistake, could you fix it please?" If they jerk you around, I'd give them a deadline, and if you don't get the vehicle back, file a formal complaint with whoever regulates motor vehicles and dealers. That should draw out the finance company if they did it. What a sticky mess. Yuck.

 

But really, I think it's a mistake, and I'd give them a chance to make it right before I really went after them.

[BRBiz]

The person posting isn't the original poster of the thread. So unless I'm missing something it's not from 2015.

[breeze]

You're right! I feel silly. It looks like a case of people dealing with the same/similar situation, who search for the lender name or something, find a thread on here that's got a story like theirs, and so, like he said, he wasn't sure whether to resurrect this thread or start a new one. I assumed he was the OP.

 

So possibly it has not been a year, and possibly there was no $5k downpayment. Either way, it sure looks like Westlake is a mess. Not to downplay being late with a first payment, but it happens. Sounds like me back in the good ole days.

[MarvBear]

My bad

[MarvBear]

The plot thickens... Westlake insists they did not pick up the vehicle, the dealer insists they did not pick up the vehicle, the police only tell me that the car was reported repo'd. So, I am at a loss, but it does not appear to be a Westlake issue. I think.

Who filed the report?

[BRBiz]

I had to re-read the thread 4 times! I'm thinking you and Marv both can't be mis reading this it has to be me.

 

But yeah it gets confusing posting in a old thread.. People do that all the time in the business forum.

[breeze]

Oh heck, we miss things like that sometimes, especially in a situation like this. Or sometimes I'll get one topic mixed up with another one with similar details. Just human.

[Fltireguy]

I don't deal with Westlake. I have never liked their reputation.

 

I would think they are just trying to scare you, so you pay on time.

My last car was financed thru them. I paid every payment on time (48 month loan), and traded the car in at 25 months. Nothing bad to say about them, from a consumer point of view, in my case. I didnt talk to them, they didnt talk to me, and i paid on time..lol