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Westlake Financial Help

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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

Bigpoppa09, we had the exact same experience with Westlake... LOL..

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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

Bigpoppa09, we had the exact same experience with Westlake... LOL..

 

Yep prime example with any lender u pay u have no problems.

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I'm a small independent dealer. Most lenders have a clause in our contract of 1-3 months full recourse depending on the bank. Most dealers will experience first payment default recourse and we purchase the loan back.

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Fast forward to 2018 and Westlake and their dealers are still doing shady things. I had this exact situation happen to me. I was under doctors care extremely sick strict bed rest and hospital stays. My first payment was late about 20 days. I contacted Westlake they took my payment set me up for my second payment i made that and am current waiting to make my third. I woke up monday morning july 2 and found my car gone. Called the police they said your finance company repoed it. Called Westlake they said we do not have a repo order for you. Turns out the dealer took it because Westlake said they were sending the contract back because of first payment default. Westlake accepted the payment accepted the second paymen. Im told by Westlake they haven't made a decision yet. The dealer said Westlake is lying and has now i don't have a vehicle am current on payments and in limbo. Getting the run around from both. Any advice?

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Well, it depends on if Westlake bounced the contract.  If they did, then the dealer still owns the contract, and if you do a 1st pay default, you're done.   Iedreammotors is correct.

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Hello all....I hope this thread is still being read.

Any updates? My sons car has fallen victim to the first payment default!! But I'm confused although he was late, they accepted his 2nd payment and the loan is current. But the dealer who is no longer the lien holder repossessed the car. What can we do? There was no first payment default in his contract.

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8 hours ago, ieshag8875 said:

Hello all....I hope this thread is still being read.

Any updates? My sons car has fallen victim to the first payment default!! But I'm confused although he was late, they accepted his 2nd payment and the loan is current. But the dealer who is no longer the lien holder repossessed the car. What can we do? There was no first payment default in his contract.

You are correct; there is no 1st payment default in the MVRISA that your son signed. That exists between the dealership and the approving lender. I am not very well qualified to advise on repossessions since my focus has always been to secure the loans.  
For a reason above that you mention, I would never let Westlake into any dealership wherein I had any input.

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So is it the dealerships responsibility to secure financing? What happens to his down payment? His car payments that he paid? And they still have his car!! I don't know what to do!!!

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1 hour ago, ieshag8875 said:

So is it the dealerships responsibility to secure financing? What happens to his down payment? His car payments that he paid? And they still have his car!! I don't know what to do!!!

If you look at the top of your MVRISA, you will notice the name of the indebted party and the name of the creditor.  The name of the creditor will be the dealership.   I think that is the reason Why Chat in the published repo material suggests sending your letter(s) to the dealer.

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