• Report: #105890

Complaint Review: WFS Financial

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  • Submitted: Sat, August 28, 2004
  • Updated: Wed, December 21, 2005

  • Reported By:anthony New Mexico
WFS Financial
Irving, Texas U.S.A.

WFS Financial ripoff repossed vehicle at work with no notice Irving Texas

*Consumer Suggestion: Your car can be repossessed if you are only late with one payment, and sometimes if it is even only one day late. ..repo is more likely when the car is almost paid off.

*UPDATE Employee: ONLY 2 payments behind?!?

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WFS Financial has ruined my credit and there is nothing I could do about it, they repossed my car at my new place of employment, I was behind two payments not even amounting to 400 dollars,

I only needed one more year to finish paying off my car, I had called them explaining my reason for being late, I had just started a new job and had never been late before, I called them from work where all calls are recorded and I spoke to a supervisor advising him that I would make a electronic payment for both payments that I was behind on and gave them the date I was going to have them withdraw from my checking account and then about 30 minutes later my boss comes into the office telling me that some men are outside needing to talk to me, well I walk outside and they are towing my car!!!

and I tell the repo guys that I just spoke to a supervisor on the phone and mad payment arrangements, and then he says he is sorry but they are just following orders, so I need to get my stuff out of my car, I am very angry and begin to take the stuff out of my car and the repo man kneels down next to me and starts to tell me that not to worry about it that I can get my car back if I pay the balance I owe on my car! I tell him what are you talking about, and I get a little angry, I go inside to take the stuff into my office and when I come out they are driving away with my car and I still had stuff in my car!!!

so I call back WFS speak to the supervisor again and tell him that they picked up my car and he says he is sorry, and then I tell him that I am going to get a lawyer because all of our calls are recorded and I had just mad arrangements for them to debit my checking account for the 400 dollars that I owed, and he didnt know what to say other than that wasnt an agreement.

I guess since they had caller ID they found out where I was calling from and thats how they knew where to pick up my car.

I had to find a ride home, and thank god that my old car still was in shape for me to use for work, since then I have threatend to sue them, and they didnt get enough money from auctioning off my car, so now they claim I owe them 2000.00 when I had paid 5 years on that car totaling to 14000.00, what did I get from this?? really bad credit and no car and all for 400 dollars that I was behind on my car payment, and the bad part was that I was trying to resolve it and calling and making payment arrangements and they still didnt care, and they picked my car and I lost big time.

that doesnt make sense, all the years of the payments and I dont get shit, just bad credit and now I cant buy things or even refinance my home. the reason is that small people like me that dont have a big college degree and not a lot of money and not good credit settle for companys that offer to help restructure your credit and often it isnt worth it, and they know that they can screw us cause we dont have the good credit to speak for us, sometimes bad things happen and people have no choice but to get behind, thats when we need to speak up for ourselves,

If I had the money I would have hired a lawyer cause I did have them on tape agreeing to the 400 debit the next day from my checking account, and guess what they too the payment and they took the car too!!!

but I do have a car now, but it has a device in it that prevents it from starting if I ever get behind on my payments, its for people like me that have extremely bad credit, and it helps you buy a car but in no way can you get behind for more that 10 days, I need one more year to pay it off, but I still think about the money that I lost with WFS, 14000.00 of 5 years for nothing!!!
well we live and learn, dont trust anyone when it sounds too good too be true!!!

Pat
anthony, New Mexico
U.S.A.

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This report was posted on Ripoff Report on 08/28/2004 03:34 PM and is a permanent record located here: http://www.ripoffreport.com/r/WFS-Financial/Irving-Texas/WFS-Financial-ripoff-repossed-vehicle-at-work-with-no-notice-Irving-Texas-105890. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
0Author 2Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Suggestion

Your car can be repossessed if you are only late with one payment, and sometimes if it is even only one day late. ..repo is more likely when the car is almost paid off.

AUTHOR: Mike - (U.S.A.)

They do not have to give advance notice.

Get agreements to skip payments or pay late IN WRITING from the finance company. They will just deny anything that was said on the phone. If you lose your job or otherwise are going to have trouble paying, tell them before you are late and try to arrange something.

Realize that repo is more likely when the car is almost paid off. When you owe a lot on the car, they will lose money if they have to repo. When it is nearly paid off, they could make money. Earlier they may have been more forgiving of late payments but later they may change thier mind.

If you are subject to repo because you're behind on payments, remove all your personal stuff from the car. Before the repo, you can also remove any accessories such as wheels or stereo equipment that you added after buying the car. They only "own" what was on the car when you bought it. Put your property in a safe place because the car may be taken at any time. Technically the repo company is required to give your stuff back to you as it is not part of the car deal. In the real world, they will just steal it if it has any street value.

If you see a repo man about to take your car, tell him to go away and legally he must. If he stays around to argue with you, he is "disturbing the peace." They will tell all kinds of lies and tricks to get you to give him permission to take the car, or at least get you to leave it alone. Don't fall for that. Get in the car and don't leave it. If necessary, call the police. The police will be on your side and tell him to go away. Refusing to give back a car is not a crime unless they have already gone to civil court and obtained a court order requiring you to give it back. Of course the repo man is allowed to try sneaking back for the car again later.

Do not agree to "voluntary repo" unless they give you a good deal IN WRITING. Anything they have you sign at the time of repo will probably be something that takes your rights away and makes it harder to clear the repo off your credit files later. If repo is inevitable because you'll never be able to make the payments or sell the car for enough to pay it off, don't just "send it back." Make them come and get it. And do not sign anything.

Most states have a law where if you have paid off 60% of the original price of the car, they have to forgive any deficiency after repo. You will still lose the car and get bad credit, but they cannot attempt to collect any more money. Note that this is paying off 60% of the principal, not 60% of the total of payments.
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#2 UPDATE Employee

ONLY 2 payments behind?!?

AUTHOR: Roger - (U.S.A.)

Your first paragraph says that you were "2 payments behind" - for whatever reason, if you're behind, you should start thinking that your unit is in danger of being picked up.

Whenever you fall behind, it is the lender's responsibility to send you a "Right To Cure" letter which gives you a certain number of days to bring the account COMPLETELY CURRENT - if you can make arrangements with the lender for different arrangements, that is totally up to them - but they have legal recourse to reclaim their collateral if you do not meet the terms of the Right To Cure letter.

As to why you owe more than what you signed up for - read your contract. There is a little box that says "total amount paid by the end of the loan" - it's going to be more than the original amount financed because THAT'S HOW FINANCE COMPANY MAKE MONEY - BY ACCUMULATING INTEREST ON LOANS!!!

If the loans are made even 1 day past due and you don't pay the accumulated interest, then you are still responsible for that amount - which is usually attached to the balance of the loan rather than the next payment.

I suggest reading your contract and making your payments in a reasonable amount of time - repossesing a car is a costly venture for my company - we don't do it on a whim.
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