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Ripoff Report | Westlake Financial Review - Los Angeles , California
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Report: #1386908

Complaint Review: Westlake Financial services - Los Angeles California

  • Submitted:
  • Updated:
  • Reported By: Juvenson — Immokalee Florida USA
  • Author Confirmed What's this?
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  • Westlake Financial services 4751 Wilshire Blvd #100 Los Angeles , California USA

Westlake Financial services I financed a VW golf 2010 with westlake for $8500 , They obligated me to pay them $17000 in during 5 years. I volunteer to repossessed the car. They sold the car to auction for $2500. They Obligated me to pay $6597.00 for a car I don't have. Los Angeles California

*Consumer Comment: You are very confused

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 I financed a VW golf 2010 with westlake financial services for $8500, they obligated me to pay $17,000 in 5 years. I volunteer to repossessed the car. They sold the car to the auction for $2500. They obligated me to pay $6597.00 for a car I don't have.

This report was posted on Ripoff Report on 07/20/2017 09:57 AM and is a permanent record located here: https://www.ripoffreport.com/reports/westlake-financial-services/los-angeles-california-90010/westlake-financial-services-i-financed-a-vw-golf-2010-with-westlake-for-8500-they-obli-1386908. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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#1 Consumer Comment

You are very confused

AUTHOR: FloridaNative - (USA)

POSTED: Thursday, July 20, 2017

You said in your post: "....they obligated me to pay $17,000 in 5 years."  That simply is not how it works.  If you borrow money from someone, you obliagte yourself to the agreements in the contract. However, you are never obligated to continue to pay on that schedule.  You can pay off the contract early and save yourself loads of interest if it is a simple interest contract. You can pay off the vehicle loan early by acclerating payments, or refinancing with a new lower rate, or selling the vehicle. Turning in the vehicle does not extinguish the loan. The lender sells it, applies the proceeds to the outstanding balance and any deficiency is then owed by you even when you don't have the vehicle you still owe for the remaining balance. This is SOP with any legitimate lender. Take the time to research vehicle loans and how they work. 


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