Ripoff Report Needs Your Help!
X  |  CLOSE
Report: #106387

Complaint Review: Westlake Financial Services - Los Angeles California

  • Submitted:
  • Updated:
  • Reported By: Hope Mills North Carolina
  • Author Not Confirmed What's this?
  • Why?
  • Westlake Financial Services 2663 Townsgate Westlake Village Los Angeles, California U.S.A.

Westlake Financial Services ripoff Townsgate Westlake Village, Los Angeles California

Show customers why they should trust your business over your competitors...

Is this
Report about YOU
listed on other sites?
Those sites steal
Ripoff Report's
content.
We can get those
removed for you!
Find out more here.
How to fix
Ripoff Report
If your business is
willing to make a
commitment to
customer satisfaction
Click here now..

WFS (Westlake Financial Services) is a predatory lender, that preys upon people they perceive to be weak. The weaker the potential customer the more enthusiastically WFS pursues them. I am a single mother--my only income is $22,000 yearly. I am just the kind of customer Westlake Financial Services is looking for.

I purchased an automobile from Westlake Financial Services, Inc. which provides 'sub-prime' financing for automobiles. People who would need a sub-prime lender are people like me - poor, with little or no credit. I was "sub-prime" because I had filed chapter 7. I signed a contract with pre-computed interest of 21.59%, including comprehensive/collision insurance, calling for 24 monthly payments of $354.04. These monthly payments represented almost half my monthly income; however, I needed a car so I decided to tighten my belt for 24 months and buy the car. I purchased a 1999 Honda Civic (4-door) from Dale Auto Sales in February of 2004.

Included in my monthly payments was comprehensive/collision coverage with Westlake as the beneficiary. This coverage was required by the contract that I signed with them. After six months, my monthly payments were increased, without prior notice or explanation, from $354.04 to $402.48. In California a finance company is required to explain completely any additions to a pre-calculated contract. When I asked a company representative about the increase, I was told it had something to do with comprehensive/collision insurance and that it was "company policy". Based upon what he didn't say I assumed that the insurance, which was supposed to be included in my monthly payments, was the cause of the increase in my monthly payments-so I went to an outside source for my coverage-but my monthly payments did not go down.

Now I'm stuck. I'm trying to pay for the car, and having to pay insurance payments as well. I am drowning and I often have to choose between buying the clothing and things my children need and paying utility bills. I think this company engages in predatory lending.

Maria
Hope Mills, North Carolina
U.S.A.

This report was posted on Ripoff Report on 08/31/2004 04:24 PM and is a permanent record located here: https://www.ripoffreport.com/reports/westlake-financial-services/los-angeles-california/westlake-financial-services-ripoff-townsgate-westlake-village-los-angeles-california-106387. 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

Search for additional reports

If you would like to see more Rip-off Reports on this company/individual, search here:

Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?
Featured Reports

Advertisers above have met our
strict standards for business conduct.

X
What do hackers,
questionable attorneys and
fake court orders have in common?
...Dishonest Reputation Management Investigates Reputation Repair
Free speech rights compromised

WATCH News
Segment Now