bac f.'s review of Westlake Financial Services

Westlake Financial Services

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Complaint Posted 7/20/2013
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Westlake stole $300 without authoriztion or explanation
I own an auto dealership that singed up to do business with Westlake Financial about 5 years ago. When we had customers with very poor credit we would sometimes arrange financing through Westlake. Westlake charges dealerships very high fees in order to
approve subprime loans (usually over $1000 per loan). There are lots of added fees as well for special circumstances that get added on. The last customer I financed with them was the deal-breaker for me. They approved the loan with a fee of $1050. The customer
had a fabulous $5000 down payment and was borrowing $8000. That means that Westlake should send me a check for $8000-$1050 (our check should be $6950.) They sent us about $900 less. When I asked where the rest of it was, they explained: $500 fee was because
the borrower's address does not come up on Google maps. I was aware of this stipulation. Another $100 fee was because I didn't sell a worthless insurance product to the borrower called GAP insurance. GAP insurance only helps people who are upside-down in their
vehicle - this woman paid $5000 down and had lots of equity and would never need GAP, but because I didn't sell it to her, they took another $100 out of my check. I was also aware of this stipulation. But there's about $300 still that was missing. I talked
to my local Westlake rep. He and I both talked to the regional Westlake rep. The regional rep talked to his superiors (talk about a broken system) and they could not tell me where the other $300 went. They also said they could not fix the problem. But they
promised to make it up to me on the next two loans that we sent to them - they would pay me back even more over the next 2 deals. Hmmm. Should I trust a company that just stole $300 from me? Would you trust a thief to "make it up to you"? Surely a large corporation
is trustworthy right? Even though they just stole $300 with no authorization and no explanation. Westlake is the epitome of a brain dead corporate bureaucracy that burns bridges right and left due to its old school corporate hierarchy where the executive elites
train their workers to raise the bottom line at any cost - even if it means lie, cheat, and as in my most recent experience, steal. Companies like this with no moral fiber do not last long.
 
 
 
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Additional Business Information
Hours   Monday - Thursday 6:00am - 9:00pm PST Friday 6:00am - 7:00pm PST Saturday 6:00am - 2:00pm PST Phone   (888) 739-9192 Address   P.O. Box 76809
Los Angeles, CA 90076
Website   http://www.westlakefinancial.com Email   bmoreno@westlakefinancial.com
Contact   Brenda Moreno Other  
 
 
 
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