Consumer complaint received 2023-08-09
Company: Westlake Services, LLC
State: TX
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Getting a loan or lease
Sub-issue: Confusing or misleading advertising or marketing

Complaint:
XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX Subject : Violations of United States Codes related to Downpayments and Truth in Lending Laws Dear westlake financial and XXXX XXXX  XXXX XXXX, I am writing to address a matter of significant concern regarding my recent experience at XXXX XXXX XXXX XXXX on XX/XX/XXXX, I entered into an agreement for a car loan with your institution. During the process, I was subjected to high-pressure sales tactics and, most notably, encountered discrepancies in the handling of downpayment requirements as well as the provision of accurate information about the loan agreement. 

It is with great disappointment that I bring to your attention the violation of pertinent United States Codes, specifically 15 USC 1605 and 15 USC 1662b, related to downpayments and full disclosure of truth in lending. It has come to my attention that your institution engaged in practices that not only contradict the principles of these regulations but also undermine the integrity of the lending process.

Under the Truth in Lending Act ( 15 USC 1605 ), financial institutions are legally obligated to provide accurate and comprehensive disclosures to consumers, ensuring they are fully aware of the terms, conditions, and costs associated with the loan agreement. The practices I experienced at [ Financial Institution 's Name ] have raised concerns about the adherence to these regulations. Specifically, I was misled and coerced into an agreement that did not reflect the advertised terms and the true nature of the loan.

Furthermore, Regulation B ( 12 CFR 1002 ) and Regulation Z ( 12 CFR 1026 ), which implement the Truth in Lending Act, require that all terms of a credit transaction, including downpayment requirements, be clearly communicated to the consumer. The high-pressure sales tactics I faced obscured the proper disclosure of downpayment obligations, which directly contradicts the spirit of these regulations.

In light of these matters, I strongly urge XXXX XXXX XXXX XXXXXXXX to rectify the situation promptly. I expect a thorough review of my loan agreement, an accurate representation of the downpayment terms, and a transparent disclosure of all costs associated with the loan. I also anticipate a written response detailing the actions taken to address the violations mentioned and my downpayment returned above to ensure that such practices do not persist within your institution.

Failure to acknowledge and address these concerns will leave me with no choice but to escalate the matter to the appropriate regulatory authorities. I believe in fair and ethical lending practices, and I trust that your institution shares the same commitment.

Please provide a written response within 30 days of receiving this notification. You can reach me at ( XXXX ) XXXX or XXXX to discuss this matter further. I appreciate your immediate attention to this issue and look forward to a timely resolution.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation