Consumer complaint received 2022-06-14
Company: Westlake Services, LLC
State: CO
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Problems at the end of the loan or lease
Sub-issue: Problem related to refinancing

Complaint:
At this point I am convinced that I am dealing with a fraudulent situation and that I was lied to in what was described as a loan transfer which was, in fact, a refinance of an auto loan that had been reduced to principal. 

I was approached by a Westlake representative offering me a " thank you offer for maintaining a pristine payment history ''. The offer was an incentive of {$2000.00} to transfer my account to another division for management and that while I would only incur interest on the {$2000.00} only. I asked upside down and backwards that this transfer would not incur any additional interest over the course of 3 days. Every single time I was told that it would be a transfer only, that it would not have any effect on my credit report and that I would only continue paying on principal ; my payment of $ XXXX/mo went up.

Yesterday I find out that I had actually re-financed my loan and agreed to paying an additional {$11000.00} in interest. There is no sane person on EARTH that would agree to paying double interest on a loan?? Unless it was buried in the contract ... .and lied to horrifically and repeatedly.

Westlake destroyed my entire credit history ; reporting that I owe two loans to them for a total amount of {$33000.00}. Within their process they have deleted my entire credit history, showing my old account as closed, which should be paid off if this was actually a re-finance correct? They can't seem to see the problem on their end ( further instance of fraud )? 

My last conversation with Westlake I requested a transcript of my conversations with them in association to this transaction and was told it would only be released for legal reasons. I explained that it was for legal purposes and was told they would not release it. I got them to admit on tape that they were denying me access to my account information and contact history. 

Apparently this 'transfer ' company has a different name yet appears to be operating under the Westlake banner. That said, this certainly points to fraud- why would I have two accounts unless ... ..I do... and that would explain a lot. One is real and one is fraud. doubling the interest charged through lies, deception and manipulation. Informatively, in my reporting them to the XXXX  I found multiple complaints of the exact same circumstance of being ticked into re-financing a loan.

I have reached out 3 times to the CEO via email since last month with no response. He did direct his Compliance Officer to respond to my initial email and I was treated like a child, talked down to and incredulousness that I had any concerns whatsoever. He basically said ; it's your fault and live with it. 

I appreciate you taking the time to review this information and I hope you an find out what is going on- thank you, XXXX

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