Consumer complaint received 2019-05-21
Product: Vehicle loan or lease — Loan
Issue: Managing the loan or lease — Problem with the interest rate
Company: Westlake Services, LLC (UT)

On XX/XX/XXXX, I went into the XXXX XXXX XXXX car dealership to shop used cars. Mine was totaled in an accident. XXXX in the credit department ran my credit to get me financing. After going back and forth, I was informed by XXXX that Westlake Financial out of California, agreed to finance the 2016 XXXX XXXX at an interest rate of 11.99 % with {$2800.00} as a down payment and XXXX informed me that Westlake Financial wanted to see an extended warranty on the purchase. The signed contract at 11.99 % was under my given name as that is the name now of my driver 's license due to federal law. My work as well as other documents are under my nickname. I was called by XXXX at XXXX XXXX approximately 10 days later stating Westlake Financial had a problem with my pay being under one name and my license under another. I was out of town at the time helping a very dear friend who had XXXX XXXX in XXXX, which I drove. A representative from Westlake Financial was also on the phone. One of the options was when I got back to bring in other forms of identification to match my pay. Westlake and XXXX then decided when I get back, just give them my other driver 's license with my nickname and sign a new contract under that name. When I was back in XXXX XXXX, XXXX, I went into the dealership and I was informed by XXXX that my credit had to be run again because that offer expired which was NEVER mentioned before. XXXX was also in that office for a short time and told XXXX all he had to do was change the name. XXXX then called a contact with Westlake Financial to speak with him regarding getting the interest back to 11.99 %. I then signed a second contract on XX/XX/19, although XXXX told XXXX to date it XX/XX/XXXX and I was told to put the date of XX/XX/XXXX. I then received a phone call from XXXX on XX/XX/19 stating that Westlake Financial decided not to finance the car at 11.99 %. Instead, they would finance it at 15.99 % even though I have two signed contracts at 11.99 %. What I believe happened is that Westlake Financial had decided they didn't want to finance this vehicle at 11.99 % and they were coming up with reasons to get out of it and raise the interest rate. My {$2800.00} down payment cleared my bank on XX/XX/2019. I believe Westlake Financial is practicing crooked lending practices and XXXX XXXX just wanted to sell an extended warranty and would say whatever they needed to do it. I spoke with a friend who told me that is XXXX XXXX XXXX and another friend in the banking industry advised that I have a signed contract and it is completely unethical and possibly illegal to require someone to purchase an extended warranty in order to approve a lower interest rate.It is also interesting to note that XXXX had me date all paperwork regarding the second contract for XX/XX/19 even though it was signed XX/XX/19. I didn't even leave Ohio until XX/XX/XXXX. It also needs to be noted that XXXX went by the odometer reading at the original date of purchase of XXXX even though on XX/XX/19 the odometer reading was over XXXX. This also I believe is a fraudulent business practice. I do have all documentation that I can mail to you if you require it. I could not find a loan number on the paperwork although it does mention Westlake Financial Services in XXXX XXXX, CA on the paperwork.