Consumer complaint received 2024-03-01
Product: Vehicle loan or lease — Loan
Issue: Managing the loan or lease — Problem with the interest rate
Company: Westlake Services, LLC (IN)

According to recent studies, individuals with XXXX, especially those with limited income and employment opportunities, are disproportionately targeted by predatory lending practices in the auto industry. This is particularly concerning for XXXX veterans, who may already face significant challenges in accessing affordable transportation and financial resources. 

XXXX veterans with XXXX XXXX XXXX ratings, such as myself, are often reliant on fixed incomes and XXXX benefits to meet their basic needs. However, predatory lenders like XXXX XXXX XXXX and Westlake Financial Portfolio Services take advantage of our financial vulnerabilities by offering high-cost auto loans with exorbitant interest rates and predatory terms. These loans can quickly spiral out of control, trapping XXXX veterans in a cycle of debt and financial instability. 

Furthermore, the predatory practices of these companies exacerbate the financial hardships faced by XXXX veterans, making it even more difficult for them to access essential services and support. For example, in my case, the inflated loan amount and exorbitant interest rates imposed by XXXX XXXX XXXX and Westlake Financial Portfolio Services have left me unable to afford the necessary repairs or secure alternative transportation options, further isolating me and limiting my mobility. 

These out-of-pocket expenses further exacerbate the financial hardship imposed by the predatory lending practices of US auto sales and Westlake Financial Portfolio Services XXXX XXXX XXXX XXXX difficult for XXXX veterans like myself to afford basic necessities and access essential services. Moreover, the inflated loan amount and exorbitant interest rates imposed by these companies leave us trapped in a cycle of debt, with no viable means of escape. 

As guardians of consumer rights and advocates for justice, it is imperative that the Consumer Financial Protection Bureau takes decisive action to protect XXXX veterans and other vulnerable individuals from predatory lending practices. By enforcing fair lending standards, implementing robust consumer protections, and holding companies like US auto sales and Westlake Financial Portfolio Services accountable for their exploitative actions, we can ensure that XXXX veterans are afforded the dignity, respect, and financial security they deserve. 

Adding to the egregious nature of the situation, US auto sales clandestinely closed their doors and terminated all their employees without any prior notice or explanation to their customers. This sudden closure left many customers, including myself, in a state of confusion and uncertainty, unsure of the fate of our leases and loans. Shortly thereafter, it came to light that US auto sales had sold their leases and loans to Westlake Financial Portfolio Services, compounding the chaos and upheaval experienced by their unsuspecting customers. 

Promises of flexibility in adjusting monthly payments and terms were made during this transition, offering a glimmer of hope amidst the turmoil. However, these assurances proved to be nothing more than empty promises, as attempts to modify my payment schedule were met with indifference and stonewalling from Westlake Financial Portfolio Services. Despite providing documented evidence of every payment made over the course of a year, including screenshots and detailed records, Westlake Financial Portfolio Services failed to accurately annotate any of these payments on my account. Instead, they inexplicably reset my loan, further entrenching me in a cycle of debt and financial uncertainty. 

Compounding the financial strain imposed by the predatory lending practices of US auto sales and Westlake Financial Portfolio Services is the abysmal condition of the vehicle purchased from them. Despite assurances of a five-day or XXXX warranty, repairs and maintenance were consistently neglected. Multiple attempts to have the vehicle serviced under warranty were thwarted by logistical challenges and bureaucratic red tape, leaving critical issues unresolved. For instance, the air conditioner, which was non-functional at the time of purchase, remained unrepaired, posing significant safety risks, especially during long-distance travel. Additionally, the vehicle lacked essential coolant, a critical oversight that could have resulted in catastrophic mechanical failure. 

The callous disregard for customer welfare demonstrated by both US auto sales and Westlake Financial Portfolio Services is deeply troubling and indicative of a systemic failure to prioritize consumer rights and safety. It is abundantly clear that these companies are solely focused on maximizing profits at the expense of their customers ' well-being, showing a blatant disregard for ethical business practices and regulatory compliance. 

In light of these egregious violations and ongoing hardships endured, I implore the Consumer Financial Protection Bureau to take swift and decisive action to hold US auto sales and Westlake Financial Portfolio Services accountable for their reprehensible actions. By enforcing stringent regulatory oversight and imposing severe penalties for non-compliance, we can ensure that predatory lenders are deterred from preying upon vulnerable consumers in the future.