Consumer complaint received 2024-06-07 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Managing the loan or lease — Problem with the interest rate
Company: Westlake Services, LLC
State: DC

Complaint narrative:
I am writing to bring to your attention several issues I have encountered with my contract from XXXX XXXX XXXX. Upon reviewing the contract recently, I discovered numerous discrepancies and potentially deceptive practices that have caused me significant financial and emotional distress. 

First and foremost, I was not properly informed about several critical aspects of the contract, including my right to rescind, the interest rate, and the nature of the retail installment. I initially believed this was a traditional car loan, but it appears to be structured differently. 

The contract states that the total of payments, including finance charges, amounts to {$23000.00}. However, after performing calculations based on the XXXX payments I have made, I found that I have already paid approximately {$21000.00}. The XXXX reminding of {$480.00} will total out to {$25000.00}. This discrepancy raises serious concerns with the contract of Total Payments amount of {$23000.00}. 

During my communications with XXXX XXXX, customer representatives occasionally mentioned " balloon payments, '' which was shocking as I was not aware that my loan included such payments. This lack of transparency is deeply troubling. 
Moreover, the contract contains a clause under the PURCHASE OF PROPERTY stating that I agreed to purchase the property for either the cash price or the total sale price over time. My payments on this vehicle amount to {$21000.00} with interest of {$16000.00} which equally up to {$37000.00}. This lack of clarity makes me question whether XXXX XXXX has accurately reported interest payments to the IRS and properly included these payments in their tax filings. 

Additionally, I have had unsettling experiences with XXXX 's customer service. Whenever I call their number XXXX, the same individual seems to answer, despite using different names such as XXXX XXXX, XXXX XXXX XXXX, and XXXX. This raises concerns about the integrity of their customer service operations. 

Lastly, I have noticed inconsistencies between the contract amount, payment history, monthly invoices, and the payoff amount. These discrepancies make it difficult to determine the accurate payment amount and further contribute to my distress. 
Attached is an XXXX spreadsheet detailing a comprehensive breakdown of my financial payments. The sheet includes columns for payments made and their respective totals, the bill due along with the overall total, interest accrual, interest billed, and the principal amount with its total. Additionally, it outlines any late charges incurred and details related to repossession actions. This document is intended to provide a clear and thorough overview of your financial standing, ensuring transparency and ease of understanding. 

I believe I have been taken advantage of due to my need for a vehicle for my family, work, and school. I am seeking your assistance in investigating these issues to ensure that no fraudulent or deceptive practices have taken place and that all financial dealings have been properly reported to the IRS.

Company response to consumer: Closed with explanation