Consumer complaint received 2023-06-12 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Managing the loan or lease — Billing problem
Company: Westlake Services, LLC
State: NM

Complaint narrative:
Westlake illegally charged a downpayment and advertised for the downpayment through a third party representing Westlake Services , LLC. I paid a down payment of {$1000.00} that was a factor in getting the extension of credit. This was advertised to me which is against 15 U.S.C. 1662 which states you are not allowed to advertise for the down payment either directly or indirectly to the consumer for the extension of credit. Also Westlake did not charge the correct finance charge, they did not disclose all that the finance charge consisted of, they did not inform me of how they came up with the interest rate. The finance charge is the sum of ALL charges, are you not supposed to charge an additional cash payment, which they asked for {$1000.00} cash from me.

It says in 15 U.S.C. 1605 the finance charge is the sum of ALL charges, and full disclosure is required on how it was computed clearly and conspicuously for me to understand. The law states the XXXX is to be calculated and disclosed a certain way? My loan documents ( extension of credit paperwork ), my billing statements, or the online portal does not state how Westlake came up with the XXXX, how the XXXX or XXXX charge is calculated, or what my finance charges are, or any computations or criteria used in determining the XXXX or finance charge. It is not clear and conspicuous so I can understand it. I do not know how Westlake determined this amount and do not understand why I am being charged this amount. I also do not understand what the finance charge is or how Westlake came up it.

The federal law states a separate document is required from Westlake informing the consumer in bold writing that stands out from the rest of the extension of credit documents that Westlake requires the consumer to carry any insurance or it is required that this be included in the finance charge, yet Westlake has never carried and paid for the auto insurance for the truck since the beginning of the loan. Westlake does require state minimums of liability insurance to be carried on the truck. If Westlake requires the consumer to pay for the insurance it must be stated clearly and conspicuously to the consumer if insurance is a factor to get the extension of credit which it a factor. When I received the extension of credit, I was required to have insurance for this truck purchase I was getting the extension of credit for but it was not disclosed to me.

Westlake never sent me a disclosure of my right of rescission. I understand that Westlake is required to give me my right of rescission clearly and conspicuously disclosed at the time of the transaction and after you are to send me any appropriate forms, the obligor, to exercise my right to rescind any transaction. 15 U.S. Code 1635 Definition of finance charge according to 15 U.S.C. 1632 ( a ) : Information required by this subchapter shall be disclosed clearly and conspicuously, in accordance with regulations of the Bureau. The terms annual percentage rate and finance charge shall be disclosed more conspicuously than other terms, data, or information provided in connection with a transaction. 
The penalty for a finance charge is double the amount of the finance charge. 

Westlake has also quit sending paper statements yet I did not opt out of paper statements. This is a violation of my rights to receive a paper statement in the mail and be informed through the mails of any obligations I may have as well as the information Westlake is required to disclose to me monthly or periodically.

Westlake Services , LLC 's online portal or monthly billing statements neither show the finance charges or the XXXX they are charging at all in any form and only a total amount I am to pay every month? Westlakes online portal does not give me any information on my payment terms and calculations or info on my loan, XXXX, or how much interest I have paid or am currently paying.This is very confusing and misleading because I do not know what I am being asked to pay for. Especially since the original loan documents do not state what I am paying either. This is a lack of full disclosure as well as diseptive practices and fraud. 

According to 15 USC 1606 ( a ) Annual percentage rate defined : Theannual percentage rateapplicable to any extension of consumercreditshall be determined, in accordance with the regulations of theBureau.

Unfortunately I am unable to know how Westlake determined my Anual Percentage Rate in accordance with the regulations of the Bureau, because it was not disclosed to me in either the initial contract received by Westlake, the online portal, or monthly billing statements.

I am wanting to work with Westlake Financial Services to solve these billing error and deceptive practices. I am asking for reimbursement for what I paid in excess of what the law allows in the finance charge and correction of my bill to have the finance charge be the sum of ALL charges with reimbursement of my cash payment that was required of me in addition to the finance charge of {$1000.00}. According to my paperwork that I received from Westlake the day I was approved for the extension of credit, it states my total finance charges are {$4000.00} which I have already paid in excess of. This should cover ALL charges and I should no longer owe Westlake any of my money from this point forward with release of the security interest of my property, a XXXX XXXX XXXXXXXX XXXX Quad Cab Pickup. All billing errors should be corrected including a refund of my money paid in excess of the finance charge. 

According to 15 USC 1607, ( e ) ( 1 ) in cases where anannual percentage rateor finance charge was inaccurately disclosed, shall notify the creditor of such disclosure error and is authorised in accordance with the provisions of this subsection to require the creditor to make an adjustment to the account of XXXX whom credit was extended, to assure that suchpersonwill not be required to pay a finance charge in excess of the finance charge actually disclosed or the dollar equivalent of the annual percentage rate actually disclosed, whichever is lower. 
I would like the insurance that was required by Westlake for the extension of credit to be paid by Westlake since it should have been included in the finance charge.

I tried to settle this matter reasonably with Westlake. I mailed them a letter certified mail return receipt which they never responded.

Company response to consumer: Closed with explanation