Consumer complaint received 2025-03-04 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Getting a loan or lease — Confusing or misleading advertising or marketing
Company: Westlake Services, LLC
State: NV

Complaint narrative:
XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX Westlake Financial Services XXXX XXXX XXXX XXXX XXXX XXXXXXXX XXXX XXXX XXXX XXXXXXXX Compliance with Securitization Rules & Nevada Laws Improper Down Payment Requirement Dear XXXX XXXX XXXX Westlake Financial Services has established itself as a securitization entity, not a traditional lender. Based on publicly available information, including Westlakes own asset-backed securitization ( ABS ) reports, it is evident that your company does not hold loans long-term but instead bundles them into securities, sells them to investors, and recoups the loan principal immediately.

Given this structure, it is inappropriate for Westlake to demand a {$7700.00} down payment from consumers when the loan will ultimately be securitized and sold. This practice raises serious legal and ethical concerns, including violations of Nevada law related to deceptive trade practices, unjust enrichment, and improper financial disclosures.

Legal Violations & Compliance Issues 1. NRS 598.0915 ( 15 ) Deceptive Trade Practices It is unlawful to engage in deceptive practices by knowingly making a false representation in a transaction or failing to disclose material facts.

If a loan is destined for securitization and you have already received investor funding, then the representation that a down payment is required is false and misleading.

2. NRS 598.0923 Unfair Business Practices Demanding direct consumer payments while already being reimbursed by investors constitutes an unfair business practice. 
This effectively allows Westlake to double recoverfirst from the ABS investors who fund the loans, and again from the consumer through a down payment.

3. Unjust Enrichment Doctrine ( Nevada Common Law ) If Westlake already recoups the loan amount through securitization but continues to demand upfront payments, it is benefiting twice from the same obligation.

This is a classic case of unjust enrichment, where funds are collected without a legitimate basis.

4. NRS 205.380 Obtaining Money Under False Pretenses If Westlake represents that a down payment is required while knowing that the loan will be securitized, this could constitute an attempt to obtain money by false pretenses, which is a criminal offense in Nevada.

Required Compliance Action Westlake Financial must immediately comply with securitization rules and cease requiring down payments on loans that are being sold into asset-backed securities. You already possess all necessary client information to securitize the loan without requiring direct consumer payments.

The proper procedure is clear : Westlake should fund the loan and securitize it in good faith under clean hands doctrine, ensuring compliance with financial regulations. 
Investor funding should be the exclusive source of repaymentthere is no justification for collecting additional funds from the consumer. 
This is not a requestit is a requirement of compliance with both Nevada law and securitization guidelines.

Public Awareness & Escalation If this issue is not resolved immediately, I will ensure that every consumer, dealership, financial institution, and regulatory body is made aware of these improper practices. I will take the following actions : 1. Notify the Nevada Attorney General, Consumer Financial Protection Bureau ( CFPB ), and all relevant regulatory agencies about Westlake 's deceptive financial practices and unjust enrichment schemes.

2. Reach out to every consumer advocacy group, legal organization, and financial watchdog to expose Westlakes securitization abuse.

3. Leverage every news media outlet, podcast, and online platform to inform consumers of these deceptive practices and encourage them to take action.

4. Educate dealerships and consumers nationwide about the improper down payment demands, urging them to challenge Westlakes unlawful requirements.

5. Make this a public issue until Westlake Financial fully complies with proper securitization procedures and consumer protection laws.

As XXXX, you have personally signed off on securitization reports confirming that Westlake recovers principal from investors. It is therefore necessary to immediately adjust Westlakes practices and cease imposing unnecessary financial burdens on consumers.

I expect a written response confirming Westlakes compliance with these requirements. 

Should this matter remain unresolved, I will escalate this issue until every person in the country is aware of Westlakes deceptive and unlawful practices

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