Consumer complaint received 2024-01-22 00:00:00
Product: Payday loan, title loan, personal loan, or advance loan — Title loan
Issue: Charged fees or interest you didn't expect — 
Company: Westlake Services, LLC
State: FL

Complaint narrative:
My XXXX XXXX XXXX son obtained a title loan on XX/XX/XXXX from a company by XXXX  foans. The problem is I am the payee of his {$600.00} social security account and had no knowledge of the loan. He was working part time and intermittently with XXXX XXXX. My husband and I purchased the car for him in XXXX to allow him an opportunity to go to his PT job and he used it to taxi all of his friends from their jobs and home. 
I ( his mother ) learned of the debt early XXXX of {$390.00} per month. I set up a billpayer out of my bank account to keep the bill current and advised him he would pay back the loan monthly from his social security. Long story short : he hands me the phone and it is WIlshire Consumer Credit calling to advise me that my son 's car was being repossessed because he missed the XXXX payment. The amount that must be paid would be {$390.00} to stop the repossession. When I spoke to the lady on the phone she told me that his PAYOFF was {$3800.00} to payoff and clear the lien. My husband and I forwarded the money to them the next day XXXX  XX/XX/XXXX and they acknowledged receipt the next day XXXX  ( ( although the bill payer amount of {$400.00} had already been sent ). My son would never give us the paper work for the loan but he told us he than {$3000.00} - finally. This is when I realized this company had collected {$4200.00} -- or more than {$1200.00} for a loan that existed only 45 days. I was livid at this point. I demanded the paper work that he signed. He finally sent me a photo copy of his on line application on XX/XX/XXXX. 

This is what I received Lender : First Electronic Bank Borrower : my son Loan date : XX/XX/XXXX Loan No. XXXX Loan Maturity Date : XX/XX/XXXX Annual Percentage Rate : 156.55 % ( not a typo ) Finance Charge : {$15.00} XXXX Amount Finance : {$2900.00} Other charges were applied - Amount paid to Public Officials {$92.00} Loan Origination Charge {$140.00} There are an additional 10 pages of contractual statements including arbitration clauses which I am sure are favorable to the company. 

There is no way he had the credit to borrow nor was his income enough to support a {$400.00} loan payment. It is obvious that they found an incompetent individual begging for money who had no financial wherewithal -- all he owned was the car that his parents bought him. I want this company to return ALL of the money that I SPENT above and beyond the money that my XXXX  son borrowed. I want this company to face criminal charges for usurous loans. Even a loan shark would not charge interest at 156.55 % - this is a scam and an organized financial scheme to deceive borrowers who have NO KNOWLEDGE of financial affairs and only those who own a car and in this case a piece of a car. ( a XXXX XXXX ) But for parental intervention, the car would have been repossessed which in hindsight would have been the best solution to this problem- but there would be no guarantee that the company would not continue to pursue monies from our now XXXX  penniless son.

Company response to consumer: Closed with explanation