Consumer complaint received 2024-11-26 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: VA

Complaint narrative:
Dear Consumer Financial Protection Bureau, I am writing to seek assistance regarding unresolved issues with a vehicle I purchased and an associated warranty from XXXX XXXX XXXX XXXX and Westlake Financial On XX/XX/XXXX, I purchased a XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX including an extended warranty for {$1200.00} covering XXXX years or XXXX miles. At the time of purchase, the vehicles mileage was XXXX. The dealership sold me the vehicle for {$23000.00}, plus tax, processing fees, and the warranty cost. I paid a {$6000.00} down payment, financing the remaining {$20000.00} through Westlake Financial. Since the purchase, I have paid approximately {$8000.00} to Westlake Financial, leaving a balance of {$16000.00}. Unfortunately, the current interest rate on my loan is 15.19 %, meaning Westlake Financial has already earned over {$4000.00} in interest fees. 

After driving approximately XXXX miles, I began experiencing significant mechanical problems. The vehicle would shake when reversing, and while driving, the engine intermittently lost power. I contacted the dealership several times about these issues, and they initially promised to provide a location for warranty-covered repairs. Despite multiple follow-ups, the dealership has been unresponsive, leaving the issue unresolved and impacting my ability to use the vehicle as intended. 

In an effort to address the problem, I reached out to Westlake Financial, explaining that the dealership appears to be intentionally avoiding the repairs by selling the warranty and then passing responsibility to the warranty company. Westlake Financial told me that I should contact the dealership or take the vehicle to a certified repair location. 

Finally, on XX/XX/XXXX, I brought the car to XXXX XXXX XXXX for XXXX inspection, where it had a mileage of XXXX. They identified multiple problems : a faulty camtronic solenoid, damaged engine mounts, and a broken oil pan. As a valued customer, the dealership replaced the oil pan at no cost ( an estimated {$3900.00} repair ). For the remaining repairs, totaling {$4000.00}, my warranty covered only {$3100.00}, and I paid the balance out of pocket. 

Since Westlake Financial is the lienholder and financed a vehicle that was improperly serviced, I requested they reduce my loans interest rate to under 3 %, particularly considering that the Federal Reserve recently lowered interest rates by 0.5 %. I also explained that I saved {$4000.00} on repairs to the vehicles oil pan alone. Despite these efforts, Westlake Financial has not acknowledged my concerns. 

The warranty sold by XXXX XXXX XXXX XXXX has proven inadequate. Reviewing the warranty contract, I discovered that some services listed are through the XXXXXXXX XXXX XXXX XXXX, which typically provides services free of charge. Consequently, this warrantys actual value is far less than the {$1200.00} I was charged. 

These unresolved issues have caused me financial strain and stress. I am seeking CFPBs assistance in holding the dealership and Westlake Financial accountable for the vehicle 's condition at sale, the inadequate warranty, and the high loan interest rate, especially given the circumstances and the Federal Reserves recent rate reduction.

I kindly request your assistance in negotiating with Westlake Financial to reduce my interest rate to below 3 %, taking into account all the problems caused by the dealership and the warranty company. 

Thank you for your time and attention to this matter. I look forward to your assistance in seeking a fair resolution.

Company response to consumer: Closed with explanation