I bought a vehicle in June and the loan was with Westlake Financial. I have paid my payments on time and have good standing with them. Today I noticed they raised my payment from $356.37 to $392.54. This amount has been on the last two statements. When I called them this morning, they said it was for insurance that I purchased. I cancelled that insurance on my vehicle on 10/01/10, because when I got it they said by phone that it would be only $800.00 for the duration of my car loan. A year later I got a renewal statement and found that it was $800.00 a year instead of $800.00 for the duration of the vehicle loan. I cancelled immediately and got insurance through GEICO, which does not expire until November. I told them I would never have gotten GEICO if I had agreed to this fraudulent insurance scam. They said I had been paying $400.00 every month; I have been doing that since my vehicle loan to pay down the interest, not to be ripped off for their insurance. The very first year of the loan I paid for private insurance, not through their insurance department, and paid $400.00 a month then too.
They refuse to take it off my payment installments for my vehicle. I told them I was only paying $356.37 and they said they would report me late to the credit bureau. I then said go ahead, I will sue you, and that's where it stands at this point. I believe this is an outrage when I've been a good customer, especially in this economy. I am also disabled with titanium throughout my back and can no longer work and am on disability, a fixed income. When I got the loan, the loan officer at Westlake was made aware of my disability. I am 55 years old and have never been in an accident or had tickets on my driving record; my insurance premiums are half the amount at GEICO. Please post this on your site so other people will be aware of their fraudulent deed and not be ripped off. I find that they have been taking the extra interest money and applying it all along to their insurance.
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