When Does Westlake Financial Repossess Your Car?

Westlake Financial is known to be an aggressive subprime auto lender when it comes to repossessing vehicles for missed payments.

I know because I dealt with them as a used car dealer.

But when does westlake financial repossess your car? One payment? Two Payments?

While there is no definitive number of missed payments that triggers a repossession, here is when you should expect to be at risk of a repo by Westlake Financial when your start missing payments:

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Typical Repossession Timeline

• The industry average for most auto lenders is to initiate repossession after 3 missed payments. However, some lenders may start the process after only 2 missed payments (60 days past due).
• Westlake Financial specifically states that once an account reaches 60 days past due, they make a decision on whether to repossess based on the details of the account.
• One source mentions that Westlake Financial representatives have stated a vehicle becomes eligible for repossession once it is 30 days late on payment.

So, while Westlake may allow some flexibility, missing even 2 payments puts you at high risk of having your vehicle repossessed by them.

Communicating with Westlake Financial

I strongly recommend being proactive and communicating with Westlake Financial if you are having trouble making payments:

• Call them as soon as possible to explain your situation and see if they can work with you on a payment plan or deferral.
• Westlake may be more willing to accommodate you if you are upfront about your difficulties rather than ignoring missed payments, which will signal a determination not to pay.
• However, even if you communicate, be prepared that Westlake may still proceed with repossession, as they are known to be very aggressive with loan defaults.

Avoiding Repossession

To avoid having your car repossessed by Westlake Financial, your best options are:

• Catching up on all missed payments and associated fees immediately.
• Refinancing the loan with Westlake or another lender if possible.
• Voluntarily surrendering the vehicle, which is better than an involuntary repossession for your credit.
• Filing bankruptcy, which puts an automatic hold on repossession efforts.

My Conclusion

The key takeaway for me is that with Westlake Financial, being even one payment past due puts you at risk of repossession.

Communicating with them and exploring options to get current on your payments is is the best way to avoid repossession because if you do not they will consider your evasion as a deliberate attempt not to pay and keep the car.

Sources:

• https://www.reddit.com/r/personalfinance/comments/j2g81h/westlake_financial_repossession_questions/?rdt=56257
• https://www.avvo.com/legal-answers/friday-i-had-my-car-repoed-after-being-roughly-40–1594763.html
• https://www.reddit.com/r/personalfinance/comments/14avxuo/westlake_financial_auto_loan_late_payment_question/