Can You Negotiate with Westlake Financial?

Hannah Locklear | August 14, 2023

Hannah Locklear
Editor at SoloSuit
Hannah Locklear, BA

Hannah Locklear is SoloSuit’s Marketing and Impact Manager. With an educational background in Linguistics, Spanish, and International Development from Brigham Young University, Hannah has also worked as a legal support specialist for several years.

Summary: You can negotiate a debt settlement with Westlake Financial, but it’s important to consider all your options before doing so. If you have the money to make your payments, continue to do so. If you can demonstrate financial hardship, Westlake Financial may be willing to work with you. Finally, if you’ve been sued by Westlake Financial, SoloSettle can help you settle your debt before your court date.

Dealing with financial challenges, especially when it comes to auto loans, can be overwhelming. If you find yourself in a situation where you're struggling to make payments to Westlake Financial, you might wonder if negotiation is an option. In this blog post, we'll delve into the topic of negotiating with Westlake Financial, discussing the potential benefits, steps to take, and important considerations.

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What is Westlake Financial?

Westlake Financial Services is a prominent auto finance company that specializes in providing subprime and near-prime auto loans. Their primary focus is to help individuals secure financing for vehicles, even if they have less-than-perfect credit histories. As such, they cater to a broad range of customers with varying financial situations.

Does Westlake Financial let you skip a payment?

According to Westlake Financial’s website, customers facing temporary financial challenges have the option of an extension arrangement, allowing them to postpone one or more installment payments to the conclusion of the contract term.

By deferring a payment to the contract's conclusion, the originally set maturity date or final payment date will be extended for each deferred installment. This extension could lead to the accrual of extra interest charges.

To determine if you are eligible for an extension with Westlake Financial, you can call their customer service team at 888-739-9192.

Negotiate a debt settlement with Westlake Financial

While negotiating with a financial institution like Westlake Financial is possible, it's important to approach the process thoughtfully and strategically. Here are seven tips to consider if you're looking to negotiate with Westlake Financial:

  1. Communicate early on. If you anticipate difficulty making payments, it's best to communicate with Westlake Financial as early as possible. Initiating contact before missing a payment shows responsibility and a willingness to find a solution.
  2. Explain your situation. When reaching out to Westlake Financial, be honest and transparent about your financial circumstances. Explain why you're facing difficulties and provide any relevant documentation to support your claims.
  3. Explore your options. Westlake Financial might be willing to work with you to find a solution. They could potentially offer temporary relief, such as deferring payments or adjusting the loan terms. Be open to discussing possible alternatives.
  4. Negotiate interest rates. Depending on the terms of your loan, it might be possible to negotiate a lower interest rate. This could result in reduced monthly payments and a more manageable loan overall.
  5. Ask about loan restructuring. Westlake Financial could consider restructuring your loan to extend the repayment period, which could lead to lower monthly payments. Keep in mind that this might also result in paying more interest over the life of the loan.
  6. Seek professional assistance. If negotiating directly seems challenging, you can consider seeking assistance from a credit counselor or a financial advisor. They can help you navigate the negotiation process and provide expert advice.
  7. Stay persistent. Negotiations might require multiple conversations and a bit of persistence. Be prepared to provide additional information if requested and be patient as you work toward a resolution.

If Westlake Financial is suing you for failure to pay, SoloSuit can help you respond to the lawsuit, stand up for your rights, and resolve your debt before going to court.

How to settle your debt with Westlake Financial

A tried and true method of debt resolution is actually debt settlement, and SoloSettle (powered by SoloSuit) was designed to help consumers, like you, negotiate a debt settlement plan.

In a debt settlement, you offer your creditor a portion of the total amount due, usually at least 60% of the debt’s value. In exchange for a lump-sum payment, the creditor agrees to drop its legal claims against you and release you from the remaining balance.

If you decide to settle your obligation, you’ll want to ensure you get the terms of your agreement in writing and pay the creditor before your court date. If you’ve never tried debt settlement before, consider working with a professional organization that will guide you through the process.

Read also: How to Settle Debt in 3 Steps

To learn more about how to settle a debt, check out this video:

SoloSettle is a tech-based approach to debt settlement. Our software helps you send and receive settlement offers until you reach an agreement with the collector. Once an agreement is reached, we’ll help you manage the settlement documentation and transfer your payment to the creditor or debt collector, helping you keep your financial information private and secure.

Consider these factors when negotiating with Westlake Financial

Navigating negotiations with financial institutions like Westlake Financial requires careful consideration and preparation. To ensure that your negotiation process is effective and informed, it's crucial to keep a few key factors in mind, including the following:

  • Document everything. Keep records of all your communications with Westlake Financial. This includes dates, times, the names of representatives you've spoken to, and the details of your conversations.
  • Be realistic. While negotiating can lead to favorable outcomes, it's essential to have realistic expectations. Not all requests will be granted, but the key is to explore all available options.
  • Read the fine print. If you agree to any modifications or arrangements, carefully review the terms and conditions before finalizing anything. Make sure you fully understand the implications of any changes.

While it’s best to follow these three principles before you sign up for any loan with Westlake Financial, it’s not too late to implement them after the fact.

Negotiating with Westlake Financial is indeed possible, but your success depends on clear communication, a thorough understanding of your financial situation, and a willingness to explore alternatives.

By taking a proactive approach and being open to discussion, you might find a solution that eases your financial burden and helps you stay on track with your auto loan payments. Remember that seeking professional advice and staying persistent can greatly assist you in navigating the negotiation process.

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