Wilshire Consumer Credit Repossessions

R

ryan miller

Member
Has anyone here dealt with Wilshire Consumer Credit when it comes to repossessions? I’ve been reading mixed things about how they handle accounts and wanted to see if anyone has firsthand experience.

From what I understand, they finance auto title loans, which means if you fall behind, repossession is definitely on the table. I’m interested in how aggressive they are with repossessing vehicles and whether they give any warning or chance to catch up before taking action. Do they work with you on repayment plans, or do they move quickly to take the car back?

If you’ve had an account with Wilshire Consumer Credit good or bad, I’d really appreciate hearing your story. Were you able to work something out with them, or did it go straight to repossession? And how did it end up affecting your credit afterward?

I think it would be helpful for others too, since there isn’t much clear info online about what to expect from them in these situations.
 
I had a loan with Wilshire a couple years back. They do repossess quickly if you fall behind. I missed two payments and they were calling nonstop. I got a final notice letter, but honestly the tow truck showed up within a week after that. No big grace period.
 
From my experience, they’re not super forgiving. It’s not like a bank where you can sometimes negotiate a hardship plan. With Wilshire, they want the car back or the money. I tried asking for a payment arrangement, and they wanted a big chunk upfront.
 
Repossession companies love Wilshire because they get steady business from them. My buddy works for a repo yard and he said Wilshire accounts are some of the fastest to get assigned once a customer goes delinquent. They don’t like wasting time.
 
I had the opposite experience. Fell 30 days behind, called them up, and they actually gave me a week extension if I paid half right away. It wasn’t super flexible, but they did work with me. Guess it depends on the rep you get.
 
Not trying to be harsh, but taking a title loan with Wilshire is basically agreeing that repossession is in play. They’re not in the help people out business. Their business model is collateral first, customer second.
 
Yeah, repossession killed my credit score. It tanked by almost 120 points overnight when they reported it. And it stays there for years. Even after I paid off the balance after auction, it still looks ugly on my report.
 
That’s the real sting. Losing the car sucks, but the hit to your credit makes life hard for way longer. Even small things like renting an apartment or getting a phone plan suddenly got complicated for me after Wilshire reported me.
 
I haven’t dealt with Wilshire, but I’ve seen posts about them in credit forums. Most people say they do send certified letters before the repo, but the actual pickup is quick. They don’t give you months to sort things out.
 
I actually managed to refinance out of Wilshire before things got ugly. Interest rate was like 100% APR or something insane. If you can get a credit union to buy the loan out, DO IT. Saved me from a repo mess.
 
One of the more aggressive lenders, IMO. I fell behind with OneMain years ago, and they were annoying but slower. Wilshire? They came for the car within 45 days.
 
I think it depends on the state too. Some states require more notice before repossession. In Texas, they didn’t even need a court order ..... they just showed up with a tow truck and took my truck at night.
 
Has anyone actually been able to recover the car after repo? I heard if you pay the past due plus fees, they let you reinstate. Curious if anyone pulled that off with Wilshire.
 
Honestly, repossession isn’t just Wilshire. All title lenders work this way. The difference is just how fast. With Wilshire, the window is short. With others, you might get more breathing room.
 
I’d avoid them if possible. Once they’ve got your title, you have no leverage. Miss one payment, boom, truck gone. And good luck getting another loan with repossession on your credit.
 
Kind of off topic, but why do people keep going to Wilshire when their rates are brutal? There are other lenders, even bad credit ones, that don’t hit you with 3-digit APR.
 
They repo’d my brother’s Honda in 2019. It sat at auction for weeks, sold for pennies, and he still owed thousands. That’s another thing people don’t realize ....... repo doesn’t erase the debt.
 
I worked in auto finance before, and Wilshire is known for being aggressive. They don’t like cars sitting because collateral loses value fast. The longer they wait, the less they recover.
 
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