Wells Fargo Auto Finance - Balboa Insurance Collateral insurance placed on vehichle even though I have insurance. Internet, Minnesota
Have had a loan through Wells Fargo for 3 years, they placed collateral insurance on my loan 4 months ago, after hundreds of phone calls from them about my "late" account balance I realized it was because they added on $838 for insurance, I spoke with someone and they told me to send proof to Balboa and it would be taken care of, I did that and they told me to call Wells Fargo. I was then informed about a waiver i was supposed to fill out when i stored my vehichle for the summer and said there was nothing they could do to reverse the $838. I hired an attorney and am not gonna put up with this what a joke. Would never do buisness with them again. I hope theres a class action lawsuit against Wells Fargo Auto Finance and Balboa Insurance.
2 Updates & Rebuttals
mahonysdetailing
Hugo,Minnesota,
United States of America
re storage insurance
#3Author of original report
Sat, December 19, 2009
Yeah while the vehicle was stored, still had insurance and sent proof 3 times, oh well its wells loss i payed off my loan and closed three checking accounts with them.
thanohano44
Queen Creek,Arizona,
United States of America
when it was stored???
#3UPDATE EX-employee responds
Sat, December 19, 2009
your contract states that you must carry full coverage and liability the entire life of your loan. this in case something happens to the unit that you cannot control...such as fire, explosion, mafia wars etc. you have a loan, wells fargo did not give you a car. the car was used as collateral to secure the loan. nothing more. your attorney wont be able to do anything for you....thats some free advice.