Wells Fargo Auto Finance multipule calls, payment mess up, repo, killed my credit, 25% revolving credit, Ripoff Fort Worth Texas
I am writting this to let people know that they aren't alone in the Auto finance area of Wells Fargo. I have come to this site multipule time for looking up place and companies. I have finally had enough about what is going on and wanted to put my 2 cents in.
My example: I have a Dodge Ram I payed in 2002, 18thousand for it. I made the mistake like most here on this site and went with wellsfargo because of how many location there are to make payment. That was in 2002. It is now 2006 and I STILL OWE 13,000 dollars on it. I get the calls that everyone here has gotten and I have gotten repoed @ 1:30am on a Saturday. My credit is ruined and I now have a goal to get it out of WellsFargo. The problem is now that my credit is bad I can't get a bank/credit union to take me because of them messing up on the payments. I have NEVER missed a payment know the repercusion. I have always had insurance on the truck and they forced insurance on me. All together if you are EVEN THINKING ABOUT GOING WITH WELLFFARGO DON'T!
When I switched to WellsFargo back in 2003 I thought I was making a good choice. What Wellsfargo didn't tell me is that it was so easy because they put me on a 25% intrest rate that is revolving. (meaning that the interest rates flux between 20% to 25%.)
Please, Please take my advice and don't go with these people. They don't care about you our you way of life. They will tax on anything they can to make the bottom line larger for WellsFargo.
Thanks for reading,
M
Grapevine, Texas
U.S.A.
4 Updates & Rebuttals
M
Grapevine,Texas,
U.S.A.
Answers:
#5Author of original report
Fri, December 01, 2006
Not a lease at all.
Its not for 8yrs either.
The funny thing about this is that I called for the pay off just last month and they told me that it would be 14,134.54.
I called today and its now 15,894.23
I asked why and they just told me because my payment interest is revolving and it a high 23% this month. Yippie for me.
Dave
New Westminster,British Columbia,
Canada
Loan agreement
#5Consumer Suggestion
Fri, December 01, 2006
Either you had an 8 year purchase agreement, or this was some sort of lease deal.
Getting financing arranged before heading to a dealership is the only way to be sure what your loan is going to look like. Most banks have calculator tools on their web-sites to show you future balances of any loan / mortgage. For car loans, if the loan balance doesn't decrease faster than the value of the car, it's not worth buying that car in the first place.
M
Grapevine,Texas,
U.S.A.
Nothing more
#5Author of original report
Fri, December 01, 2006
Actually, the only thing that isn't told here is that I didn't see the contract and it was done all over the phone and then I came in and signed a peace of paper that said I hand over payments to Wells Fargo Auto Finance. I asked the agent if I was getting the same interest and he said no but it would be close, YEAH RIGHT!
When I got my first payment slip in the mail I thought I had two car payments. I call the agent and he no longer worked for WFAF. I asked about getting this settled and the agent Jennifer said that there is nothing we can do because the paper work is already processed.
So I have been fighting to get my credit back together because they forced insurance when it wasn't needed at ALL! Which now on my credit shows none payment.
You want to know the kicker here. My wife's car is under the same name and insurance carrier and there was no forced insurance on her car alone.
When I brought this to the attention to the WFAF people they had no anwers and hung up the phone. I went to the location and they still couldn't asnwer me. I dont have the money for a lawyer so this is where I would like to put my 2 cents in.
John
Califon,New Jersey,
U.S.A.
I'm pretty sure the interest rate
#5Consumer Comment
Fri, December 01, 2006
is on the paperwork you signed for the loan. I know mine is from the bank I financed through. If not, you shouldn't have signed it until it was utually agreed upon.
No offense but there seems to be more to this story that's not being told.