Complaint Review: Wachovia - WFS Dealer Services - Irvine California

hello everyone my name is ****** and i live in kansas city... i bought 2 cars from suzuki franklin in bannester off 435 fwy... about 5 yrs ago.. i went in and bought 2 cars right off the lot...the sales man gave me a high interest rate at 16% and the car saleman told me i could refinance after 6 mo, well i believed him and i drove off the lot... 6 months later i called (WFS) and i told them i was ready to refinance the cars so i can get a lower rate.. well they told me i didnt qualify..and i was blown away that i couldnt refinance, so i kept making my payments on time month after month.. and 1 yr later i got a letter in the mail from an attorney in san fransico ca , and in the letter they stated that (WFS-WACHOVIA) was sued in a civil suit by a group of hispanics and blacks.. and they sued them on the fact that wachovia/wfs was discriminating the mexican and blacks on their interest rates%%% and were denied on their refinance applications... a month later wfs sent me a letter of waiver to settle on their lawsuit in 2004. the settlement was reached look at this

African Americans and Latinos

Auto Discrimination Class Action

In the nationwide class action litigation against TMCC, American Honda and WFS Financial, the respective parties entered into landmark settlements for African American and Latino consumers which collectively provided:

Cash or credit payments of up to $400 per class member.

Broad refinancing programs reducing rates charged to existing African-American and Latino customers whose markups were 1% or more. These benefits were valued at $1 billion in the WFS Financial case alone.

New pre-approved offers of credit (that cannot be marked up) to 1.5 million African American and Latino consumers.

Limits on discretionary markups on new loans of 1.75% to 2.50% (depending on the length of the loan). This compression of the discretionary range substantially reduced the likelihood that any markups in the future will occur as the result of racial discrimination.

New disclosures on all contracts explaining that the interest rate may be negotiable.

Donations of $1.9 million to non-profit organizations involved in consumer education and assistance.

In approving the settlement in WFS Financial, the Court recognized the innovative and remarkable settlement achieved on behalf of the nationwide class.

The last case resolved was Herra v. Toyota Motor Credit Corporation. In November 2006, the Court granted final approval to a nationwide class action settlement on behalf of all African-American and Hispanic customers of TMCC who entered into retail installment contracts that were assigned to TMCC from 1999 to 2006. The monetary benefit to the class was estimated to be between $159 and $174 million. Michael W. Sobol managed the litigation for Lieff Cabraser.

Further information is available at (((ROR REDACTED))) ALSO IF YOU NEED TO CLAIM THE MONEY GO TO THIS WEBSITE (((ROR REDACTED)))

I faxed and sent the letter in and till this day march 2008 i have not recieved a dime and i made over 40 call with no response!!! they said they never got the fax or letter..they are totally LIERS!!!! so next week im going to see an attorney to file my own lawsuit... and by the way i still have the original document that WFS sent me to settle... so they cant lie in court about that the letter never sent!!!! this is crazy ... i just paid both my cars off ahead of the due date... and i will never apply for a car loan at a car dealership, its better to go to your bank and borrow the money and buy it like that. and if you do buy a car DO NOT GET FINANCED WITH WACHOVIA...I REPEAT DO NOT GET YOUR FINANCING WITH WACHOVIA.. THEY CHANGED THEIR NAME AFTER THE LAWSUIT... FROM WFS TO WACHOVIA... SO in closing if anybody is out there and "yes" their are many, becarefull because they will also lie about your insurance and say you didnt have any... and they will tack on insurance on top of your loan and charge you interest on too.. well i will get back to after my victory.... because they are in for some money loss to me..

well God Bless.. and be smart when you buy your next car....thank you

George

kansas city, Kansas

U.S.A.

Click here to read other Rip Off Reports on Wachovia Bank

CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.