Complaint Review: Wells Fargo Auto Finance - Tempe Arizona

Just so others don't fall into the trap set by the original author, a repo does NOT get rid of the loan. The original author claimed you are better off letting the vehicle get repossessed than finishing the loan. That is a false statement. You are better off never signing for the loan. But once you have agreed to it, the only way out is to pay it off either through payments or a refinance. True, you are upside down; but, the minute you sign for a high intererst loan you willingly agreed to those payments.

No, I don't work for Wells Fargo. In fact, I believe they are an awful lender. But it is their right to charge whatever rate they can get away with as they are a for-profit business. The loan officer works on commission or a bonus for the high interest rate loans. If you think the loan officer at any bank is your friend, you are mistaken. Whenever you borrow money it is up to you to protect yourself. Read the contract. Understand the terms. Don't sign it if you don't understand it and if the rate is too high - do what Jennifer did: she walked away from the deal. There are other lenders with better rates. A loan officer is a salesman. They are "selling" money at a price. The price is the interest rate. You are the buyer. You decide if you will pay the price or not.

Back to the original author: if you let the vehicle get repossessed, then you are still responsible for the loan plus fees plus default interest rate less the token amount taken off the loan for the sale of the vehicle. Why would you put yourself in that position; more debt and no vehicle? You are better off taking control right from the beginning just like Jennifer above.

I have a 702 credit score and a low debt to income ratio. I  went to Wells Fargo for a loan on a used vehicle because I have a checking account with them and also a line of credit that has been paid off. I was shocked when they came back with a 12.7% interest rate! I have never even had a 30 day late on my credit! I tried to negotiate with them but they said it was the best they could do for me. When I said I was going to shop around they said that because they had already made an inquiry into my credit it was going to cause anyone else who inquired to charge me an even higher rate. I went to another lender and instantly got approved at 8.0% interest, which I felt was fair for a 5 year old used vehicle. I am glad I shopped it and got the loan I deserved. It has made me feel like Wells Fargo is untrustworthy and I am planning on closing my checking account there.

Interest rate is governed by credit worthiness. If YOU trashed YOUR credit, then YOU will pay higher interest rate because that's what YOU gave yourself. Of course, if you don't like the APR who says you have to just accept it? There's nobody stoping you from shoping for the best rate for money! So called GAP insurance was put there by the dealer. The reason YOU didn't find out until after the fact is because YOU didn't read the contract before signing it. The original poster simply doesn't know what the hell they are talking about. The reason someone is upside down in the deal is because they put little or no money down and/or financed the car for too long of a term. Additionally, the ONLY way the lender is going to add insurance is because the borrower failed to have full coverage insurance which is a requirement of the contract. Again the OP displays their incredible lack of knowledge of the subject matter. The story the typical deadbeat wants you to believe is they've been the perfect customer and have never, ever been late but all of a sudden, out of the clear blue sky the lender for absolutely no reason is calling them and suddenly there's all these extra added fees as a form of extortion since the borrower has had such a superb payment record. Reality is these people have multiple late payments and maybe were repo'ed and their posting here is nothing more than the antics of some little cry baby blaming everybody but themselves. Most of us here very easily see thru the crap!

I too have a truck that was financed through well fargo auto finance. I was charged 18.25 % interest which even for luke warm credit was crazy. I provided the dealership with my own insurance coverage and they still  gave me their "gap insurance" which I wasn't aware was on my account until it started appearing on my statement as "other charges" tried to clear it up with their insurance guy and even though I had a mailing receipt with all the documentation they refused to remove the charges stating that I should have provided when I signed my purchasing contract.

My payments are high $495.00 to be exact and that is just the minumum payments $515.00 if you want to count all of the interest and in addition to that they are charging $269 in "other charges" which I have contacted them several times regarding a list of what "other charges" are they claim that it is because, I have paid late even though I have repeatedly asked for my payment date to change to the 15th instead of the 13th because I am in the military. Their claim that they would change it and not to worry it had a 10 day grace period and it still remains the 13th. I use to talk to them all the time and make automatic payments now, I refuse to talk to anyone everyone is a "manager" and no one can transfer you, you NEVER EVER talk to the same person twice. I make all of my payments with a cashier's check from my non well fargo bank account and make sure that I always maintain the large file that I have on them. I hope that this eventually becomes a group lawsuit because, their business practices are immoral and I once my payments are low enough to trade it in I am jumping all over it.  It is my hope that Wells Fargo has to pay restitution to several people not only on the auto but for their slimy house lending practices as well. As for me I have learned my lesson I will NEVER be a consumer with wells fargo again



Crystal

San Diego, CA