Complaint Review: Wells Fargo Auto Financial - PHILADELPHIA Pennsylvania

last november i purchased a vehicle and financed it with Wells Fargo. appproximately 2 months later, I receive letters stating that i needed to give them verification of insurance. Only to have their fax machine down time and time again. For the last 3 months my payment amount has gone up due to this issue. I finally got in touch with Balboa and sent them all of the necessary paperwork, and I am still having an issue with them. In January my policy expired and i elected to use another insurance company. But since my previous insurance doesn't have a lienholder named, they do not count it. Therefore are not going to reverse the charges. I spoke to several customer service reps about this issue, and they need to have Wells fargo as the lienholder for the policy, even if it is expired, and want me to go back to Allstate ( my previous insurance) and have them update an expired policy. I spoke to allstate and this unable to happen.

I have been going thru the same thing since November of 2006, however I never had a laps in insurance. It has gotten to the point of default letters and threats of reposession because I will not pay the insurance charges. I call them every moth the day before and the day after I make my payment and tell them they are not to apply my $ to the insurance charges. they still do. in almost a year of my loan, not .01 has been applied to my interest or principal. I finally sought council who obtained a restaining order agaunst reposession. We also requested a trial y jury for them to remove those charges, fix my credit, and apply all my past payment to the correct place, although I am sure we will never see a court room. He was also wondering if I would consider a class action suit in regards to the fradulent insurance charges. this seems to be a common problem. one WF collection agent even told me 90% of her phone calls every day are in regards to this.

I used to live in Arizona. Since this whole dispute revolves around insurance, file a complaint with the Arizona Department of Insurance. You are being double-billed for insurance -- once by your own insurance carrier and once for Balboa through Wells Fargo. From what has already been posted here it appears that Balboa is blameless. But by filing a complaint against Balboa, your situation will get bumped upstairs at Balboa. They, in turn, will contact someone at Wells Fargo who can get the situation corrected. An alternative is to file a civil suit in Justice Court for the excess amounts you have already paid. Your loan agreement probably requires that you go to an arbiter, but filing a suit guarantees that at least one attorney at Wells Fargo will review your case. Only the dumbest attorney would not settle when the bank is in the wrong.

Wells Fargo seems to have serious problems. But then, I once used Cendant for a house mortgage for a house that was on one lot PLUS the purchase included two additional lots. The problem was that Cendant was only payiny the real estate taxes on one lot! Which ment that the other lots' taxes could be declared delinquent and the lots would become eligible for a sheriff's sale, including a very valuable lake access (private dock) lot. I gave up trying to sort Cendant out and simply paid the taxes myself. Then two years later I refinanced at a 25% lower interest rate using a highly recommended local loan broker. Goodbye Cendant.

I came here to file a report against Balboa and Wells Fargo for just this very thing you have listed. I'll do you one better, though. We've had the same policy for the entire loan period. Never changed it, never failed to pay it, etc. When we bought the car, we drove off the of the lot with insurance. This was back in November. Well, starting in Jan. 2007 we started getting very threatening letters stating that we'll need to pay the increased amount or suffer the consequences. We called, we had our agent fax everything, etc. We think it's resolved. Nope, then the phone calls start coming in. You better pay or we'll blemish your credit. So we start paying, not realizing then that the insurance was coming off the top and our regular carnote was not being paid in full. We go through the hoops again. Again, we think we have it straigtened out only to receive letters and phone calls a couple of weeks later. They have confirmed now (6 months later) that they see we have all of our information in (nevermind that we kept confirmation reports and records from the approximate 15 times we faxed or mailed it. Nevermind the countless phonecalls. However, they still need us to keep paying the increased amount until an audit can be performed and they see what needs to be credited. Although they acknowledge that the Balboa policy was to be cancelled in full for the whole time they billed it, they need 25 more days to perform this audit, in the meantime we are to pay the increased amount (again, 250.00) because failing to do so will hurt out credit. We have nearly gone nuts trying to resolve this matter and would like to refinance the autoloan to never have to deal with WF again. It has been an absolute nightmare. Of course, nobody has ever once apologized, even after they realized that we were right and had maintained coverage seperately the entire time. I really want to switch to my small local bank, I think. I'm interested to see how this unfolds for both of us. As best I can tell, Balboa was the culprit, never forwarding the information to Wells Fargo, but then WF failed to update their records as well once Balboa finally did send over the information. So I guess they're in this together. STRESSED IN ALABAMA

I was reading your post with interest. I used to work in finance for a credit union in Portland Or. One of my duties was processing add on and refunds for CPI insurance (collateral protections insurance) and the agency we used was Balboa. Balboa said that they sent Wells Fargo a refund. I am not sure but I think this may of happened. When the refunds are recieved, it is done by a check. They will group all the refunds that they processed in one check and the bank, once recieved, will then manualy process each refund. It sounds like that when Wells Fargo processed your refund, they may of applied it to another persons loan. If this is what they did, then it would not show up on your account and your payment will not reflect the refund. Is there any way that you can find out what date that the refund was processed by Balboa? If you can, then maybe Wells Fargo can investigate what happened. Also on a side note, when you provided proof of insurance, did it show that you had insurance when you cancelled your other policy. In order to get a full refund, there has to be no gaps in the insurance, if there is then your payment will not go back to the original payment, the will prorate the difference thru the rest of the loan into your payment. I hope that this information is of help to you. Brett