- Report: #1179308
Complaint Review: Wells Fargo Dealer Services - Nationwide
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Wells Fargo Dealer Services
Nationwide, USA
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Wells Fargo Dealer Services Collections is been rendered useless and employees are leaving west coast Nationwide
This division was Wachovia and has buying Non Prime loans for many years and servicing them according. Now Wells Fargo purchased Wachovia several years back and has been "dumming down" the collections departments all across the country. They stated this year when they started "recording all calls" in and out from collections so they can monitor calls.
What they should have said was "we really want to screw over the collections reps and make sure they start looking for new jobs".
With wells they have reduced the bonus structure to almost nothing and now with the Nice recording they have made it nearly impossible to get a bonus since they don't want you to collect, they want you to empathise with the Non prime buyers who they sold High interest loans to, so they can keep the loans going as long as possible and get all of the "penality interest and fee's off these customers who can't pay their monthly loans. Most of the employees I have talked with at different sites are fed up and are looking for new jobs, since the positions here are tenative at best, unless you want to work for nothing and risk being fired for just about anything since they reveiw calls at random and most calls they fail you on for really stupid things.
When Wells fargo purchased Wachovia company, their own collections dept was defunked since they had screwed it up, and since purchasing Wachovia, they have done the same to this collections dept. So as a Subprime buyer, you really are having it tucked to you with the penalities, fees, and high interest rates on loans with interest rates starting at 12% and going upwards to 22%.
Most of these people are ignorant of how simple interst loans work and they are being bled with penality interest since they can't pay on time. Also remember, if you default on the loan, and the car is sold at auction, the Deficit bal will be your responsibility, and if you don't pay the deficit bal, wells send IRS a 1099-C and you are taxed on the balance unpaid as income, and IRS will get their money out of you, so as subprime buyers you are screwed.
And the company is buying deeper into the subprime market....
Back to the buyers ....Secret...Wells Fargo is trying to keep from having lawsuits filed from these subprime borrowers since Wells is aware most can't pay for the loans they have been put into, and just want to string them along as long as possible before repoing them.
To the buyers...the key to this is KNOWLEGE....here is the link to one of the FDCPA web sites: http://www.fdcpaviolations.com/fdcpa so you can file complaints when your rights have been violated....remember...Wells records every call now, so be sure you know what you're doing since your call is recorded and will be used against you.
As Far as the employees "we are screwed" and need to be looking for other jobs NOW since the economy is picking up and wells fargo is "dumbing down this dept".
