John
Califon,#2Consumer Comment
Mon, August 18, 2008
And because you didn't have any insurance? It's not their fault you got in over your head.
Ruth
Kyle,#3Consumer Comment
Mon, August 18, 2008
I purchased a car that was financed by Wells Fargo Auto Finance in 2005. I was on time with my payments the first few months and they did tack on the insurance as you said in the beginning and I accepted as I did not have insurance at the time. I was young and naive back then, only 18 years old! I was a young mother and wife. My husband was trying to look for reasonable insurance and we were actually in the process of moving to another state. The day I got that car was the day we moved to Texas. I do admit I fell behind on my car payment as I was a stay at home mom and my husband was the sole bread winner. His job was having lay-offs like crazy and of course, he had to be one of them. It took hime over 2 months to find a job. In the meantime my brother was letting me borrow money to pay my car. We finally were able to catch up but again they would call my house about 10 times a day and send me letters that didn't make sense when I would sometimes make a double payment which the reps would tell me that would catch me up. I finally got on my father-in-laws insurance plan with Allstate and they send the documents to Wells Fargo and Balboa Insurance. About a month later, Balboa and WF call stating they don't have my insurance on file and they will tack on an extra $300 to my car payment for the insurance. I told them the insurance agent from Allstate already sent them the info about a month ago. Long story short, they never received it. I got a fax, phone, and adress to WF and Balboa Insurance. The Allstate rep fax, mailed, and called in to Balboa notifying them of this. Well guess what? Of course, they never received it. My husband was finally able to get this all fixed somehow as I was already fed up with these people. Through all this insurance fiasco I was still getting calls and letters about my car payment being late. I called and spoke with a rep and did the math on the phone with her about the payments, late fees, and interest fees that were added. There was an extra $60 for something that didn't add up. She couldn't say anything - she was like, "well this is for what you were behind on." I said ok obviously you do not know how to add or subtract but this doesn't make sense on paper. I left it at that. I would answer the phone to tell the WF Rep that I would be making the payment during my next pay period (I was finally employed during this time) they would tell me OK and say they would put it in the notes. Again, the next few days, weeks, I would get call after call from WF. They would tell me I was late and they needed a payment ASAP. I told them, "Don't you read your notes? I already spoke to so and so and told them I would be making this much of payment on this date." They would tell me, oh yes we see it here but the phone is an automatic dialer and whatever. They would bring up the insurance again and tell me they don't have my insurance on file. I again would tell them I thought this got solved, we have faxed and mailed the insurance declaration forms about 100 times already. Well one night a lady called my home and was the MOST rude WFF Rep ever. She said some really nasty and mean things to me demanding me to pay. Take into consideration I was about 6 months pregnant with my son. I asked to speak with a supervisor since her behaviour was so unprofessional and she declined to transfer me. What she did was put me on silent mute, and I admit I did say something about her that was not nice but this was after she was really nasty to me. SHe was telling me why I had gotten into a car I couldn't afford, and who cares if I had a mortgage and kids to support, everyone had that! I couldn't believe that things she was telling me. Anyways back to the hold time, as I was saying, I did call her a bad name only once since I was so frustrated and mad, she took me off hold and said, "I heard that!" and hung up! This whole time she was listening to what I was talking about with my husband instead of transferring me to a supervisor. I was SO upset I was crying my eyes out. I was fed up with their predatory practices I got online that same night and filed a complaint with the BBB. My husband called WFF back and demanded he speak to a manager. He explained to him the situation that occured and demanded the name of the lady we last spoke with. The manager was polite and apologized, stating their reps are never supposed to treat customers or says things like things she said to me. My husband notified them we were filing a complaint with the BBB. Well they were quick to respond. About 2 weeks later WFF sent a letter to us stating they took proper disciplinary action against the rep I spoke with and they were going to waive late fees for the past month and defer the last month I was late on. I was satisfied and called them and made the payment that would catch me up. Well this little bliss didn't last long as I admit, I was late the next month, because I would rather have myself, and my children a roof to sleep under than sleep in a car. My mortgage was high and we paid our mortgage first, it was almost first priority before anything. Again I got the harrasing phone calls and finally told them to just pick up the car. That car sat on my front curb for about 2-3 weeks before they finally sent someone out. GOOD RIDDANCE! It may be a blemish on my credit, but I was finally free from the harrassing calls from WFF. I was able to get my free credit report online and it shows as written-off. I don't even have balance like my other creditors report. Go to www.annualcreditreport.com to get your free credit report. It's governed by the FTC and it is actually free with no strings attached. I hate WF and I will never do business with them again. They are a horrible company with horrible customer service reps!
Consumer2
Chicago,#4Consumer Suggestion
Sun, January 06, 2008
I don't know if they have repoed your truck yet, but if you let them, you will have an involuntary repossession on your credit report. For the other guy that commented, he is right. We all want to drive nice cars, and often take a note that we can't afford. The blue book value is often a few thousand dollars cheaper than the asking price. They will sell your car at the auction, and you will still have to pay the remaing funds not recovered with the sale of the vehicle. I have had a run in with Wells Fargo. Check the state laws for your state and theirs. If you are in Florida, they can't call your Place of Employment. That is harassment. I am a debt collector. They don't have to follow the Fair Debt Collections Practices Act, which is the law we have to follow. They originally own the debt, they call me a lot too. If you can, try to finance with someone else to see if they can pay the loan off for you. I would hate for you to ruin your credit. If you can't pay the money after action, they may try to garnish your wages.
Christopher
Tioga,#5Consumer Suggestion
Sat, September 15, 2007
Persons of limited income, hear me now: NEVER finance ANY vehicle. These creep joints KNOW you cannot afford your payments. They KNOW you have poor credit and limited income. They KNOW that defaulting on your loan will result in a repossession of the vehicle and ruining your credit further or worse. THEY KNOW ALL THIS AND THEY DON'T CARE. Take my advice as one who no longer lives with the burden of debt. Take that tax return that you receive, likely fully loaded with earned income and/or child tax credits. BUY (not put a down payment on something newer) a used vehicle that runs well and has what you NEED, but may not have everything you may WANT. Now, you will have a vehicle to serve your purpose, extra cash every month in case repair expenses pop up, and even more in the bank from the 300-700+/month you save not paying some slimy finance company for their overpriced, high-interest, used vehicle that will be worth SQUAT if you can ever pay it off (do the math, friends: that's 3600-8400 dollars saved EACH YEAR). And to those trying to scare this poor OP about being sued, wages garnished, blah blah blah: get your facts straight. Finance companies CAN sue you, but a judge will look at the OP's essential financial obligations (rent, insurance, food, clothing, electric, water, sewer, gas, etc.) and match that against the disposable income. IF there is anything left, the party bringing the lawsuit MAY receive a nominal monthly deduction (probably in the $5-10 range) for the remainder of the loan term. This is why most creditors charge-off and sell debts after reviewing these types of debts and the payment capacity of those who owe the debt. Judges do not starve families to pay fat greedy loan companies, so stop with the scare tactics. Education is the best defense when the exploited among us are taken advantage of. Low-income citizens would do well to take the power out of the hands of predatory lenders and buy used vehicles in CASH. This will put those companies out of business and give you a personal freedom that is priceless.
Aafes
Viernheim,#6Consumer Comment
Sat, September 15, 2007
Once they repossess the vehicle they will auction it. Be forewarned, the car will normally pull much LESS at auction than the low blue book. The proceeds of the auction will pay off a portion of your loan - depending on your state you may be responsible for the repossession costs, auction fees and these amounts will be paid from the auction proceeds prior to the loan. The remaining balalnce of your loan is known as a deficiency. The creditor will demand immediate payment in full on the deficiency. If not paid within a certain time they will normally file a lawsuit and if you are not able to successfully defend your position they will receive a deficiency judgement and you will likely find your wages garnished.
Nikki
Coconut Creek,#7Consumer Suggestion
Sat, September 15, 2007
Here's something I don't think you know. If you owe $17,000 on your auto and they repo it and sell it at auction for $10,000, you are still liable for the $7,000 remaining balance.