Many people know this story already however there are millions who don't. Unfortunately there are thousands (that I know of) who share a similar story with this poor excuse of a bank. If you have had a similar problem please do share as I am looking to hopefully start a class action suit against them.
I bought a van in May of 2007 and Wells Fargo Auto Finance was my lien holder. Little did I know then that this would be the worst mistake I could have ever made. The first couple of months of having the loan I mailed my payments in plenty of time for them to receive the payment on time. However every time I mailed it, Wells never received it. Well so they say. So they would call me tell me I was past due and had to make a payment over the phone right away-which has a $20 fee of course. Then I decided to just eat the cost of the phone payment fee every month just so they received the payment on time-or so I thought would be on time. I would make the payment which would come out of my bank account the next day but did not post to my account for a couple weeks, causing me to have a late fee and over phone payment fee. Couldn't pay it on their website without a Wells Fargo bank account which is the first time I ever encountered this!! Finally got smart and tired of all the late fees and them reporting to credit agency that I am late every month when it was paid on time so I signed up for the online bill pay with my bank. My bank would take the money out of my account and automatically pay my van payment.
Well couple months after I started this I started getting calls from their collection agency telling me I was well over 31 days past due. WTF??? So I explained to the lady that I could provide proof that the payments were being made and that they had just received a payment 4 days before this call. Yeah they were getting the payments however they had decided to take out an insurance policy against my loan without my knowledge (claiming they mailed me a letter.) So at the same time frame that I started to pay them through the bank-no fees they can collect-all of a sudden they took my monthly payments and paid an insurance policy with the payment. Yup causing me to "be significantly late" as my payments were not being applied to my account. Told me that my insurance company called them and said I did not have insurance so they took a policy out. In my state you cannot drop your insurance on a vehicle with a loan. The insurance company will not drop it without proof of another policy. Was ridiculous. So being annoyed them not caring that they messed up my credit and claiming this was all my fault I told them that they better come pick up the van or I will drive it to Nevada and park it up someone's ass. Yeah I was mad. 3 months later the van still sits here. :(
Paying insurance because I cannot drop it.
I am looking into different lawyers to start up a class action suit as I have seen way too many people go through this. Yes I would benefit more from a single lawsuit however it would not stop them from doing this again where a class action suit will help thousands more people in the future and that will be more beneficial and rewarding.
If you have had a problem with Wells Fargo Auto Finance please contact me or leave a quick comment here so we can see what we can do for everybody.
If you are looking to buy a car, invest in securities, buy a house or anything, do not use Wells Fargo!!! They have class actions suits in all of their departments and even employees have class action suits against them.