Hello,
I found this website purely by chance this morning. I did a search to find WFS, so that I could check the loan amount my car is carrying. WOW! I had no idea that so many people were being vitimized by this company!
I too have been ripped off by WFS Financial. I had my car fully insured BEFORE it even got home. I stopped at my insurance agents office on my way home and got the necessary paperwork filed that very day. He also called WFS to report that I had insurance while I was sitting there watching him.
They totally ignored this, and several months later sent me ONE letter saying that if I did not have insurance, they would place insurance on my contract. Of course, KNOWING that I had insurace, I thought it was just one of those letters that everyone gets when they have a loan with them, sort of an FYI letter. Boy was I wrong! Even though I had insured my car the day I brought it home, THEY STILL CHARGED MY LOAN $1500.00! And they BACKDATED the insurance to the day of execution of the loan, so that as soon as I became aware of what they did, they had ALREADY ripped me off to the tune of about $500.00! (I got the letter in September, the loan was executed the last day of May. And they had charged me starting that last day of May, but did not tell me until SEPTEMBER!!!)
I was furious! They were charging me an additional 1500.00 for this insurance WHEN I ALREADY HAD INSURANCE!?! I called my agent the day I got the notice. And he imewdiatly contacted them, and he called back assuring me that the matter had been taken care of. Was it? Nope!
Their excuse, my card that was sent in to them by my agent was not the EXACT card they wanted! Even though it shows that my insurance was in effect 1 day after the loan was executed, they still would not accept this as proof. They wanted a copy of the POLICY, not a card showing proof of insurance, (That is good enough for the state! Why not them?) No! They want different paperwork, that is not what is usually sent - therefore, giving them the excuse to charge insurance to the loan amount of honest, hard working people. And then they delay notifying you, so that they can charge you for their overpriced insurance!
Well, I got on the phone, and it took aboput 8 calls, I demanded that they send me a statement showing ALL activity to the penny with my account. (according to Federal law, this is something they HAVE TO PROVIDE if requested!)
Once I did this, THEN they agreed to take the insurance charges off my loan! Gee Whiz! Wonder why they are all of a sudden being so co-operative!?? The statement is PROOF of their wrongdoing, and they KNOW IT!) Thats why it worked so well!
This is one thing that people who are being victimized by this company need to do! Demand that statement!!! The NEXT thing to do? Go to your bank, get a loan, and pay them off, and tell them where to put their stupid insurance! But keep ALL paperwork pertaining to them, as I just bet there will be a lawsuit over their underhanded practices.
Another thought - I saw on this website a rebuttle - stating that WFS pays for the insurance from an outside source, then charges it to us, and this person made it sound like this company is not making a dime off of this practice!!! Give me a break! You gonna tell me that this corporate giant can't get really good insurance rates when they are buying these policies by the hundreds? I have an EXCELLENT driving record, and I can have insurance that covers EVERYTHING - NOT JUST WFS'S interests! And it is about 1/4 the cost! I didn't fall off the turnip truck yesterday! These people are making a KILLING offf this very illegal practice. And they are doing so because they can - noone has sued them yet, and it is time we did so! Strength in numbers ~ SIGN ME UP!
Just let me know what to do!
Thanks!
Lonell
Excelsior Springs, Missouri
U.S.A.
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