Purchased a 03 BMW in 06. Went to lowermybill to get a better refiance rate on my vehicle. Wells Fargo offered the best rate. Representative called, we set up an appt.
The Rep explained that we also qualify for a personnal loan to consolidate credit cards and if we went with this personal loan, we would get an even better rate on the vehilce refinancing. Ok, sounds great. So we thought. After waiting an hour and a half while they did the faxing, the calling etc. It was time to sign the papers.
Before signing the papers, I asked the Rep. Will this personal loan piggy back on to my car loan because this will put me upside down on my vehicle from get go? Yes it will I was told, but without the loan, your interest rate will be higher. I sat and I thought about it and finally I went to the admin person and said, look I want my title back, I don't feel comfortable doing this.
The rep comes to me and say, well look at it this way, when paying back an auto loan with Wells Fargo, the principle deduction kicks in right away and now 2-3 yrs down the line like most banks and second, you can come back to us in 6 months and refinance. Ok I thought. Sounds good.
Six months later, we go back to refinance and was told by someone different that the info we was giving was incorrect. For one, we cannot refinance because we are upside down on the vehicle due to the personal loan. The only way we could refinance is to pay off the loan first. So now we are stuck with this loan that ended up being @13% and not a chance of refinancing unless we pay it down. Our only recourse is to roll the loan over into a home equity loan.
I will never, ever do business again with Wells Fargo even if they become the only bank in America. Its a shame how these reps can lie to their customers just to get a commission. How do they sleep at night. What goes around definitly comes around.
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