I was car shopping back in 2005 for a Grand Caravan. I was approved with my credit union but the interest rate was sky high and the payments were not affordable. We went away from the car dealership content in the fact that we would just have to wait a few more months until our credit was good enough for us to qualify for a better interest rate.
A couple days later the dealership called and told us our vehicle was ready for delivery. We explained to the finance manager that we could not afford the payments ($588!) and we would come back after we cleaned our credit further. He told us that he had shopped our credit and we gotten approved with a major lender. He told us that our payments would be around $350 a month which was more in line with what we were able to pay.
We got to the dealership and found out the lender was Wells Fargo Auto Acceptance at the time. Our payment was $323.24 and it would be due on the 8th of each month. We were pleased with the contract, signed it and drove off the lot.
Payments were made each month on the 5th via automatic bill pay through our credit union. The car dealership had started calling me after 6 months telling me I could trade in my van for a 2006 model and I would stay roughly in the same price range. I was ecstatic.
Fast forward 10 months to July. I gave birth to my fourth child, had a very difficult pregnancy resulting in me being out of work for an extended period of time. It was on the 3rd of July that I realized I would not be able to make my car note. I called Wells Fargo for guidance and was told that I could defer my payments for two months and they would be put on the end of my loan plus additional charges. I agreed to the new terms and I was told it was put through to the back and was prepproved but I would be getting a call in a couple of days from someone.
No one ever called so I called them late in the afternoon on the 6th of July. I was told that my next payment would be for $323.24 and it was due on the 8th of September.
On the 9th of August I received a phone call from Wells Fargo. The young lady was nice enough but told me that I was 30 days past due. I explained the situation and told her that I had been granted a deferral. She put me on hold and her supervisor got on the line and told me the deferral had been submitted but hadn't yet been approved but she would notate the account and make sure the deferral was approved. I received calls morning, noon, and night for about a week and a half and each time I regaled my saga over the pregnancy, loss of employment, and deferral. Finally, about the 22nd of August I was told the deferral was showing on my account.
I paid my September payment on the 5th and remained current thereafter. Mid September I received a statement from WF stating I was 60 days past due and if I went to 90 days I would be in jeopardy of losing my vehicle. I called WF and was told to disregard the notice. I received no further correspondance from WF.
In December I pulled my Experian in preparations to move into a new home and saw that WF had been reporting delinquencies on my account up until October. I disputed the deragatory reporting with the bureau and also with WF themselves. The tradeline was updated to current, never late.
In February WF Auto Acceptance became WF Auto Finance. We went to paper statements in the mail as opposed to the payment book. I received a statement in February saying I owed over $900! I called immediately wanting to know WHY and was told that I missed two payments in July/ August and had been running behind ever since. I disputed the information with them and was told they would investigate; that there was NO record of any deferral on my account.
I continued to pay my note in February, March, and April, all the while staying in contact with WF whom by now are calling all hours of the day at home, work, and on the cell phone. Finally I was told that I was 90 days past due. How so if I was SUPPOSEDLY 60 days past due (although I WASN'T) and I had been paying ever since?
I requested a copy of my payment history from them, meanwhile I faxed and refaxed statements from my bank showing I was making payments as contracted each month starting back in September. They never sent the history.instead, they sent a tow truck.
The same day they showed up to repo my van a credit manager from WF called me to "help [me] get current". I told her that my vehicle had *just* been repossessed and what could I do to get it back? She told me that it shouldn't have been, that it was a different department that handles repossessions but my account should have never been flagged. Now it was too late and I would need to fax references, proof of income, proof of insurance, etc. Before I could even make arrangements. Then I was told it would cost me $1400 to get my van back.
I told her I would pay that amount but it would take about a week. She said I had 3 days before my van was sent downstate. 3 days.
This happened over a year ago. I am still heartsick. I can't believe this company did this to me. I never dealt with an out of state lender before and I should have asked for a new contract with my deferral but I just took them at their word. When I kept jumping through hoops to make sure my account was properly notated it should have sent up a red flag but it didn't.
Stay away from WF is all I can say. I am not saying they are totally to blame, I am aware that I did miss two payments, but I thought they were excused. I was lied to, talked down to, and ultimately hurt very badly by this predatory lender. I will never again do business with a institution that is not local. If I could have just walked in to a branch and spoke to someone face to face I could have avoided a lot of trouble and pain. Live and learn. WF is a rip off.
Ineedacar
Rochester, New York
U.S.A.
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