We had a car loan for only 2 months and I lost my job due to unforseen circumstances. The loan had an amount of about $6000 over and above the value of the vehicle which we used for settling a balance on our previous car and also providing extended warranty on the car we had purchased.
I called Wells Fargo Acceptance Deferrment Dept and spoke with a very nice lady and told her that I couldn't afford the repayments due to my job change but that I did have a job with a lesser salary and could I work with them to negotiate a lesser interest rate which was 18%. She told me that we could not refinance as we hadn't made 6 payments and that we could sell the car or try to find someone to take over the repayments.
My husband wanted me to call them again and see if they would accept smaller payments until the 6-months were up (at least we would be paying something). I called them again and got hold of the Collections Department and spoke with a very rude individual known as Mr. Sanders who basically was telling me that there was no way in hell that Wells Fargo Acceptance would help anyone in my position as they would have to help everyone else.
He told me they weren't a charity and was basically the most annoying character I had ever spoken with in my whole life. He told me that they wouldn't release the title on the car until the whole loan had been repaid so this meant that they would have sell the car and then we would have to pay the difference.
Eventually I spoke with his supervisor who told me that we coudl vountarily surrender the vehicle but they would put it through an auction (together with the warranty) and get what they could for it... I believe that it will probably go for around $10,000 when it's worth at least $16,000 with the warranty and we would be stuck with a bill for $11,000.
I am trying to refinace this at the moment as we are able to make more reasonably priced car payments but we should not be forced to have Wells Fargo Acceptance sell our car in an auction and get next to nothing for it and leave us sitting with the balance. I wanted to work with them and offered them a smaller payment but they still would not bend.
I have never had such bad customer service nor have never known such poor endeavours on behalf of a large company to work with a customer who is having difficulty making payment regardless of situation. They do not even offer anything in the way of unemployment or even life insurance on their products. This should be against the law!!!
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