I purchase a new vehicle in that had a sticker of 24896 for 21000. Wells Fargo gave me a 60 month loan at an interset rate of 14.99 for the full amount. Even though my credit was not perfect I would be able to pay the note. The interest was more than half of the monthly payment, but based on my income this could be paid. I sometimes paid more than the $516.00 per month but instead of applying it to the principal it was used by Wells Fargo as an overpayment. I paid this loan on time till Feb. 2008
My wife is on social security and I was laid off of my job and took a lower paying one. I immediately called Wells Fargo to see if they can redo the loan or work with me in any other way. I coulsd not get anywhere. My payments were taken automatically from our accounts. The car I have is now worth 12000 on a good day. The retail is worth 14000. My balance with fees has come to 18300.00. That is after paying this 21000.00loan for 18 months on a 60 month note.
I keep calling but get nowhere the only settlement they are willing to do is have me bring back the car. Which will make me owe at least 8000 after the car is sold. Wells Fargo will lose and I will lose. But I guess it is more important for the bank to get it off there books. That is probably why we not only have a subprime crises but we also have the government giving them money to keep in business.
I would have been more than happy to trade the car. At this point I am in The limousine business and would trand for a sedan I can use to make a living. Since Wells Frgo reorted the late payments to the credit bureau[which I begged them not to] my fico took a dive. Now I cannot get the car I need for my business
Bottom line Wells Fargo autowill not work with anyone. But they will complain when they charge off loans that can be salvaged and run to the Government for a bailout which is usually caused by loaning huge sums to companies that can not payback or money lost by fraud.
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