I have first hand knowledge of how the finance industry works. Especially when it comes to financing a vehicle, motorcycle, boat, RV, etc. Wells Fargo is a Fraud.
Do Not use them to finance your vehicle. They are a sad petty company that does not play by industry standards, nor do they play by industry rules.
For instance if you ever go past due on your car note
they will use torture as a way of getting paid.
What I mean is they will call you day and night. EVERY DAY! All of the phone numbers they have for you will be called. Everything from your cell phone to your work phone.
How do they get away with it you might ask?
Simple. They don't leave a message. Once they leave a message at a particular phone number then they cannot call that number again until the next day. So all of your numbers are on an automatic dialer in one of their calls centers and the automatic dialer will call you day and night until they get someone on the phone. If they have called you all day and got no one then they will leave a message with the last call they make, usually just before they close for the day.
BE Careful with who you leave for a reference.
If you are past due and you ignore their phone calls and repeated messages, then they will call your references. They will skip trace you and even call people that you did not leave as a reference when you got the loan.
They will call your relatives, Your neighbors, Your landlord.
Not only do they make continued calls if you go past due, but they will find other ways of treating you unfairly even if you do nothing wrong.
They make Millions of extra dollars a year by scamming customers. They Will add insurance to your account even if your insurance has not lapsed just to make extra money. It is call Forced Placed Insurance "FPI". Or Collateral protection insurance "CPI".in the begining this insurance was created as a way for Banks to protect their collateral if the customer did not have insurance or allowed their insurance to lapse.
Now Wells Fargo uses it as a tool to rip off customers and make a few extra dollars. Even if you had no lapse and even if you have an active insurance policy.
Wells Fargo will keep charging you what they consider to be a fair dollar amount for the monthly premium for the FPI or CPI they have placed on your vehicle. Which is usually always over inflated. Once they have you and Once they placed FPI or CPI on your vehicle, it will take them months to remove it!!!
No Matter how much proof you send or fax Wells Fargo to show that you have had no lapse and NO matter how much proof you send or fax Wells Fargo showing you have active insurance. No matter how many phone calls you make begging them to remove the FPI or CPI off your account. NO matter how many times you tell them you have sent proof.
It will still take them months to remove it.
Why? Because they are charging you a monthly insurance premium and the longer it takes them to remove it the more money they stand to make. Its a way for Wells Fargo to make some extra pocket change.
They do this to thousands of customers a month.
If you refuse to pay it and continue to make your regular car note without sending in the additional money for the fake insurance they added on to your account it will leave your account past due and eventually they will start to add late fees. If you still refuse to pay the fake insurance they added onto your account it could eventually lead to your vehicle being repossessed.
For example say they added fake CPI onto your account and your car note suddenly went up from $300 a month to $500. You refuse to pay it and continue to make your regular monthly payment of $300. That extra $200 you refuse to pay remains on your account.in 2 months you will owe them $400 for the fake insurance they added and your account will officially be considered a month past due by Wells Fargo standards. Once your account goes to 90 days past due they will consider it for repo.
I say consider because Wells Fargo does not repossess all of their vehicles that go over and beyond 90 days past due.
They take a lot of things into consideration prior to repossessing a vehicle. It depends on how old your vehicle is, how much the black book value is, how much you owe them, etc. If your vehicle is too old, and not worth much, or if you don't owe them much money and are nearing the end of your loan. Then it might not be worth the time and effort that goes into repossessing your vehicle and they will never repo it NO matter how many days past due your vehicle goes.
They will simply charge it off.
This is just a few examples of some of the shady ways Wells Fargo treats their customers.
If you need additional info please feel free to send me a request. I will answer all questions.
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