Last year I paid $1,900.00 total in interest on a 16.90% financing loan from Wells Fargo Auto Finance. About two weeks ago I spoke to a collection agent who informed me that my auto loan was 105.00 past due. It was past due by a matter of days. I sent them a $300.00 payment, but my amount due was 390.43. I let the agent know that I would pay the remainder of the bill on March 1 and he said he entered it into my account information. Yet at 8:00 P.M. Tonight, I received another phone call from one of their collectors. This collector says that I "failed to keep our agreement." I said, it isn't March 1st yet. She says, "No, our original agreement." This is again, about an account that is now about 8 days past due. She wanted to argue, accuse, berate - not resolve. I explained to the second agent that I reached a new agreement with one of their people who assured me the March 1 date was acceptable. That wasn't enough for her though. "What happened to make the payment short?" "Why did you fail to break our agreement." It didn't matter that THEIR rep had made a new agreement, she felt I owed them an explanation for what had already past - as if I could somehow go back in time and do it right next time. Now generally, I pay $400.00 a month - this is well documented in the Wells Fargo accounting system. But apparently there is no margin for error in typing a "3" instead of a "4" on the keyboard and with this company there is no margin for error. So I'm behind on my payment - I own that. What I question is the audacity of ANY company to not only charge a 16.90% interest rate in this economy, but to feel justified in harrassing a customer who they have even refused to call by the correct name. Despite countless requests for them to spell my name on my bill correctly, and promises that they would do so - nothing has happened. Despite conversations with various representatives, the arrangements I make in an effort to pay these bills, are not documented in their computer system. I have been threated with the "sending the account to the next level of collection, " and when I ask for clarification, they say "repossession." I SAY, come and get the vehicle and get me out of this god forsaken loan! These people DO NOT care about you folks. They prey on people who have little or no credit and then proceed to harrass and discredit you - exerting constant pressure on you, using fear tactics and bullying in order to help THEMSELVES. Because of this outrageous interest rate, I currently owe almost 10,000.00 on a van that has a blue book value of about 5,000. They will not let up. Every day there is a new series of calls, new arguments with a different representative - some new level of inconsideration and refusal of courteous assistance. Are WE all wrong? Is Wells Fargo completely oblivious to the financial difficulties that most Americans are facing now? Are you telling me that they are really unable to be a little bit flexible with timelines? Whoever came up with the idea that creating more pressure in your customer creates more results, is simply out of touch. I have never failed to pay what I owe. It may not be exactly on the date, but never failed to pay. I've tried to send half of my payment early and half on the due date so that it doesn't take too big a bite out of any one paycheck, only to be told "oh we don't have any method of splitting the payment, so when you send it like that, we just apply the first half to the principal. You still owe us the remaining balance." Seriously? One of the largest financial institutions that preys on the poor, doesn't have an accounting system that allows them to accept a partial payment and the insight to apply it to the payment that is coming due? I agree with many others, it just seems easier to wait for the repo man. They clearly don't want anyone's business and are exploiting the desperation of people. Do your best to resist!
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