Wells Fargo Auto Finance / wells fargo auto finance ripoff hurting millions of common americans!
I purchased a vehicle in late 2005 and used Wells Fargo as my finance company. I added the vehicle on to our existing insurance policy with Allstate and maintained that until switching agents (still with Allstate). We then changed to a family agent who placed us with TOPA/RMIS. We have never had any lapse in policy or terminations of any policy. However, shortly after we purchased the vehicle, Wells fargo has sent us letters indicating the placement of Collateral Insurance on the vehicle for failure to provide proof of insurance. OK, we thought this must be a mistake and someone's something didn't talk to the next person's somebody. We called Wells Fargo and submitted via fax the Insurance declaration page. Upon receiving our next 2 statements, we noticed the Collateral Protection charge is still factored in to the amount (nearly $2000!!!).
Then the collection calls began.
I called back to Wells Fargo and after fighting with a collection rep just to get to speak with someone regarding the insurance portion, I was finally transferred to a manager (or so I thought!) who explained that they had no record of receiving my proof of insurance. Did it just vanish into thin air? Did someone just not do their job? OK, mistakes can happen... we faxed it over again figuring this "manager" guy should settle this once and for all. 2 months go by, 4 months go by, and still nothing taken off our bill, all the while, the collectors are steadily calling and getting more in our faces and threating us with their veil little threats, as if it were their PERSONAL automobiles!
2 months after switching to our new insurance, we receive another Collateral Protection placement letter for nearly $2000! We went through the process of calling again, this time being directed to call Balboa Insurance directly. OK, now we're getting somewhere... not. After Submitting our OLD insurance and the NEW insurance to Balboa, it seems at one point they mysteriously don't have a record of receiving it, the next time they saw the notes in the computer where we submitted it but nothing was processed and that they would look into it. Several months had expired with nothing being deducted from our statements and now it is showing an outstanding balance just over $4500. You can imagine the flavor of the collection calls now. It was really getting nasty when we changed to our Family's private Insurance agent who placed us with TOPA. Of course we received another letter shortly after for Collateral Protection placement (can you guess how much?!) I promptly called again, and was directed to Collections. I hung up and called Balboa directly... again. This time I spoke to a representative who was only interested in receiving the proof of the current insurance coverage and would not listen or look into my claims regarding the other 2 CP placements. THIS TIME, THEY FINALLY showed a deduction for this 3rd CP placement amount.
I called again to resolve the previous issues, and was directed to have my Agent call. He did while I was sitting in his office. It has been almost 4 months since and things have not been resolved at all. We have followed every guideline we can and still nothing from them. Not only is their insurance outrageously high, but the internal mechanisms of communication between these 2 companies is nonexistent.
Additionally, I have previously purchased a used truck in 1997 wherein Wells Fargo was the finance company, and the same thing happened. It took them forever to get the records updated (both with Balboa, and then with Wells) to reflect the private coverage.
It then took almost 2 months for the reduction to show up on my statement.
We have recently purchased a new family vehicle and again, in no more than 2 months, we received a CP letter for this vehicle. We called Balboa and got the run-around. We then had our Agent call Balboa and 2 bills later the deduction appeared. We also received a confirmation letter from Balboa rescinding the Collateral Protection on this vehicle (for now!)
In my opinion, Wells Fargo Auto Finance could be a good company to work with if they maintained their policies from a management perspective, dealing with issues of oversight fairly and not as if everyone is a criminal (guilty until you prove yourself innocent... multiple times!!!). They should have better communication with their partner companies... but then again, THEY DON'T CARE ABOUT THE LITTLE GUYS WHO PURCHASE A LITTLE CAR FROM A LITTLE DEALERSHIP. They only care about their monopolistic gains and it is just a paycheck to their representative. No wonder American jobs are getting shipped overseas at record pace! Because we just don't care enough to do our jobs properly. I can truthfully understand if I were trying to rip them off and just say "screw them", but I am an average working class stiff, who has his financial ups and downs (who doesn't these days) but I am definitely not trying to NOT pay for something I purchased.
This whole company needs to be INVESTIGATED and a little CIVILIAN OVERSIGHT immediately! I would like to know how to initiate a class action law suit against them as there are numerous complaints regarding this practice.
More Wells Fargo Auto Finance Complaints & Reviews
- Wells Fargo Mortgage - loan refinance 
- Wells Fargo Home Mortgage - loss mitigation department 
- Wells Fargo Dealer Services - late payments / repo 
- Wells Fargo Home Mortgage - beware of this company! 
- Wells Fargo Property Loss - wells fargo holds insurance repair checks hostage 
- Wells Fargo Mortgage - wells fargo corrupt executives - michael devito, liz bryant, liz djokovich bryant, perry hilzendeger
- Wells Fargo - rewards
- Wells Fargo - foreclosure threats
- Wells Fargo - cash deposit 
- Wells Fargo Bank - cash deposit