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Wells Fargo / auto loan pay-off quote rip-off

1 TN, United States Review updated:

Our first dealings with Wells Fargo Auto began in 2003 when my husband's truck loan was sold to WF from Capital One. So we had no choice but to deal with them at a 16.9% interest rate. For 3 years, we paid on time, every month, and decided to try to refinance for a better interest rate. Went through the whole loan process with them, only to be told "you don't qualify for a loan with us" ??@@!!?? HELLO! We have a loan with you!!! They just didn't want to drop the interest rate. Any way, paid for one more year and in 2006, they decided we were worthy and refinanced for 16.25% interest rate. Woohoo...whoopdie do... We paid on that for several months, than traded the truck in on a new vehicle with a different lender. Used that lender for 3 months, than WF local branch called and called repeatedly telling us they could get us a better loan. We tried with them several times in the past only to be told we didn't qualify, but were stupid again and tried. Well, they gave us a loan all right at 16.25% and talked us into $4000 more than we owed in the first place and again, we are stupid and took it. We paid on the car for a year, and in 2007, got an offer from Wachovia to do the loan with a 11.5% interest rate. So we jumped at it!! Wachovia did it for just what was owed and didn't try to ever make us take more. They sent a pay-0ff request on 9-5, sent a check overnight on 9-6, and WF waited until 9/10 to apply the funds, leaving a $74 balance on the loan. I called Wachovia to tell them this, seeing as WF would not release the title to Wachovia until zer balance, and the rep at Wachovia called WF right then on a 3-way call. She told the girl we spoke to (who acted dumber than a box of rocks) that she had a signature and time someone at WF signed for the check on the 6th, and that the quote was valid. Please remove the balance and send the title. The girl put us on hold, than came back and said that WF erroneously applied the funds and she would talk to her "supervisor" and this would be taken care of in the next 10 business days. She gave a name and phone # to call back and verify. In 10 days, I checked online, and nothing had been done, so I called the number, ... and guess just rang and rang. I called Wachovia back for some help, and the rep I dealt with before called again, and asked for the Mamanger. The lady said she couldn't get the manager, but gave us to her "supervisor". The supervisor told us she would have to look into it and gave us a phone number to call back. In the meantime, I am getting a paper bill that says I have a past due principle balance of $74 and than adding another $74 to that for a total of $148 due. Somehow, $74 was credited back, but it still showed a $74 balance. And guess what??!! They have reported it on both mine and my husband's credit report! We are meticulous about paying our bills on time, and feel we have no recourse to get this resolved. We call and call and are told repeatedly that it have to go higher up, and repeatedly have to explain the situation like there are no notes being kept. It's so frustrating that no one will help us there! And my question is, if we ever pay off the loan with Wachovia, how will we ever get our title free and clear? My husband absolutely refuses to pay WF for the principle of it all, but I am so tempted just to pay the damn money to get rid of them in our lives!!!

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  • Jo
      24th of Jul, 2008
    0 Votes

    This problem all comes back to Wachovia not getting the correct 10-Day payoff amount like all responsible lenders routinely do. This must be why Wachovia is a failing company and Wells Fargo is the only financial institution still increasing in revenue and still hiring employees instead of laying off hundreds at a time. Wachovia most likely took the loan balance amount straight from the credit report which is only reported once a month and is not the amount that accrues interest all month long. Another angry person that doesn't understand the way loans work, but is always blaming everybody else. Nothing new.

  • Ye
      7th of Jan, 2009
    +1 Votes

    Wells Fargo is the worst financial company I have ever dealt with. The things they due are truly unscrupulous and borderline criminal. I have a similar story, which I will post at a later date.

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