Consumer reviews and reports on scam companies, bad products and services
Wells Fargo Auto
Wells Fargo Auto Finance The banks would rather take your car and sell it for a profit! San Francisco, California
20th of Jan, 2011 by User199251

About 4 years ago, I entered into an auto loan contract with the bank named Wells Fargo. The contract was for 60 months. Last year I lost my job and making regular payments were difficult to make.

By this time I had already paid off more than 80% of the loan and yet, they sent the repo man to collect the vehicle. I have to pleaded with family to get the funds needed to pay the bank so they would not take the car. That was all the life line I had left. Now, the loan is 90% paid but I am still out of work.

I called the bank and asked if they could settle the account IN FULL as I was not confident that I would find work within the next 3 months. I spoke to a settlement supervisor by the name of Nathan at ext: 41819 (1800-692-7191) who told me that it was not good business to settle the loan seeing how the bank could make more money selling my car at auction.

I pleaded with Nathan to consider my payment history sighting I have not been late on any of my payments up until 4 years ago and that I was attempting to prevent any further defaults by making the request to settle the account. He replied sharply, I'm not settling the account, it's not good business.

Since when are the banks in the business of selling cars??? Clearly I was wrong for thinking there is some philanthropic element to the banking system; clearly there is not. For all of you who read this do not surrender your positions. Do not let the banks push you around!!!! Now is the time to recognize our rights and powers and exercise them vigorously!!!! DO not take out loans. If you are in default, or in hardship, do everything that is in your power to protect what you have. DO NOT GIVE IN, DO NOT GIVE UP!

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