- Report: #1458535
Complaint Review: Wells Fargo Dealer Services -
Reported By:
Steve -
Snowmass Village, United States
Submitted:
Updated:
-
Author Confirmed
Why?
Wells Fargo Dealer Services
United States
Web:
N/A
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Wells Fargo Dealer Services Wells Fargo Bank Still Being Shady Nationwide
Have you seen the pathetically apologetic ads from Wells Fargo trying to regain everyone's trust after being caught engaging in a number of illegal and shifty business practices? Think they've changed?
Um... No. I've had an auto loan with them for 3 years now. Here are the some of the practices they engage in to maximize interest earnings from their auto loan customers: 1. They limit the number of payments you can make in a given time period. They want to be paid back; but not too soon. 2. I have a about a $7,000.00 payoff on my loan. If I wanted to pay off my loan today, I cannot do so online or over the phone. Their message is: "Your payoff amount exceeds the amount allowable for online payment". Why? Well; as they make clear if you are then going to submit payment by the only means allowable: Snail Mail... They ask you to calculate the interest to allow for the time that will elapse while your payment is in transit, and to allow time for them to process the payment.
Now: What do you think happens if you do not include extra for that accruing interest? They will send you a bill for that residual amount, of course! ...and what do you think will happen if they drag their feet on getting you that residual bill? Even MORE interest will acrue.
See what I'm getting at? Wells Fargo hasn't changed at all, and they deserve NO ONE'S trust.
Finance elsewhere. I'm going to re-fi with a credit union next week.
1 Updates & Rebuttals
Robert
Irvine,California,
United States
Payoff letter
#2Consumer Comment
Wed, August 29, 2018
When you want to payoff your vehicle you request a 10-Day payoff quote, this can be done directly from their web site. Once you have that amount as long as they receive payment by the end of that time there is no additional accrued interest.
It is standand for banks to put a cap on the amount you can process through online or phone processes. So as long as you mail the check when youget the quote it would arrive in time, if you are worried about that then send it a trackable expedited method. If you don't want to pay extra for all of that, then go into a branch.
But one has to wonder about a couple of your statements and how much of this is a valid report and how much of this is to complain just to complain.
First it is standard for a company to limit the number of payments per month, but for most people they never even know this because they make the ONE payment they are required to make. If you are making more than 2 or 3 you are probably wasting more time and effort in trying to do this than any interest you think you are saving. Just how many payments per month are you making?
Then why would you all of the sudden decide to do a refi with a Credit Union next week if you were trying to pay off the car loan? In fact when you do the refi it is likely the Credit Union will ask you for this same 10-Day payoff quote and send them a check directly.
