Consumer complaint received 2024-01-21
Company: WELLS FARGO & COMPANY
State: WI
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Repossession
Sub-issue: Loan balance remaining after the vehicle is repossessed and sold

Complaint:
In XXXX my vehicle was repossessed after marital issues and non payment. The debt was incurred by me in the divorce decree and I never received any notice of deficiency. In XXXX, Wells Fargo report a 1099-C to the IRS and I unknowingly did not report this as as income. The deficiency is for over {$9200.00} dollars and had huge tax ramifications at federal and state levels with penalty and fees the unpaid taxes are now toppling XXXX XXXX dollars. I was never notified about the deficiency and given an opportunity to challenge the outrageous deficiency for a used SUV at the time. These were high demand vehicles and the sale price was 40 % less the market. Wells Fargo was terrible to deal with and I had always contested that they weren't legally with in their means to repossess the vehicle at the time. I reached out to them to about the CFPB ruling and some relief in regards to what everyone agreed was outrageous behavior to consumers. The representative basically belittled me to being a XXXX and couldn't beleive I was asking for them to address a contractual agreement from years ago after knowing that I was unable to make the payments. Wells Fargo the sent letters of notification of unpaid balances, these were construed over 6 months and were utilized as legal notification even the the balance was repaid during the period. which should have directed them to again give notice and my right to cure. they did not and there is no record of the letter I wrote asking for this to be performed in a civil court matter before the car could be repossessed in Wisconsin. This bungled my balance and the late fees incurred. After multiple attempts to recoup the vehicle, all communications went dark until XXXX exactly 4 years later, when they unbeknownst to me defined the deficiency to the IRS. All this said, Wells Fargo representatives knew they were braking the law and utilized deterrence and legal rambling while screwing over the little guy who had no means to address these practices within our legal system. Almost 15 years after one of the worst purchases of my life, I am continuing to suffer financial damage from this bank and now the IRS, and the XXXX XXXX XXXX XXXX. I am thinking after all the penalties and interest, I have probably paid for XXXX vehicles. For any goverment agency to defend Wells Fargo business practices over tax payers is mind-boggling. Please tell me how to defend the XXXX class citizens from this irrefutable corporate greed and it's perpetual financial demise of our citizens. All 1099-C that Wells Fargo should be reviewed for correctness and the resubmitted to the IRS, the CFPB should also charge Wells Fargo for any of the penalties it leveraged over taxpayers knowing the bungled accounting and procedural deficiency Wells Fargo has admitted to. XXXX XXXX affect that this purchase has had on me financially will never be recovered. All while they continue to blur the legal lines of contractual law. I would love to paint this picture of my demise to any regulatory board all while these banks make record profits and are bailed out as to big to fail. My current balance of legal debt because of this illegal 1099 and the state and federal fees I over XXXXXXXX XXXX even after a bankruptcy to try and eliminate the liability. For WF representatives to talk to anyone like they did to me, after all they have done shows the complete lack of remorse and quite literally laughing all the way to the bank when addressing the CFPB requests for relief.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation