Consumer complaint received 2024-01-29
Company: WELLS FARGO & COMPANY
State: GA
Product: Checking or savings account
Sub-product: Savings account
Issue: Managing an account
Sub-issue: Banking errors

Complaint:
So, you investigated yourself for wrongdoing and found that there was no wrongdoing? There is no way Wells Fargo is being fined {$2.00} XXXX by consumer financial protection bureau, and there is no negligence on your part in relation to repossessions. 

You all have referenced the contract but there are state laws that govern said transactions, section XXXX paragraph d of the contract acknowledges this fact : 'If you default, we may take ( repossess ) the vehicle from you if we do so peacefully and the law allows it. ' Please note, ''and the LAW allows it. ' Can you provide the state or federal law indicating that a contract from any major bank overrules the law of the land?

As stated in one of the letters, you have compensated a portion of the money already, so is this company stating, now, that it just hands money out when you are not in the wrong? 

Section 3 paragraph e. 'How you can get the vehicle back if we take it. If we repossess the vehicle, you may pay to get it back ( redeem ). We will tell you how much to pay to redeem. Your right to redeem ends when we sell the vehicle. ' According to my records, the vehicle was repossessed on XXXX XXXX XXXX XXXX XXXX   and was not sold until XX/XX/XXXX. So why was I prevented from 'redeeming ' the vehicle in the month of XXXX prior to the sale of the vehicle? It was mentioned in one of the letters dated XX/XX/XXXX ( wrong address ), that you reviewed the contract on set-offs and found that it was legal to perform on my account at the time. If 'set-offs ' are legal, why does wells fargo no longer do 'set-offs '? This is a distraction from the fact that I was provided a redeem price, and before the tentative deadline, during the redeem period, I had the correct amount of money in my account to redeem the vehicle. In your research, you did not address whether or not I had the correct amount of tender to rectify my account. If I didn't, I'm certain you'd have pointed this out by now. 

According to XXXX the resale value of a XXXX XXXX XXXX at XXXX XXXX XXXX is {$24000.00}. The records I have indicate the vehicle was sold for {$9800.00}. The balance on the vehicle at the time of repossession was {$16000.00} this minus the sales price is {$6300.00}. According to a letter sent in XX/XX/XXXX the balance was {$8100.00}. Section XXXX paragraph f 'Allowed expenses are expenses we pay as a direct result of taking the vehicle, holding it, preparing it for sale, and selling it. ' Can you all provide an itemized list of allowed expenses that show you had to put any money into the vehicle because it was not in ready to sell shape? There is a solid maintenance list at the dealership where I purchased the vehicle that shows the vehicle was maintained in tip-top shape. 

This company has failed to address the documents I attached, showing that the impact of this matter to my credit is still substantial. Far more substantial than $ XXXX that I have been compensated with tentatively. For example, the XXXX XXXX I purchased was {$12000.00}, I placed a down payment of $ XXXX and still owed {$22000.00} on the vehicle. The apr is 21.01 % that is 8 % higher than the auto loan for the XXXX XXXX financed with Wells fargo. The XXXX XXXX XXXX, 14 % interest and after {$2000.00} on down-payment, the total was still {$28000.00}. The additional {$10000.00} on each auto loan totals {$30000.00} in just interest between the three vehicles. What this company compensated me for only covers one of three vehicles. The other two, I had to ascertain due to this banks negligence ; and breaching state law and the contract once my vehicle was repossessed. 

I provided the list of Florida statutes that were violated, and you have shown no conclusive evidence that they were not violated. The three letters you just provided as attachments have three different addresses on them. What address do the letters you sent me in relation to this repossession and redemption have on them? I can guarantee they are incorrect, which explains why I didn't receive them. I did receive a letter stating the vehicle has been sold on XX/XX/XXXX. 

You also conveniently left out that a payment arrangement was set for XX/XX/XXXX, which we did so that I could redeem my vehicle ; this was in the window of when the set-off occurred. Section XXXX paragraph f. 'We will send you a written notice of sale before selling the vehicle. ' I did not receive any written notice. Can you show a notice that is dated prior to XX/XX/XXXX? 
You did, however, mention that the set-off was done in 'error '. If the set-off, {$400.00}, was an 'error ' and it occurred in the window of my redeem period, then is the error not on Wells fargo? 

Your research into the offset also did not address the {$5500.00} that was allocated to me in XX/XX/XXXX. With a letter stating " Thank you for reaching out to wells fargo, recently about the financial reimbursement that wells fargo provided related to an internal processing error that occurred that may have contributed to the repossession of your vehicle. ' I was then provided a mediation option for tracking number : XXXX. The mediation in this case did not take place since you all denied me the opportunity. The damages I seek are not just made up from thin air they are calculated by the same statutes ignored by this company. $ XXXX can easily be deducted from {$2.00} XXXX.

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