Consumer complaint received 2018-09-14
Company: WELLS FARGO & COMPANY
State: MD
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Struggling to pay your loan
Sub-issue: Loan balance remaining after the vehicle is repossessed and sold

Complaint:
Over the past 7 years I have taken many steps on trying to get this account resolved and closed. This account in XXXX of XXXX was opened under false pretense with the co applicant. I was told I was the purchaser and the co applicant was the co-signer. Years after the repossession I found out that I was actually the co-singer and not the purchaser. Why would a XXXX  year old co-sign for a XXXX year old. ( makes no sense ) I trusted who was helping me get to car so I did what ever he said and signed where he told me to sign not knowing what exactly I was signing but trusted who was telling me to sign. Years later, I worked with XXXX XXXX to get the account taken care of and they had the account closed with a {$0.00} balance. After the closing of the account, the account some how had been reopened affecting my credit score and then closed once more. In XXXX of XXXX I contact the company to ask when the account would come completely off of my credit report since it have been 7 years and she said after XX/XX/XXXX of XXXX. I waited and the account never came off of my credit report. XX/XX/XXXX I reported the account again with XXXX to have it removed due to its age. Upon checking my report on XX/XX/XXXX the account had been reopened once more affecting my credit score AGAIN. I contacted the company and they said that they have every right to close and reopen the account as many times as they want until the amount is been paid. ( affecting my credit score more negatively every time ) After saying this she went on to mention that " But due to the age of the account we are not going to pursue it, I will close the account with a {$0.00} balance. Be aware that because of this you will get a paper in the mail for your taxes because this will be considered earned income and you will have to pay taxes on this. '' I have never in all the other times this account was opened and closed paid taxes on this and now all of a sudden I have to. She also mentioned that this account XXXX never come off of my account. I explained to her that I was told other wise and now I am being told it XXXX never come off. My Credit score is now well under XXXX due to this account and the many times they have opened and closed the account. I worked hard to get it to where it was with the repo still affecting it but not as bad because it was a closed account. Now that they reopened it again it has affected my credit and has now cause my credit to go down. I just want this account off my credit from 7 years ago. I was young I made a mistake its been 7 years and I paid for the consequences. I have now many open and in good standing accounts with no issues working hard to build my credit so I can buy a house one day. This is the worse company I have dealt with and never again will I ever deal with them for any reason what so ever.

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 non-monetary relief