Consumer complaint received 2017-09-25
Company: WELLS FARGO & COMPANY
State: OR
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Managing the loan or lease
Sub-issue: Problem with additional products or services purchased with the loan

Complaint:
I was forced to obtain GAP insurance on my vehicle that was through Wells Fargo Dealer Svcs. I have yet to receive any refund for the difference when I paid my vehicle off early. I was forced to pay additional interest to cover Wells Fargos mistake when handling my payoff. I called every day in XX/XX/2016 to check if my payoff had been received and every day up until the day they cashed the check I was told no we dont have it. I requested supervisors to research and each time I would call I still got the same response. I have documents that show WF has altered my payoff reasons which I have included to cover up their mistake. One rep I spoke with said to me that they are short handed in receiving and thats a possibility why they didnt reflect that they received it. They also applied a XX/XX/XXXX and XX/XX/2016 payment as principle and interest from my payoff amount which should have not been done at all. This was so that they didnt have to refund me any difference of the payoff amount. There is no reason for a payoff to be applied months out as a principle and interest before applying it as a payoff which was its original intent. Because of that, I had the initial check cancelled thinking it was lost and had a new one generated and overnighted to WF. Even after I obtained verification of the certified mail that they had received it, I called each day and was still told no we dont have it. WF has financially harmed me in many ways because of this. Not only did they require me to pay more in the interest difference to pay off the vehicle, I have now been a victim of having GAP insurance placed against my will, which caused my loan amount to be higher than it should have been and has caused a domino effect of financial and credit harm to me. I am a XXXX veteran and I could have obtained a better home that suits my needs and my familys needs had this not been a factor. Because of this, I did not get a more favorable interest rate on my home that I purchased due to the debt to income ratio. I did not get a higher qualifying amount for a home loan which would have allowed me to buy a nicer home because of the additional amount in the auto loan that counted against me. I had to rely on refinances that I had to pay up front for to get my interest rate lower when I could have avoided this altogether and now have caused me to incur closing costs and fees that require me to owe more on the home purchased, and caused me to have a higher monthly payment because of it. It prevented me from getting a lower interest rate on my other vehicle that I also purchased. This has hindered me from the lower rates I would have obtained on my auto insurance as this is also a credit based product and credit ratings are taken into consideration when obtaining auto insurance. My credit worthiness has been directly impacted by misleading credit availability. The effects have had a tremendous impact to my life. My interest rate on my WF credit card would be lower and my ability to have an increase in my limit would have been made available to me. I have been fearful to apply for other credit cards simply because of the fact that this has been a weighing factor on everything. The stress this has caused is far greater than any dollar amount can satisfy. I want Wells Fargo to not only repair my credit from the date of the GAP insurance being placed on my loan, but to correct all the financial harm that they have caused me because of their unethical practices. I am willing to accept a settlement of {$25000.00}. Please do not try to resolve this with a simple letter and apology. I want each and every one of my issues addressed individually with what resolution will be done to make this right. Not with a blanket statement of were sorry either. I am actively seeking an attorney and WILL file suit in this matter unless a reasonable resolution is provided to me. I do not want some new in-experienced person attempting to give robotic cut and paste responses to this complaint. I will be monitoring and updating any and ALL news and media agencies with any sort of blown off responses

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