Consumer complaint received 2023-03-13
Company: WELLS FARGO & COMPANY
State: CO
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Problems at the end of the loan or lease
Sub-issue: Problem with paying off the loan

Complaint:
Purchased XXXX XXXX XXXX XXXX from XXXX XXXX XXXX XXXX ( previously XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX ) on XX/XX/XXXX, putting {$25000.00} for down payment and borrowing {$31000.00} at 3.29 % from Wells Fargo Auto. On XX/XX/XXXX, vehicle was impounded at the XXXX XXXX 's XXXX XXXX XXXX ( XXXX ). On XX/XX/XXXX, Stipulation for Settlement Agreement was signed between the City and County of XXXX, CO ( City ) and myself, the owner of the vehicle, to release the vehicle to me on XX/XX/XXXX avoiding trial. The Agreement featured an option for the lien holder, Wells Fargo, to retake possession of the vehicle as long as they signed an agreement with the City to not release the vehicle directly to me for one year. XX/XX/XXXX letter from from XXXX XXXX Department informing vehicle was ready for release at XXXX XXXX but only to the lien holder, Wells Fargo. 

On XX/XX/XXXX, I received written notice of Wells Fargo 's plan to sell my vehicle, pursuant to the original loan agreement provisions, which provided a reinstatement option of {$460.00} or a redemption option of {$24000.00}. Wells Fargo gave me until XX/XX/XXXX to contact them and make a decision otherwise the vehicle would be sold at public auction. I proceeded with the redemption option only to be informed that due to the stipulation found within the agreement I signed with the City, Wells Fargo could not release the vehicle directly to me. Being aware of the stipulation, I requested Wells Fargo to produce a copy of the agreement they were required to sign with the City for release of the vehicle. Since, the initial request on XXXX, no agreement has been produced and Wells Fargo continues to obfuscate and withhold information pertinent to this case. 

On XX/XX/XXXX, I spoke with a Wells Fargo premier lender who informed me that private sale to a third party was available for the amount indicated on the XX/XX/XXXX, {$24000.00} as the remaining loan principle. On XX/XX/XXXX I began the process of a private sale through a third party paying off the entire principle. The process was proceeding favorably until a Wells Fargo XXXX flat out informed sale to a third party was not available due to the legal stipulation. Nothing within the original loan agreement nor the agreement between me and the City precludes sale to a third party. And without a copy of the agreement signed between Wells Fargo and the City, there is no way knowing what was agreed upon. Wells Fargo also falsely stated that they would be able to keep all proceeds ( profit ) from the sale of the vehicle at public auction once the principle of the loan was factored in. That is demonstrably untrue and counter to the original loan agreement stating that all surplus from a potential public auction sale would be returned back to me. I of course would be responsible for the remaining principle of the loan should the sale price of the vehicle not meet or exceed what I owed Wells Fargo.

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