Consumer complaint received 2018-07-02
Company: WELLS FARGO & COMPANY
State: NY
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Getting a loan or lease
Sub-issue: Confusing or misleading advertising or marketing

Complaint:
To Whom This May Concern : I normally don't take the time out of my busy schedule to write a complaint, as truthfully, Ive always been an honest and loyal human being, but sadly I recently realized that something wasn't right about my situation ... I feel that I was wronged and hurt and needed to express my concerns to obtain justice and prevent further harm to other consumers who sadly get hurt every day ... I pray and hope that my request is granted, but even more so, I pray that justice be made .... 

I am writing this complaint, with the most sincere intentions, but also with the intention that justice be made on my behalf and the millions of other consumers that may be affected. 

On XX/XX/XXXX, I had recently gotten into law school, and I had gotten a used car from a dealer in XXXX XXXX, NY. I was told that the car that I originally had, which was a XXXX XXXX, which I paid every month for, would be purchased by the dealer and that the bank ( XXXX XXXX ) would be paid off. I also was told that I would be able to finance a new car. The car they sold me on was a XXXX XXXX XXXX used convertible. I was a bit hesitant and naive at the time, because I felt that there was a forced sale in me having to purchase a car without the proper guidance or knowledge that I truly deserved to receive from the banking institution and the dealer. I was confused, but I agreed to sit down and listen. 

I sat down with the dealer, and they explained that my car would be bought and that I could get a new car with no problem. I was excited, as I wanted to build my credit and I felt that it was important to do so. When I originally sat down, the dealer explained to me that the XX/XX/XXXX car was used and that Wells Fargo would issue the loan at {$26000.00} or so. I didn't think much about it, and truthfully, the bank approved me, without even getting on the phone or meeting with me to discuss this rate or the terms. I was young, naive, and was told that everything would be okay. Sadly, I feel that I was utterly taken advantage of. 

At the time the dealership said they would buy my car and pay off the remaining balance, and had me sign contracts, in a way that felt forced, but they said I had nothing to worry about. I felt it eerie that Wells Fargo would approve me for such a high amount for a used XX/XX/XXXX car without even getting on the phone or meeting with me, but I figured that was the standard. Additionally, the insurance was mentioned and I believe I even was forced to take out a warranty, which for some reason I couldn't even use because when I needed it a month or 2 after the car started presenting with problems, they told me that the warranty wouldn't cover it and that it expired, which I felt was untrue, because I had specifically taken out this insurance or warranty for the purpose of protecting myself. I was under the impression that such coverage would cover the issues I had. 

In any event, after signing the document, I paid {$480.00} a month and felt that it was high because I began to see that the car had many issues. Every month I presented with a tire and wheel issue and had to spend an exceedingly large amount of money just to repair it. I thought that maybe it's just the streets or the way the car was built, but I began to become suspicious when the car would present with all kinds of problems and I was paying an exuberant amount for it. I tried to go back to the dealer, but they told me that I am a bad driver and that its me that is causing the issue. I really wanted to sell this car and give it back, but there was no recourse, as I still have payments that I had to pay, and for about 5 years I have been paying every month. I was nervous that if I didn't pay Wells Fargo, my credit would be ruined. To date, I have paid every payment since the inception of the loan, and have spent an average of $ XXXX a month on fixing the tires. Bare in mind, I have driven other cars with no problem and never in my life have I had a situation like this. Just 2 weeks ago, I had to spend {$2000.00} on two tires and a wheel and now this week the same issue. This has been an ongoing issue from the moment I purchased the car from the dealership. Every time I go back, they charged me a fortune and tell me that its my fault ... 

I am writing this letter because I feel that I was deceived, taken advantage of, was a victim of unfair banking practices, and was charged an enormous amount of money for a car that probably wasnt even worth the amount it was when I first got it. I only recently began this suspicion when I saw that Wells Fargo was being sued and that there were numerous complaints that came about because of unfair practices. I am not here to blame anyone, and I don't want to get anyone into trouble, but at the end of the day, I feel that I have never been more abused, taken advantage of, and hurt in my entire life. 

I have made payments to a car, that I was told would be a shorter amount of time, and now after looking at the loan agreement, was for 72 months as opposed to the 3-4 years I was told originally when I was sold the car. I was told that I had to take out a warranty and that the amount I was charged was the normal amount for a car that was nearly XXXX years old at the time and used .... I continue to make payments, but last month I got so hurt because no one seemed to be helping me, that I couldnt take it anymore. I went online and saw that my balance went up, which was strange. The last 2 months I checked my balance was {$6000.00} or so, now its {$8000.00}. What hurts me even more is that I was lied too, deceived, and was given misrepresentation of a loan that I truly feel should not have been given to me in the first place. Wells Fargo has charged me an insane interest rate every month, never once spoke to me in person, never once explained the terms of my agreement, and in fact, sent me emails and scary letters saying that if I dont buy insurance then they will do so. I found that strange because I had insurance and this happened maybe 2-3 years ago. They even threatened to report me to the credit bureau for failure to purchase insurance. Which I actually felt was strange, because I had insurance. That was resolved, but what wasnt resolved is the amount of money I was charged for a car that was unequipped and quite frankly not even worth the amount I pay every month to fix. 

I also feel that I was sold a car that was defective from day one. You may ask, why I didn't file a complaint earlier? Well, I actually contacted the dealer and the bank numerous times, and told them of my concerns, but no one was able to help and they all told me that " Its my driving abilities '', which is a complete and utter denial of the truth. I suspected there was an issue, yet have always paid my car on time. Without lying, I honestly have spent thousands of dollars just on wheel and tire repairs, engine issues, and the like on a car that was sold to me for {$26000.00} that probably would have been less at the time. It was a used XX/XX/XXXX car and I got the car in XX/XX/XXXX.  When I asked what I was being charged for, the dealer said it was the car. I now got a copy of the original agreement, and the agreement says that the car was traded in, that there was 9.9 % interest rate attached to this loan, and that the sales price was {$26000.00} for a used XX/XX/XXXX with XXXX miles. I never agreed to have a trade in, because the dealership and bank agreed that it was bought. The insurance and warranty that I was told I would be getting, was never actually part of the agreement. As I look at the financial documents that were sent to me this week, I am in utter shock and quite saddened because it says that the insurance wasn't a part of it. I was told it was and the reason I was charged {$26000.00} was because of all the fees the bank issued on the car ... .I was so confused ... 

I feel that I was deceived and sadly I feel that I need to have justice. I am paying {$480.00} a month still after 5 years. The balance is at {$8000.00} and it seems like the amounts are just not going down I also feel that the interest rates are insane and that I am being charged for a car that isnt worth that amount. I am respectfully requesting that the full remaining balance be paid off and/or a complete refund, but even more so, that justice be made. I wanted to get another car, and I couldnt because I was in law school and didnt have the money to pay for another car without this one being paid off. 

I have always been on time for my payments, but after having to spend thousands on repairs, and noticing that my car payments are insane each month, I did a XXXX search and realized that Wells Fargo was under scrutiny. I still pay, but this last month I couldnt. I called the attorney generals office and the consumer protection bureau and they told me to file a complaint. Everyone I went to said the car was worth less then what I owed and that I was ripped off. I am paying insane amounts for 5 years now, and nothing is being done. 

Even after I bought it, I was told that it was my bad driving habits that caused the problems, which isnt true. I am a fair believer in justice, and as an attorney, honesty is by far the most important value I stick too. I feel that I was taken advantage of. To date, I have the car, and right now I XXXX XXXX it, as I fear that something else will go wrong. Also, I just paid almost {$2000.00}, 2 weeks ago to fix the tire and wheels, and now it broke again. I can not do this anymore. I feel that my loan agreement was not done in good faith and that the XXXX XXXX XXXX XXXX needs to be aware that this is not okay. Not only do I feel that they are forcing consumers to sign up to new accounts, but they are misrepresenting themselves and advertising false claims that will endanger the lives of new consumers who are easy to target and be taken advantage of. I was one of them. I signed a document, which wasnt what I was told when I originally signed it. I was forced into something that ultimately hurt me. I was told that my car was worth a certain amount and then was tricked into signing a loan document that clearly was the opposite of what I was told. I never once was able to fully discuss the terms of my agreement with Wells Fargo. The emails and letters being sent to my house stating I need insurance is not okay ... The list is exhaustive, but I am only writing what I can at this point. 

I am respectfully requesting that the balance of {$8000.00} be paid off with either extra money to lease a new car or a full refund of {$26000.00} to be fully refunded. I have never in my life been so deceived. Any other recourse that I can get would be appreciated. I have never in my entire life been so hurt. I am an honest hard working girl, and I honestly feel that I was hurt because of my naivete and because I was deceived and misrepresented. I also feel that Wells Fargo needs to fix this because they are hurting consumers credit and the lives of innocent hard working individuals. I truly hope that something can be done, because I honestly have gotten to a point where I can no longer pretend that its me or that its my fault, but rather, it was the fault of companies that are deceiving people, teaming up with dealerships to sign people into faulty contracts, forcing innocent consumers to sign up for warranties and insurance coverage when they already have it, justifying the high loan amounts by saying its for warranties, insurance, and other bogus fees, and lying to consumers that the amount of the car or property is actually worth an insane amount which isnt true I hope that justice will be made and that this matter will be settled. I am requesting that the loan be paid off and that I be entitled to a full refund or other recourse that can be obtained for the harm I endured. I am also requesting that my credit be properly adjusted so that this doesnt reflect poorly on my credit. As I write this, I have tears down my eyes, because I feel that I have never been so hurt in my life I struggle every month to pay for this car, and sadly the car itself is not worth it and also the car is defective. I was sold a car that wasnt properly valued and sadly I was sold a car from a banking institution that not only approved {$26000.00} but didnt even take the time to discuss or look into the situation at hand. They are doing this constantly and forcing consumers and making relationships with dealers who are doing the same. The contract was not done in good faith and sadly I was hurt. The sales tactics are not okay and should be addressed. I hope and pray that my request is granted, but even more so, that Wells Fargo and all the dealers out there properly follow the rules and laws that the Federal Government has enacted to protect consumers from unfair and fraudulent consumer practices. Respectfully, XXXX XXXX XXXX, 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