Consumer complaint received 2018-03-28
Company: WELLS FARGO & COMPANY
State: CA
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:
My car was totaled in an accident. My insurance company did a three way call with myself and Wells Fargo Dealer Services. They obtained the payoff amount and the address to send an overnight payment. ( this is the same address currently listed on Wells Fargo Dealer Services website for overnight payments as well ) I have since been informed that the address on the website as well as the address provided by the customer service representative are for NON-INSURANCE claims. The website directs you to choose the pay off reason. Even if you choose Insurance Claim, it provides the same incorrect address. 

The check was sent overnight on XX/XX/XXXX and arrived at the location on XX/XX/XXXX. The check amount was {$5500.00} Check # XXXX. The tracking information for XXXX is XXXX. From that point the check was forwarded to another address for Wells Fargo. 

I called Wells Fargo Dealer services on the XXXX and they stated it could take several days to post to the account and directed me to call back in a week. 

I called back a week later, and was told the check was sent to the wrong address. I explained that Wells Fargo Dealer services had provided the address. They told me due to the wrong address the check would take longer to post, and advised I call back in a week. 

I called back a week later and was told they did have record of the check received on XX/XX/XXXX and that a supervisor for that location forwarded the check to XXXX CA for the insurance payoff team. However, the check at that time was not received at the location as it should have. They advised they would need an additional week to research. 

I called back today and was told they lost the check. They have not applied it, and refuse to reimburse me. My next payment is due in two weeks. They have now asked that I reach back out to my insurance company and ask that they issue another check, and place a stop payment on the first. ( This will of course cause an additional fee to my insurance company for the stop pay - from the bank! ) All of this is costing me and my insurance company time and money. My next payment is due on XX/XX/XXXX, and the insurance said it will take at least a week to get the first check canceled and a new check issued. I do not feel I should be responsible for this payment, any late fees, or any adverse actions on my credit report due to Wells Fargo 's ineptitude. They are a multi national banking institution that had a profit of XXXX XXXX dollars 4th quarter of XX/XX/XXXX. Wells Fargo admits they had the check and lost it. I feel they should be replacing the check, not me or my insurance company. They should be issuing their own check from their own accounts to pay off this loan. If I were 1 day past 30 late on ANY payment, I would have a late fee of 40.00+ and a report on my credit. I would like the same treatment for their mishandling of this issue.

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 monetary relief