Consumer complaint received 2022-10-04
Company: WELLS FARGO & COMPANY
State: SC
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Struggling to pay your loan
Sub-issue: Lender trying to repossess or disable the vehicle

Complaint:
XX/XX/XXXX2022 ( Friday ) : My car was taken from a public parking lot in XXXX, Georgia. The reason for me being in the XXXX area is because I came to escape hurrican XXXX. 
I live and work in the XXXX, South Carolina area. I am not sure how they were able to find my car. I was not made aware of them taking my car. I was not past the 90-day mark for being behind 3 months. It was my intent to make a payment later this evening once funds were available to me within my account. Wells Fargo did not contact me to inform me they were taking possession of my car. I have many personal items I've brought with me to move to safety from the hurricane that affected my area. 
This has caused me a great deal of stress during this already stressful time. 
With the whole world still dealing with the going causes of XXXX. I believe I was taken advantage of because my used car is a hot commodity in todays current auto market. 
In most recent years Wells Fargo auto has not had the best track record. 
Their ethical practices have been very questionable. I would like to also notate the bulletin you all have issued concerning used cars in the auto market with prices increasing for reselling of cars. 
My car is a XXXX XXXX XXXX which is a very high-demand automobile for the current resell market. 
SUPPLEMENTARY INFORMATION I. Background In recent months, there has been extremely strong demand for used automobiles. Since the start of the XXXX pandemic, the average list price for used automobiles has continued to climb. While there are many factors contributing to high prices, the Consumer Financial Protection Bureau is concerned that these market conditions might create incentives for risky auto repossession practices, since repossessed automobiles can command these higher prices when resold. To mitigate harms from these risks, the XXXX is issuing this bulletin to remind market participants about certain legal obligations under federal consumer financial laws. To secure an auto loan, lenders require borrowers to give creditors a security interest in the vehicle. Ifaborrowerdefaults, a creditor may exercise its contractual rights to repossess the secured vehicle. Servicers collect and process auto loan or lease payments from borrowers and are either creditors or act on half of creditors. Generally, servicers do not immediately repossess a vehicle upon default and instead attempt to contact consumers before repossession, usually by phone or email. Servicersmaygiveconsumersindefaulttheopportunitytoavoid repossession by making additional payments or promises topay. Servicers generally use service providers to conduct repossessions. While some repossessions are unavoidable, the XXXX pays particular attention to servicers repossession of automobiles. Loan holders and servicers are responsible for ensuring that their repossession-related practices, and the practices of their service providers, do not violate the law. TheBureauintendstoholdloanholdersandservicersaccountableforUDAAPs related to the repossession of consumers vehicles.1 II. Unfair and Deceptive Acts or Practices in Supervision and Enforcement Matters This Bulletin summarizes the current law and highlights relevant examples of conduct observed during supervisory examinations or enforcement investigations that may violate Federal consumer financial law.

I've made several attempts to contact and also have the managers or supervisor reach back out to me with no one ever making contact with me once again. The phone reps stated the managers have been in meeting all day and my case has been escalated. It was escalated and assigned to a case rep that has been out of the office for the last 4 days one of the reps stated. They will have someone call me and reassign me to a different rep. This has yet to happen. I hope that you all take action and seriously look into this. I can only imagine what others are going through and all of the fees and money another consumers will have to pay because of 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