Consumer complaint received 2021-08-18
Company: WELLS FARGO & COMPANY
State: DE
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Getting a loan or lease
Sub-issue: High-pressure sales tactics

Complaint:
On XX/XX/21, I went into XXXX XXXX to buy a new car with my dad. I ended up buying the XXXX with a cash deposit of $ XXXX and a trade in worth $ XXXX, financing {$18000.00}. At first, we did not like the APR of 3.74 %. We asked XXXX ( General Sales Manager ) if we could get a lower rate and he told us no. He explained that although my credit score was XXXX, I only had student loans and credit cards. I did not have any auto loans or mortgages and therefore, according to him, I don't have any real debt. However, a student loan and an auto loan are both installment loans. I have never missed a payment on my student loan. We then asked if we could get our own financing and he told us no, that all financing had to go through the dealership. Then, we asked him to turn the deal into cash and he told us that they are not accepting cash deals and if we wanted to buy the car, we had to finance through the dealership. Since I needed the car, I agreed to the finance deal. My dad told XXXX that he would pay off the loan with the first statement. XXXX told us we could not do that, we had to wait 3 months before we could pay off the loan ( there were no deals or special financing ). I have three concerns : 1. As an agent of the bank, XXXX knowingly and willingly misrepresented the terms and conditions of the loan for additional profit. During the signing of the contract, we read that there was no prepayment penalty and we did not have to wait 3 months. This is Fraud! I would like to see an audit of all of their finance deals to see how many people paid off their loan in 3-4 months. It would be nice to know how widespread this fraud is. 
2. I am confused on why XXXX gave us a higher rate because I don't have a car loan. He told me I don't have any " real '' credit. Student loans and car loans are both installment loans. I put down a deposit of over 50 %, my FICO score is XXXX and I have a perfect payment history with my credit cards and student loans, I should have qualified for a lower rate. What rate did Wells Fargo assign and what was the additional percentage XXXX added onto the loan? What criteria did XXXX use to come up with this new rate? Since XXXX 's priority is profit for the dealer and himself, does he use the same criteria for each customer or does he arbitrability assign a rate to each customer? I feel that he was taking advantage of me because I am a young female. 
3. It is my understanding that it is illegal to force someone to finance a product and not accept cash. If there was an audit of their sales for the last 30-60 days, I am pretty sure you would see some cash transactions. So why did they refuse to sell me the car for cash? So, what criteria did XXXX use when applying the " no cash policy ''? Does this dealership always take advantage of young female customers?

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