Consumer complaint received 2019-04-01
Company: WELLS FARGO & COMPANY
State: TX
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Getting a loan or lease
Sub-issue: Changes in terms mid-deal or after closing

Complaint:
I'm experiencing what I believe maybe predatory lending from Wells Fargo. I've filled a complaint with the Federal Reserve 's Consumer Complaint System and will be partnering with other sources. I'm now filing a complaint with the CFPB in hopes of expediting my inquiry due to Wells Fargo delay and negligence with looking into this concern. 

On XX/XX/XXXX I walked in to my local Wells Fargo branch seeking an auto loan. I was assisted by an associate name XXXX XXXX XXXX. During the application process it seemed clear that several errors were made by XXXX, who also provided us with inaccurate information regarding used vehicle qualification guidelines. My credit was pulled multiple times because the associate was unclear on a collateral does not meet guideline message that populated. He suggested that I run another application this time joint in hopes of it going through. After calling into customer service myself it was made clear that we were provided with incorrect information and that our loan was approved however the initial vehicle didn't meet the banks collateral guidelines. 

We then visited a different branch in hopes of working with someone more competent and willing to assist and take ownership of the issues we originally had. We were assisted by another personal banker named XXXX XXXX. XXXX attempted to salvage our original application on file without pulling credit multiple times. On XX/XX/XXXX we submitted another vehicle which was a XXXX XXXX that was approved for XXXX with an interest rate of 15.025 %. After shopping for a better deal we found another vehicle with lower miles which was a XXXX. The new vehicle was also approved with the same 48 month term via electronic application on XX/XX/XXXX. We however noticed a big increase in our interest rate which went up to 15.025 % to 17.990 % with an APR of 18.385 % which also increased. 

I immediately reached back out to the personal banker XXXX. I made it very clear to that we were serious about closing on our loan. However just wanted clarity as to why the rates increased and was so high. It appeared that there was no difference with the original offer besides a change of vehicle that was newer with less miles. After inquiring about the rate our personal teller could not confirm why there was an increase, neither could the branch manager or the underwriting department. I was told by the branch manager that a complaint would need to be submited to look into my concern. I made it clear at that point I wasn't complaining but only wanted clarification on my rates. I was reassured that it was protocol to submit a complaint to have my question answered and concerned looked into. 

I was promised a follow up by an associate at the local branch name XXXX. After receiving no follow I phoned in and spoke to XXXX who did confirm my application was approved. When I mentioned my concerns with the rates, XXXX informed me she would call the underwriting department and call me back. I didn't receive any updates so went directly into the bank again on XX/XX/XXXX and was assisted by XXXX and the branch manager. I repeated my concerns and both XXXX and the manager attempted to contact the underwriting department to clarify. We received no solid answers but left with a case number and I was informed to expect a call back from a caseworker named XXXX. By end of day on XX/XX/XXXX due to no follow up I called for XXXX at XXXX who had already gone for the day. A manager named XXXX in her department took my call however couldn't provide any information regarding my interest rate. XXXX suggested I contact the underwriting fulfillment department at XXXX. I called that same evening XX/XX/XXXX around XXXX. I spoke to an agent name XXXX who explained that my interest rate increased by 2.74 % because of the difference of - {$200.00} dollars that I'm borrowing from the original XXXX loan. XXXX explained that because the loan amount changed from XXXX to {$14000.00} it cause an increase. When I mentioned how absurd and outrageous that sounded he informed me he doesn't make the rules and this is company policy. He then suggested that I partner back with the bank to express my concerns and ensured me they could answer questions regarding interest rates. After being disconnected I called back into the fulfillment line and spoke to an associate name XXXX who informed me she couldn't answer any questions, and that the number I called should't have been given to me as a customer. XXXX stressed to me over and over that I called a secured line only accessible to internal bankers/employees of Wells Fargo. All of this left me very frustrated in confused as a customer only looking to get an answer regarding the increase in my interest rate. I waited until XX/XX/XXXX to get a call back from the case worker XXXX that I was assigned to. After no follow up again, I phoned in myself to reach XXXX. I was told that she was once again out of the office, so I requested to speak with a supervisor. At that point I spoke to a supervisor named XXXX who called the branch to report I'd been calling in. She then told me that my case was assigned to a new case worker named XXXX. XXXX gave me his direct number and informed me that XXXX was given the case XX/XX/XXXX and suggested I speak to him directly, because he would be the only person to escalate to. I called XXXX the same day around XXXX and left a message. I also called the next day and left a message and didn't hear back from anyone. 

Today XX/XX/XXXX at XXXX cst after no follow up I called in and was told XXXX was on lunch. I requested to be transferred to his supervisor due to the lack of follow up. I spoke to a supervisor named XXXX and explained my frustration, disappointment in the lack of follow up, as well as the concerns with my rate. XXXX redirected me back to XXXX and stated that he would be ensuring that I get a phone call back. I was in disbelief in the amount of run around that I'd been receiving and requested to speak to someone else. I was told by XXXX that he had no one else that he could direct my call to and that his manager was out of office. He once again stated XXXX would return my call. Later at about XXXX I finally receive a call from XXXX . 

XXXX had no information regarding me inquiring on an interest rate and stated that he was only following up with me due to an application that was declined as well as a complaint for my concern with the banker pulling my credit multiple times. He was shocked to hear that my expectations were to get clarity on my interest rates and apologized for what I've been through. He then suggested that I partner back with my local branch and said as a courtesy he would make some calls. I called back XXXX at my local branch left voicemails and sent an email requesting direct contact to corporate.

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