Consumer complaint received 2020-11-17
Company: WELLS FARGO & COMPANY
State: MN
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Managing the loan or lease
Sub-issue: Problem with additional products or services purchased with the loan

Complaint:
The XXXX, citing the report, put the number of victims at 800,000 ( instead of 570,000 ), and said, also citing the report, that some of them are still paying for the insurance premiums. 

Other numbers in the report were also higher. For example, the costs of the unneeded insurance pushed about 274,000 Wells Fargo customers into delinquency and caused nearly 25,000 wrongful vehicle repossessions. 

The leaked report also found : The extra insurance was more expensive than the insurance customers had already bought on their own. Ka-ching. 
Wells Fargo received part of the commissions from those insurance sales until XX/XX/2013. Ka-ching. 
The way the car payment is structured, the additional insurance initially decreased the amount of principal paid with each payment, and thus increased the amount of interest the bank earned on the loan, the XXXX XXXX report found. Ka-ching. 
Wells Fargo was aggressive in repossessing the vehicles, and according to XXXX XXXX, some victims endured multiple repossessions, the report said. 

The numbers they paying back is a lie. And was based on a lie. 

Are you one of those Wells Fargo customers who had their lives turned upside down when Wells Fargo wrongfully repo'ed your vehicle several years ago? 

Did Wells Fargo force you to pay hundreds if not thousands of dollars to just get your vehicle back after it fraudulently repossessed it, in part because Wells Fargo claimed you had not purchased auto insurance? 

If you didn't have the money Wells Fargo demanded, were you left without transportation? Did you lose your job, your home, your life as you knew it? 

A class action against Wells Fargo recently received preliminary court approval for a class wide settlement of customers ' claims against Wells Fargo for wrongfully forcing customers to buy auto insurance. The class action may be well intended, but the compensation offered to some customers may be far below what is reasonable for the harm Wells Fargo inflicted. If you do nothing, your claims against Wells Fargo will be released and you will be stuck with accepting the amount of money the class action settlement decides to distribute to you. You have rights, but you must act if you want to hold Wells Fargo accountable for all of the damages the bank inflicted upon you. 

Lawyers know these numbers were not correct and paying the states lawyers off first was a bribe to the states and a slap in the face to those of us that lost our vehicles. They should never pay the non victim before the victims. Thats a civil rights violation and they know it. Making me wait 13 years for more of there lies makes me so mad. I have been told a hundred or more lies in dealing with this entire thing. Only to feel at there mercy in getting what is fair back from them. 
There forgetting we waited an extra 2 years for our money. 
There is lawyers that are now willing to do a lawsuit for the 800 or so there trying to rob again. Those may be lower than what it really is. I am told. CFPB it is time to give wells some motivation to play fair. I feel a nother billion in fines being the OCC lifted there cap on value and then there caught doing more wrong and lying to everyone.

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