Consumer complaint received 2023-06-09
Company: WELLS FARGO & COMPANY
State: NC
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Struggling to pay your loan
Sub-issue: Denied request to lower payments

Complaint:
First this isn't new I just never reported it prior and I saw a new settlement with Wells Fargo over this sort of thing so I decided to report what they did to me now. My name is XXXX XXXX and my address during the loan was XXXX XXXX XXXX XXXX XXXX NC XXXX. They should be able to find my loan based off of that. My spouse was a coborrower on that loan as well his name is XXXX XXXX. This incident occured in XXXX or XXXX i believe. He had just started a new job and we were waiting on his first pay check. Our car payment was behind do to this issue. We were roughly 4 years into our 6 year loan id guess.The transmission had already dropped out so the car was nothing more than a yard onmanent but we didnt want bad credit so we were doing our best to keep it up. At that time we had 2 payments due. I knew we were allowed 3 deferals over the life of the loan and we had only used 1 of them at that point. I explained this to my spouse and i told him to call and ask them to go ahead and activate our remaining 2 deferments. So he called in and explained to them all I've stated here and requested that they activate our remaining 2 deferments we still had which would put us current with a new payment about to be due. They agreed on the phone that day to activate them for us. Then we told them when his first payday was with his new job and that we'd pay the next payment just coming due at that time. He said he noted that in the account and he put in for our deferments as well. When XXXX got paid his employer didn't let him off that day till after bank hours had closed so he wasn't able to cash his check. So we had no choice but to wait till the following business day to go into the bank the check was written from and cash it. We cashed it the followimg business day then I called them to make that paymrnt. It was Monday afternoon and I explained I was calling to make that payment we had told them we'd make the prior Friday. The rep came to the phone and informed me that they couldn't take my payment because earlier that morning they put in for a repossession of the car. I said no you must be mistaken you couldn't have done that becauae this is the only payment due on the account. I then explained we activated our 2 remaining deferment and they agreed to it so this can't be. He came back to the line after a long pause and told me that it is for sure in repossession status as of that morning and from what he can tell the 2 deferments were contingent upon us keeping our promise to pay on that prior Friday. I told him we weren't told that we were told it was done already and when we told them his first pay it was to give them a ball park as to when they could expect the next payment we weren't aware we were setting it in stone because had the 2 deferments been granted as we were informed was the case then that payment was barely even due and wasn't past it's grace period. I said therefor i had no reason to think i was setting that in stone I thought i was giving them a general idea nothing more and i most certainly wasnt told my deferments were on the line if the payment wasnt in that Friday 's its quite the opposite i thought that was already set in stone that is what the rep lead me to believe was the case. So i said i told him we needed him to fix this now and that obviously never happened bevause im writing this now ... I never reported this back then but I decided to do so now since I read an article about similar customer abuse as to what we encountered with them ourselves. So I wanted to make you aware you can add another customer to that long list. Thanks

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