Consumer complaint received 2020-04-18
Company: WELLS FARGO & COMPANY
State: NC
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Problems at the end of the loan or lease
Sub-issue: Unable to receive car title or other problem after the loan is paid off

Complaint:
This is the letter I sent to the Wells Fargo Office of the President. While I was offered mediation they offered me to settle for an unacceptable amount. It worries me that Wells Fargo is in charge of providing refunds as its clear some people who were in the same predicament received much more compensation? Are they randomly compensating? Doesnt seem right. Several articles published from Wells state : For approximately 25k customers, the additional costs of the CPI contributed to a default that resulted in the repossession of their vehicle. Those customers will receive additional payments as compensation for the loss of their vehicle. The payment amount will depend on each customers situation and also will include payment above and beyond the actual financial harm as an expression of our regret for the situation Wells Fargo continues to engage in consumer abuses and the potential for widespread consumer harm still remains. 


Dear Mr. XXXX, Thank you for the reimbursement provided in XX/XX/2019, however I feel the amount was not sufficient for defrauding me and wrongfully repossessing my car. In total I have spent at least {$42000.00} to clean this up and get back to normal. I had excellent credit score, going from almost an 800 to below 500 after this nightmare with this bank. I could not get a car loan, or any loan for that matter on my own and had to halt attending grad school because I no longer had the good credit needed to receive a student. I spent THOUSANDS in taxes due to the fact that I was work some much during that time. I attempted retrieve documents from the IRS, however they informed me their records unfortunately do not go back that far. I had other credit cards go unpaid because I was trying to keep a roof over our head. I spent almost 10 years of my life paying off this debt, rebuilding and starting over financially. This experience also affected my mental and emotional health by gear/anxiety of never being able to recover, becoming homeless, fatigue from working non-stop. I worked an office job from XXXX, and then worked overnight at a group home from XXXX. I soon lost these jobs due to no transportation and became homeless. I was and still am very responsible and so I could never truly comprehend how this all happened to me. Its been over 11 years and the repossession no longer appear on my credit, so while offering to update my credit is appreciated, I have already corrected it by paying it off and had to endure the riddle of having a repo on my credit. WF trying to correct my report now will do nothing to undo the damage I endured. Imagine how that appeared to past potential creditors? The truck was 5 years old and They auctioned the vehicle for pennies leaving me with a ridiculous amount left to pay.

Thank you for your time, and I hope to hear from someone soon. Im optimistic that WF will do right.

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