Consumer complaint received 2016-10-14
Company: WELLS FARGO & COMPANY
State: AZ
Product: Consumer Loan
Sub-product: Vehicle loan
Issue: Taking out the loan or lease

Complaint:
On XXXX/XXXX/2016, I had purchased a truck from XXXX XXXX. I told the finance manager I would have the funds to payoff the truck in 5-7 business days. They assigned Wells Fargo as the payee. They told me the payoff amount would be {$42000.00} as stated in the sales contract and that I would make that payment to Wells Fargo. About a week later, I received a statement from Wells Fargo dated XXXX/XXXX/2016. The billing cycle due date on that statement as well as in the sales contract was XXXX/XXXX/2016. There was no payoff amount in that statement and I had to call Wells Fargo to confirm the payoff balance. I didnt get the reps name, but I specifically asked her to give me the amount to payoff & close out my account and she had given me the same figure on the sales contract : {$42000.00}. I immediately went to my nearest Wells Fargo branch to payoff the vehicle. The receipt from the branch shows that {$42000.00} was posted to that account on XXXX/XXXX/2016. Three weeks later I get a statement dated XXXX/XXXX/16 from Wells Fargo that shows my account was not only open, but I was charged {$50.00} " interest ''. Statement shows that account did not post for the full amount I made at the branch which resulted in the account being left open. I called the XXXX # on the statement which is actually the collections dept for the Wells Fargo dealer services division. I got nowhere close to resolving this and none of the people including the " supervisor '' would give me their full name or even the name of the top manager of that dept. The terms of the sales contract clearly states that I would pay no prepayment penalty. The contract was also very vague or wouldnt state at all when interest would start accruing and whether or not I would pay interest if account was payed off before billing cycle due date. I paid it off on XXXX and the XXXX due date was a month later on XXXX. Based on my past experience with other banks and financial institutions, Ive never had to pay interest on loans ( including auto ) when I paid off the balance in full before the billing cycle due date. I did not need to or wanted to take out a loan for the vehicle since I was able to pay it off in less that 7 business days. Had I known I would have problems with Wells Fargo, I wouldve stopped the dealership from involving Wells Fargo in the transaction and just pay the dealership directly. I 'm not just upset about the {$50.00} " interest '' charge. I 'm also not surprised that Wells Fargo is using an unethical gray area loophole to keep my account open, extort " interest '' charges '', and hold my car title hostage. I am filing this complaint because I want Wells Fargo to close out my loan account and release my car title regardless of whether or not I have to pay that {$50.00} " interest '' charge. Because of Wells Fargo 's criminal indictment by the Justice Dept. for fraud and misconduct, I can not trust them to do the right thing.

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 monetary relief