Consumer complaint received 2016-10-19
Company: WELLS FARGO & COMPANY
State: NJ
Product: Consumer Loan
Sub-product: Vehicle loan
Issue: Managing the loan or lease

Complaint:
My complaint is against XXXX XXXX XXXX XXXX XXXX and Wells Fargo Dealer Services. This is my XXXX complaint against Wells Fargo Dealer Services. The first XXXX complaints supplied necessary information I tried to obtain myself but was lacking when I attempted to get it from Wells Fargo myself. 
Purchase Facts : I purchased a used XXXX XXXX priced at {$24000.00}. Wells Fargo Dealer Services charged 19 % interest on my loan, which was {$11000.00} as the borrowed amount. I made a cash deposit of {$18000.00}. The total amount payable to Wells Fargo to satisfy the loan was {$18000.00} ( XXXX payments of {$280.00}. 
As of 2015, I have recorded payments of a total of {$19000.00} to Wells Fargo. The total cost of purchasing my vehicle priced at {$24000.00} and borrowing only {$11000.00} is a total paid amount of {$37000.00}. 
My complaints are : - Interest was charged on my cash deposit of {$18000.00} and classified into confusing sections on the contract. Finance charges for cash that I deposited is wrong, because I was being charged for borrowing money in more money that amounts I actually borrowed. 19 % Interest on the borrowed amount of {$11000.00} should be roughly {$2200.00}. 
- Finance Charges for the cost of my loan of {$11000.00} states as {$7200.00}, which is roughly 58 % of the total amount borrowed. 
- XXXX XXXX never disclosed this to me nor that finance charges were being charges against a cash deposit. 
- areas of the contract that detail the terms of the loan ( which affect further complaint details during the loan against Wells Fargo ) are empty where it states to not leave empty, and were never supplied to me. I contacted XXXX XXXX XXXX and requested copies of all contract and purchase information, which I have included. 
- I was overcharges roughly {$5000.00} in interest charges at the time of sale. 
- Interest charges were calculated at the time of purchase, then added to the loan total which accrued more interest. 
- In order to purchase the vehicle, the dealer sales rep heavily implied I would not be able to purchase that vehicle or any other vehicle without a large cash deposit of at least {$18000.00} - I informed the salesman that I had recently become a widow and to be honest with the deal as my husband passed 4 months prior and was the person who would normally do car purchases. 
- I believe I was taken advantage of by the dealership who assumed as a widow I was left a large amount of money through life insurance. I received no discount off the sticker price, an extremely high interest rate, and was charged interest on money I never borrowed. I discovered in the contract that it states finance charges are " negotiable '' because the dealership profits on the terms of the loan. 
COMPLAINT AGAINST WELLS FARGO include applicable facts of fault of what 's been previously stated here, as well as : - wrongly charged for XXXX, force placed insurance coverage, numerous times throughout the duration of my loan. Wells Fargo attempted to charge XXXX immediately, generating their first notice on midnight of the day I purchased the vehicle. 
- XXXX paid on my account : {$1900.00} - XXXX Interest was charged on my account of {$220.00} - Total charges added to my account for XXXX wrongly placed was {$2100.00} ( accruing interest of 19 % ) - WF added numerous late charges of {$270.00} before any late payments happened. 
- charges classified as " other '' are {$130.00} yet are not disclosed - From my calculations of finance charges, interest, and XXXX charges wrongly charged against my account, the total amount I have paid and wrongly charged for is {$7500.00} WF refuses to release my title & claims I still owe {$1900.00}, adding more XXXX costs to final owed. 
Additional complaint details are attached. I would like a refund of amounts overpaid, my title released, and WF to declare loan satisfied on my credit report, removing the derogatory status it is doing monthly against my credit.

Company response to consumer: Closed with explanation