Consumer complaint received 2024-09-13 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Repossession — Account reinstatement or redemption after repossession
Company: WELLS FARGO & COMPANY
State: UT

Complaint narrative:
My primary issue involves the repossession of my XXXX  XXXX XXXX XXXX XXXX, and the misleading or insufficient information provided by the Wells Fargo agent about reinstatement options and payments needed to retrieve your vehicle. The core of my complaint is about managing the loan after repossession, specifically the confusion around payment options and the conditions for account reinstatement, which fits under " Account reinstatement or redemption after repossession. '' Upon calling Wells Fargo Auto, agent, XXXX XXXX, provided misleading or incorrect information : Key Timestamps and Analysis XXXX  XXXX - Misleading Statement on Repossession : Agent 's Statement : XXXX XXXX XXXX, " Please be aware that any payment made after a repossession does not validate the repossession, and all associated costs may be recovered. '' This statement is be misleading as it implies that my payments after repossession are irrelevant, which could discourage me from making payments that might prevent the sale of my repossessed vehicle. This could be construed as part of a broader tactic to accelerate repossession and recovery of the vehicle rather than work with me to resolve the debt appropriately, which may violate consumer protection laws, including the CFPB 's prohibitions on unfair, deceptive, or abusive acts or practices ( UDAAP ) under the Consumer Financial Protection Act, and principles under the Truth in Lending Act and the Uniform Commercial Code ( UCC ) Article XXXX, which require clear communication regarding rights to reinstate or redeem a repossessed vehicle. 

XXXX XXXX - Misinformation About Payment Options : Agent 's Statement : XXXX offers the option of splitting the outstanding balance into XXXX payments but fails to clarify the exact consequences of these payments on repossession or the potential reinstatement of the loan. 

Failing to provide clear terms about how these payments would affect the status of my vehicle can be deemed as withholding critical information. Misleading or incomplete information about repayment options is a common issue highlighted in CFPB findings, where financial institutions are required to communicate clearly and transparently with borrowers, as mandated by the XXXX XXXX XXXX Acts XXXX provisions. There is jurisprudence showing how the CFPB has specifically penalized institutions like Wells Fargo for such practices ( Docket number XXXX ), emphasizing the requirement for clear and honest communication about loan terms under the Truth in Lending Act and related consumer protection standards. 

XXXX XXXX - Payment Access Issues : Agent 's Statement : When I mention that I can not access the payment option on the Wells Fargo app, XXXX does not offer any direct assistance or alternative methods that could facilitate immediate payment to prevent repossession. 

This lack of assistance should be viewed as a failure to provide necessary customer support, which is essential in resolving payment disputes. XXXX XXXX obligation under consumer protection laws includes helping customers make payments promptly to avoid further penalties or repossessions. 

As per consumer protection laws, including the XXXX XXXX XXXX XXXX, I am requesting a reassessment of my payment terms to allow for what I can reasonably pay while ensuring my vehicle remains in my possession. I am committed to fulfilling my financial obligations within a fair and transparent agreement that does not result in further undue hardship or repossession actions.

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