Consumer complaint received 2025-05-09 00:00:00
Product: Debt collection — Auto debt
Issue: Took or threatened to take negative or legal action — Threatened or suggested your credit would be damaged
Company: WELLS FARGO & COMPANY
State: GA

Complaint narrative:
The information that was given to me is irrelevant information. I was clear in my complaint which was not answered. Let me be direct, clear and blunt again. The complaint is about securitization of my purchase contract. What is the nature and details of the securitization of my account? Please enlighten me. I am unaware of scrutiny regarding the usages, selling and sharing my consumer personal data without making me aware of my data that have been sold to other third parties for a profit. Did I give Wells Fargo Auto Dealer Services permission or authorization to share, sell or use it in anyway they saw fit or for other business purposes? Where was the transparency and what control as a consumer do I have over my personal information? 
I upload the XXXX XXXX XXXX XXXX XXXX XXXX  ) Primer from the XXXX that stated that XXXX XXXXXXXX XXXX XXXX XXXX XXXX  ) are structured finance securities that are collateralized by auto loans or leases, such as those to prime ( good credit standing ) and subprime ( poor credit standing ) borrowers. Loans or leases are bundled into pools and transferred to a special-purpose entity ( SPE ), which, in turn, transfers the pool to a ( bankruptcy remote ) trust. Payments on the underlying auto loans and leases are pooled in the trust, and the funds are used to pay note investors their respective principal and interest when due. Any leftover funds known as excess spread, or the net interest margin are paid to the equity holder ( usually the issuer, such as an auto finance company. 

My direct question is, why wasnt i notified when Wells Fargo Finance LLC converted my purchase contract into a security? Dont you think I was supposed to know about that since my signature is on the contract? 
What I do know now is that Wells Fargo Prospectus says that Wells Fargo Finance does convert consumer purchase contracts into securities. They use a process where they pool these contracts and then issue securities backed by the cash flow from those contracts. These securities are then sold to investors. 

This was intentionally done on purpose for profits and gains off of me. Why wasnt this concealed from me? What purpose did this served and for who? It was stated that it was a dead charged off but who did it benefited, because it sure wasnt me? 
Now, I know that we are dealing with debt securities but why was this hidden from me, is the question? 

Your last response was nothing. You stated that you have answered all of my complaints and concerns but you havent. Nothing was accomplished, just a lot of gibberish and irrelevant nonsense information. 
Play time is over, why was my purchase contract converted into a security without my permission, authorization and knowledge, Wells Fargo???? 





Wells Fargo Prospectus Report is included with my complaint.

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