Consumer complaint received 2025-05-07 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Managing the loan or lease — Loan sold or transferred to another company
Company: WELLS FARGO & COMPANY
State: AZ

Complaint narrative:
I am filing this complaint due to deceptive and potentially fraudulent practices by both the auto dealership, XXXX XXXX XXXX, and the associated finance company, Wells Fargo, regarding the financing of a vehicle, where the vehicle has been sold to my irrevocable trust for a nominal amount of lawful funds, and the debt has also been assigned to this trust. I asked Wells Fargo Auto, the finance company, to agree to change the owner on the recorded title, and Wells Fargo refused. I wasn't requesting release of the lien, just change of the name of the responsible party. 
I requested of both XXXX XXXX XXXX, the dealer, and Wells Fargo, a copy of the Retail Installment Sale Contract. Both complied, although the copy Wells Fargo provided was too small to read even with a magnifier. When I compared them to the one I have, they are not the same. Mine has a different interest rate and duration, and the signatures of the dealer representative are not from the same person, and it appears that signature of the dealer representative is potentially placed at a later time on their copy. Both the dealer and Wells Fargo have indicated they rely on their contract and have no interest in investigating the discrepancy. This may constitute contractual misrepresentation or fraud. Additionally, when I attempted to figure out the numbers, using the financed amount, the finance charge and the term of the loan, as stated on both sets of contracts, mine and theirs, I can't get the numbers to add up to the percentage stated. 
I only contacted XXXX XXXX once by phone and once by email about this matter. ( Email attached. ) I have been submitting letters to Wells Fargo in an attempt to address aspects of the contract, each time my requests were denied. I sent a negotiable instrument, which was dishonored as per XXXX XXXX ( XXXX ) and XXXX. 
In XXXX responses I received from Wells Fargo, which became confusing because some of their documents were printed front and back and are not numbered, I saw a document which I had never seen before purporting to be a XXXX Credit Application, which I signed as applicant, but the date was not added by me. It was when I turned that document over I became alarmed and appalled because what little information that appears is false. The only true information is the date of birth, social security number, address and phone. 
This document claims : A ) The last name is " XXXX, '' rather than " XXXX. '' B ) The document claims I am employed as the " full time president of XXXX Mortgage '' for XXXX  years. 
XXXX was my original mortgage lender, with whom I signed mortgage documents on XX/XX/XXXX, XXXX days prior to purchasing this vehicle from XXXX XXXX XXXX. 
This application also claims I made {$55000.00} per year, and I own my home outright and have a {$0.00} monthly mortgage payment. I provided none of this information and have no idea how it could appear on this form that I did not have in my possession until Wells Fargo sent it to me. 
This must explain the reason why on my credit reports XXXX Mortgage appears as my employer, which I also just noticed recently. 
I deduce that this application that Wells Fargo provided to me is the cause of this error. 
On XX/XX/XXXX I spoke with a rep from XXXX  I referenced the XX/XX/XXXX report and the XX/XX/XXXX report. I first asked why my original mortgage lender would be listed as my employer. She was unable to answer that. I asked her how it was verified, as it says " verified on XX/XX/XXXX. '' She was unable to answer that either. I also pointed out to her that my original mortgage lender, XXXX, has consistently the incorrect date opened, XX/XX/XXXX, while the current servicer shows both the incorrect opening date of XX/XX/XXXX and the correct opening date of XX/XX/XXXX. She was unconcerned and advised me to contact the lender, a company I haven't done business with since XXXX of XXXX, when they transferred the servicing. 
I also questioned the rep about the section of my credit report entitled Third Party Supplemental Information, and Supplemental Public Records and Residential Information. I read to her the Supplemental Information section, and including the sentence, " Listed below is the supplemental data that XXXX obtained from such third parties, as well as the name ( XXXX ) of the XXXX  customer for whom it was obtained. '' I asked her from what third parties was the information obtained, and the name of the TransUnion customer for whom it was obtained. When I asked her who was the particular customer that requested it and the customer for whom it was obtained, she said, " It was you. '' I inquired again about who asked for this information, from where the information was derived and why is the information different on the XXXX examples. She didn't answer my questions, and I hung up confused and annoyed and without the answers I sought. 
I have been trying for XXXX XXXX now to contact XXXX to identify what Number ID is associated with the name " XXXX. '' The first time the automated service hung up on me, the second time the automated service said " I can't connect you with an operator right now. '' So I was not able to get the information of Name XXXX ID XXXX and XXXX, with the name " XXXX. '' Despite the communications disputing the claim of Wells Fargo Auto, they have submitted my vehicle for repossession. I informed XXXX XXXX, Escalations Representative at Wells Fargo XXXX XXXX XXXX XXXX, on what I was informed was a recorded phone call, that Wells Fargo and its agents no longer had permission to track my vehicle via tracking devices, and she informed me that Wells Fargo does not track vehicles. I include in her statement their agents. 
When I asked XXXX XXXX for proof of funding of my loan, she said, and I quote, " You will have to subpoena that. '' I clarified, " I have to sue and issue a subpoena to get the proof of funding of my loan? '' and XXXX XXXX confirmed that again. 
Potential violations are : I was provided a version of an auto financing contract that is not the same as the version held by the dealer and the finance company. Furthermore, an application containing false and fraudulent information, with a name I don't recognize, XXXX, and have no relationship with, was provided by XXXX XXXX XXXX or Wells Fargo. This may constitute contractual misrepresentation or fraud. 
Additionally, Wells Fargo refuses to provide documentation about the funding of the transaction without a subpoena, has shared fabricated and inaccurate data tied to my personal identity, and has taken steps to repossess my vehicle based on these false records, which limits my rights as a consumer. 

False and Fabricated information was created and attributed to my identity, possibly in violation of federal law, regarding identity theft and falsification of financial documents A repossession has been initiated based on the misrepresented or fraudulent documents, causing significant distress and potential loss. 

Violations of Federal Law and Regulations involve : Truth in Lending Act ( TILA ) - 15 US CXXXXe, Section XXXX XXXX XXXX 
Failure to accurately disclose terms of the loan and finance charges : Use of altered or differing contracts violates disclosure requirements under Regulation XXXX 

Egual Credit Opportunity Act ( ECOA ) - 15 US CXXXXe, Section XXXX Fraudulent or inaccurate reporting on a credit application Deceptive practices regarding the application may also interfere with fair lending requirements. 

Fair Credit Reporting Act ( FCRA ) - 15 US CXXXXe. Section XXXX Sharing fabricated data tied to my identity may involve inaccurate credit reporting or unauthorized access to credit information. 
The incorrect name on the credit application was furnished to a credit bureau, constituting false information under FCRA. 

Consumer Financial Protection Act - XXXX XXXX CXXXXe, Section XXXX Deceptive practices are prohibited. Misrepresenting loan documents, falsifying application details, and refusing transparency in financial arrangements violates the statute. 

Gramm-Leach-Bliley Act ( GLBA ) - 15 US CXXXXe. Section XXXX Potential misuse and sharing of information with an unknown third party entity. 

XXXX Article XXXX - Secured Transactions If the funding and lien rights of the finance company are not properly established and disclosed, there may be defects in the chain of title and improper enforcement of a security interest. 
There is also the securitized note being sold on the secondary market, likely with XXXX as paying agent. With the title held in electronic format, has it been sold on the secondary market as well? 

Privacy Act of 1974 Whomever shared this falsified information that appears on credit reports is in violation of this act by sharing fraudulent information. 

I WAS TRYING TO FIGURE OUT THE NUMBERS : * Question asked : What is the total finance charge on a {$20000.00} loan at 4.94 % interest for XXXX months? 
Answer given : The total finance charge on a {$20000.00} loan at 4.94 % interest for XXXX months will be approximately {$4400.00}. 

* XXXX  question asked : {$20000.00} is financed at 4.94 % for XXXX  months calculated annually, how much will thefinance charge be if no payments are missed? 
What you're solving for The total finance charge on a loan. 
What's given in the problem Principal loan amount : {$20000.00}, Annual interest rate : XXXX, and Loan term : XXXX months. 
Helpful information The finance charge is the total amount of interest paid over the life of the loan. 
The formula for the total cost of a loan is : Total Cost XXXX Monthly Payment * Number of Payments. 
The formula for calculating the monthly payment on a loan is : XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX  ] Where : XXXX XXXX monthly payment XXXX XXXX principal loan amounXXXX XXXX XXXX  monthly interest rate ( annual rate/ XXXX ) XXXX XXXX  total number of payments How to solve Calculate the total finance charge by first finding the monthly payment and then calculating the total cost, and finally subtracting the principal from the total cost. 
XXXX. Step XXXX Calculate the monthly interest rate. 
Convert the annual interest rate to a decimal : 4.94 % = XXXX Divide by XXXX to get the monthly interest rate : XXXX / XXXX = XXXX XXXX. Step XXXX Calculate the monthly payment. 
XXXX the values into the monthly payment formula : XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX {$290.00} XXXX. Step XXXX Calculate the total cost of the loan. 
Multiply the monthly payment by the number of payments : Total CostXXXX {$290.00} XXXX XXXX XXXX  XXXX {$22000.00} XXXX. Step XXXX Calculate the finance charge. 
Subtract the principal loan amount from the total cost : Finance ChargeXXXX {$22000.00} - {$20000.00} Finance Charge XXXX  {$2400.00} Solution The total finance charge on the loan is approximately {$2400.00}. 

* Question asked : My contract says- We will figure the finance charge on a daily basis at the APR on the unpaid part of the amount financed. 
If my amount financed is {$20000.00} and the interest rate is 4.94 % for XXXX months, what is the finance charge? 
Answer : The total finance charge is {$6200.00} * Question asked : How does a {$20000.00} loan over XXXX months calculate to a finance charge of {$3300.00} Al Overview Learn more The finance charge on a {$20000.00} loan over XXXX months, resulting in a {$3300.00} finance charge, indicates an interest rate of approximately 5.17 % on the principal amount of the loan. This means the total amount you pay over the life of the loan will be {$23000.00}, which includes both the principal and the {$3300.00} finance charge. 
Calculation Breakdown : XXXX. Monthly Payment : The monthly payment is calculated using an amortization formula, which takes into account the loan principal, interest rate, and loan term. For a 5.17 % annual interest rate, the monthly interest rate would be approximately 0.43 %. 
XXXX. Finance Charge Calculation : The finance charge is the difference between the total amount paid over the life of the loan and the initial principal amount. In this case, it's {$23000.00} ( total paid ) XXXX {$20000.00} ( principal ) XXXX {$3300.00}. 
Key Points : Amortization : The finance charge is calculated based on an amortized payment schedule, where a portion of each payment goes towards interest and the rest towards the principal. 
Interest Rate : The 5.17 % annual interest rate is a crucial factor in determining the overall cost of the loan. 
Total Cost : The total amount paid over the XXXX months is {$23000.00}, including the initial principal and the calculated finance charge.

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