Consumer complaint received 2025-11-15 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Managing the loan or lease — Billing problem
Company: WELLS FARGO & COMPANY
State: AZ

Complaint narrative:
I am submitting this complaint against Wells Fargo Auto, the assignee and current holder of my retail installment contract for a vehicle purchased from XXXX XXXX. My contract contains the FTC Holder Rule notice stating : Any holder of this consumer credit contract is subject to all claims and defenses which the debtor could assert against the seller of the goods. Wells Fargo Auto is therefore responsible for the dealerships deceptive and unfair practices ( UDAP ) and the financial harm that resulted. 

Summary of the Issue On XX/XX/XXXX, I purchased a XXXX XXXX XXXX from XXXX XXXX XXXX The sales representative and the finance manager, XXXX XXXX, clearly and repeatedly represented that the vehicle qualified for the federal Used Clean Vehicle Tax Credit under IRC 25E and that I would simply claim the credit when filing my taxes. These representations were material to my decision to buy the vehicle and to finance it through the dealership. 

I later learned that dealers must electronically submit IRS Form XXXX ( Clean Vehicle Seller Report ) at the time of sale for the buyer to be eligible. On XX/XX/XXXX, I contacted XXXX XXXX to confirm that the dealership had filed this form and even provided a copy of the IRS instructions. He stated he would forward this to our XXXX XXXX XXXX. The dealership never filed the form. 

I followed up several times, including in writing on XX/XX/XXXX. The dealership stopped cooperating and has since refused to provide any information required by the IRS. As a result, on XX/XX/XXXX, the IRS denied my {$4000.00} tax credit because the XXXX did not appear in their system. 

Most recently, I again attempted to resolve this directly with the dealership, but they refuse to assist or provide the necessary IRS-required information. Because Wells Fargo Auto accepted assignment of my contract subject to the FTC Holder Rule, they are responsible for the dealers misrepresentations and non-compliance. 

Legal and Regulatory Basis FTC Holder Rule ( 16 C.F.R. 433 ) : Wells Fargo Auto, as holder of the contract, is subject to all claims and defenses I have against the seller.

Consumer Financial Protection Act ( 12 U.S.C. 5531 ) : The dealers statements and omissions constitute deceptive and unfair acts related to a consumer financial product. 
XXXX XXXX XXXX XXXX : Dealer failure to submit Form XXXX makes the buyer ineligible for the used clean vehicle credit. The dealerships failure directly caused a {$4000.00} loss. 

Requested Resolution I request that the CFPB require Wells Fargo Auto to do one of the following : Provide a {$4000.00} credit or refund to my retail installment contract balance to remedy the financial harm caused by the dealers misrepresentations ; OR Contact the IRS directly and confirm that the IRS has received my vehicles XXXX and will accept it for the {$4000.00} used clean vehicle credit, thereby restoring the tax benefit I was promised ; Additionally, I request that Wells Fargo Auto implement compliance oversight to ensure that its dealer partners meet all IRS Form XXXX reporting obligations and avoid misleading consumers during credit origination. 

Supporting Documentation Available Retail installment contract showing Wells Fargo Auto as assignee Purchase agreement with sale date, price, and XXXX XXXX correspondence with dealership staff ( XX/XX/XXXX XX/XX/XXXX ) IRS denial notice dated XX/XX/XXXX Recent attempts showing the dealers continued refusal to assist Complaint submitting to XXXX  Attorney General Contact Information I can provide all documents upon request. Please contact me at XXXX XXXX

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