Consumer complaint received 2024-06-05 00:00:00
Product: Payday loan, title loan, personal loan, or advance loan — Title loan
Issue: Loan payment wasn't credited to your account — 
Company: WELLS FARGO & COMPANY
State: AZ

Complaint narrative:
I took out a {$1500.00} title loan with XXXX XXXX XXXX XXXX XXXX XXXX  XXXX or XXXX, XX/XX/XXXX. A negotiable instrument was sent to Wells Fargo Financial XXXX as payment for satisfaction and discharge of the loan, pursuant to XXXX XXXXXXXX XXXX  current indenture trustee agreement with Wells Fargo, The Securities Act of 1933, and the Securities Exchange Act of 1934 and the Trust Indenture Act of 1939, XXXX, XXXX The proper forms : IRS Form XXXX, Notice Concerning Fiduciary Relationship of Financial Institution ; IRS Form XXXX, Notice Concerning Fiduciary Relationship ; IRS Form XXXX, Power of Attorney and Declaration of Representative ; FDIC Form XXXX, Declaration for Power of Attorney ; FDIC Form XXXX, Declaration for Custodian Deposit and an instruction letter from The XXXX XXXX XXXX XXXX XXXX XXXX detailing the intent to revoke any security interests held by XXXX XXXX- XXXX XXXX, or Wells Fargo Financial XXXX the current indenture trustee, was sent regarding the title loan in question. Wells Fargo XXXX XXXX and XXXX XXXX XXXX XXXX has repeatedly acknowledged via mail and calls that the documentation was received, but refused to take the lawful actions requested and required as a Fiduciary over the disputed account. Wells Fargo has denied the presence of any negotiable instruments, usually converted into asset-backed securities, being sent to their offices in this matter, but admitted receiving the correspondence in multiple communications since the failed delivery of the security. I will also be filing a complaint with the XXXX XXXX regarding the failure to return a registered security. XXXX XXXX continues to commit fraud as XXXX XXXX XXXX, XXXX as XXXX, by attempting to collect on balances for which XXXX XXXX XXXX has no lawful claims, after transferring the alleged debt to XXXX XXXX, XXXX as the issuers, and the subsequent trading of my information on the secondary Market, which they informed the IRS would not do. Once the loan was sold, pooled, and transformed into a security, the XXXX XXXX is no longer able to argue that it is a true party of interest because the original lender was paid in full. In addition, once the note is changed into a stock or stock equivalent, note is no longer a note. XXXX XXXX is attempting to double-dip once loan was securitized is securities fraud. XXXX XXXX, XXXX has no legitimate claims against myself, as there has never been any contract establishing such. A perfected XXXX was required to lawfully seize assets under UCC law. XXXX XXXX failed to perfect the XXXX required by the XXXX XXXX XXXX Uniform Commercial Code prior to taking possession of the collateral in this dispute, a XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX  XXXX, in XX/XX/XXXX. XXXX XXXX has refused to release the collateral, or discharge the debt as required. I am aware that my negotiable instrument is a cash equivalent, backed by the full faith and credit of the United States Treasury Department, and an obligation subject to discharge and cancellation pursuant articles of the trust indenture agreement for issuer and registrar. The negotiable instrument was presented with the expectation that an equitable exchange or valuable consideration would be given for the delivery of the security ; not one masked as a gift via contract, with miniscule, or little to no consideration. Although, XXXX XXXX XXXX prospectus and indenture trustee agreement with Wells Fargo confirm the intended securitization and sale of my securitized instrument, I have received no valuable consideration ; as Wells Fargo purports " having no open or closed auto loans associated with your information, or the Vehicle Identification Number listed within the XXXX XXXX XXXX XXXX XXXX XXXX previously provided for review. '' This is a deceptive and misleading statement by Wells Fargo, being they are undoubtedly the current indenture trustee for XXXX XXXX and required to perform the procedures requested via instruction letter from XXXX XXXX XXXX XXXX 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