Consumer complaint received 2024-04-17 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Repossession — Company communicating payment assistance or payment extension options
Company: WELLS FARGO & COMPANY
State: FL

Complaint narrative:
In XX/XX/XXXX I fell very ill and had to take a medical leave from my job. I communicated with Wells Fargo to see what options were available to me and the only option they provided was a one-month deferment. Because I was a few months behind this wasn't much help but it was my understanding that this was the only option available to me. During this time I was playing catch with all my other bills mainly my home mortgage. In XX/XX/XXXX I learned that my home was being reviewed for foreclosure at that moment maintaining a roof over the heads of myself and my children was more important. I had fallen behind again with my Wells Fargo payment and was told a payment had to be made by a certain timeframe or the account would charge off. I knew I would get paid and I had then planned to provide the payment necessary, the only problem was my pay date fell on a date after the date the payment needed to be in to prevent charge off. I tried to negotiate but could not get any assistance outside of an agreement that offered to pay {$6000.00} for 3 months. I spoke to a Supervisor who set up a verbal agreement to allow me to pay {$2000.00} for 12 months payment would be due at the end of each month. I made the first payment in XXXX but unfortunately fell ill again end of XXXX and took a short leave, this unfortunately affected me financially and my check was {$300.00} making it impossible to fulfill the verbal obligation. I was able to get some money up but remained short. I wanted to contact Wells Fargo to explain but feared there would be no assistance. My car was repossessed on Friday, XX/XX/XXXX without a prior written or verbal notification. When I contacted them for information regarding the repossession they only explained about this missed payment on XX/XX/XXXX. I explained my financial difficulties and was told if the account hadn't charged off I could have explored other options but that I would have to wait for a letter stating the amounts due to retrieve my vehicle. I was informed I could retrieve my personal property from the vehicle at no cost. I was so distraught and stressed with my back against the wall. I ended up giving the money that I had gotten up and placed it toward my delinquent mortgage. My thing is with the climate of this economy and all that's occurring why is it that Wells Fargo has no type of assistance program to help people in my situation? I would like to get my car back but am not in the financial situation to pay the total amount of the loan. I am considering doing a Home Equity line to get some extra cash but that's if I qualify or can get approved. I am not even sure how much time I have to get it back but I promise to send every dime until I can get something that would assist my present hardship. I just wish I was given more options or time, I researched and saw that they were being sued in the past for the same reason and made payouts. Is this a recurring issue for the company? Do you offer high-interest loans and no assistance just so you can take back vehicles and ruin people 's credit? At this point, I am willing to go to court to speak on my situation because I feel I did try to work with them but unfortunately, my circumstances didn't allow me to per their procedures and practices.

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