Consumer complaint received 2024-11-06 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Repossession — Company explaining amount owed
Company: WELLS FARGO & COMPANY
State: FL

Complaint narrative:
-- - Consumer Financial Protection Bureau ( CFPB ) Complaint Subject : Formal Complaint Against Wells Fargo for Mismanagement of Car Loan and Repossession Fees To Whom It May Concern : I am writing to file a formal complaint against Wells Fargo concerning a car loan and repossession issues. I am currently going through financial hardship but have been making every effort to meet my obligations. The situation started with a repossession in XXXX due to a missed payment, after which I worked diligently to resolve my account. However, despite my efforts and what I believe are unfair practices by Wells Fargo, my car has been repossessed again without sufficient cause, leaving me in a very difficult position. 

Here is a summary of my situation : 1. Initial Repossession in XXXX The vehicle was repossessed in XXXX without any prior written or verbal notice. I was recovering from a personal loss, making it difficult to manage my finances. Despite this, I saved up and arranged a payment plan with Wells Fargo.

2. Agreement Misrepresentation In a call with a Wells Fargo agent, I was informed that my payment of approximately {$2500.00} would cover all past-due payments and repossession fees, bringing my loan current as of XXXX. This call was recorded, and the agent confirmed multiple times that this amount would fully cover my outstanding balance. 


3. Lack of Documentation I was promised written confirmation detailing the breakdown of charges, which I never received. This lack of documentation has made it difficult to understand what I am being charged.

4. Timely Payments Post-Repossession Since making the XXXX payment, I have continued making timely payments for XXXX and XXXX, with proof of these payments through bank records. I even set up an automatic payment for XXXX through XXXX Bank to ensure I remained current. 


5. Unjust Repossession in XXXX Despite my timely payments, my car was repossessed again on XX/XX/XXXX. Wells Fargo claims I am behind by two payments, with an additional {$1000.00} in repossession fees. They informed me that the XXXX payment did not cover all charges, contradicting what I was told on the phone. Additionally : XXXX payment was received, yet they claimed they misplaced XXXX payment. 

XXXX payment was scheduled for XX/XX/XXXX, which is three days after the repossession.

6. Request for Investigation and Dismissal I called Wells Fargo to open an investigation, and the agent promised to provide an email address for sending payment proofs. However, I never received a follow-up or the promised email address. When I called back the following day, I was informed that the case was closed without my input or evidence submission. 



Impact The repeated repossessions and lack of clear communication have made it difficult for me to go to work and maintain financial stability. I believe Wells Fargo has mishandled this case and may be unfairly profiting from repossession fees in partnership with their tow company. The lack of transparency and failure to honor the agreed-upon payments have left me in a precarious situation.

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