When you feel like a sucker…. ( A loan story)

It's a car loan, what could possibly go wrong? You pay, they apply the payment. When you're done, they send the title. Should be pretty straightforward.

I wouldn't be concerned and you're not a sucker.

When my Subaru (financed through Chase) was paid off in one lump sum, Chase applied the balance to someone else' account. Then issued a big GFY when I called and tried to get it sorted out (after making two additional payments).

Carvana was very helpful in getting it paid off - obviously since Chase wouldn't do the lien release until it was paid off.

However, Chase was fighting it tooth and nail. Carvana provided the check information, confirmation that Chase cashed it and documentation that they paid off the correct account and Chase was just not having any of it. Eventually it did get sorted and I was refunded the correct amount.
 
The rich ruleth over the poor, and the borrower is servant to the lender. [copy and pasted]
 
Wells Fargo is no better or worse than any other big bank, just that their bad deeds have gotten more attention.

More than likely you'll be absolutely fine, possibly even happy with the experience. I wouldn't give it a second thought.
 
I agree WF is a joke. How do I know? I made the mistake of working there twice. Just make your regular payments and don't refinance with another company because it more than likely will cost you more money. It took me a long time to get there but my cars are paid for when I buy them. Lots of careful saving and hard work with some luck and good health made it possible. Congrats on the purchase and do not let it deter you from the fun of owning a nice vehicle.
 
Hearing all this talk about bad customer service from WF, I think all banks have awful customer service.
As the pandemic got into high gear, I had a phone CSR at Bank of America tell me my problem/issue was not important enough for them to take care of, at that time.
 
Thank you all for the feedback! I knew I was going to hear some good and bad-but it does make me feel a bit better from hearing from folks who have them now.

The goal is to refinance it for a better rate down the road anyways -then pay it off early…….
 
Wells Fargo is no better or worse than any other big bank, just that their bad deeds have gotten more attention.

More than likely you'll be absolutely fine, possibly even happy with the experience. I wouldn't give it a second thought.

Now that would be interesting! I have yet to see the paperwork they need to send me in the mail……
 
If my dealer starts pushing a financing source other than MY bank, it becomes a point of negotiation for me at that point-- "what's in it for me?"

Do I get preferred (better) rate? Do I get an additional rebate or other discount on the vehicle? Why should I do this? If there's nothing in it for me, I'll use my preferred bank.

Most assuredly, if they're pushing a certain bank, they are getting a financing kickback from that bank. Sadly, in this case it sounds like you got nothing from agreeing to using Wells Fargo for financing, but the dealer did. Just because the finance guy is in a hurry, doesn't mean you have to be. Tell them you'll come back another day to finish the deal--they'll find time to slow things down for you.

Remember this--everything that occurs in that finance office is carefully orchestrated to get you to give them more of your money on the way out the door.
 
My mortgage was with WF . No issues . Don't panic . Refi if it will make you feel better .
 
OIP.VRGJwBQDWQUooRTdJYqkQgHaGE
When you feel a sucker ......
Get one of these. :ROFLMAO:
 
refinance it; hoverer, your first payment will go to your original lender most likely; my credit union still offers 1.99% for a well qualified our members

I got my used Accord back in May 2020 and at the dealership level with BOA, they give us a 5.9% rate even though we should qualify for something better; after the first payment, I took it to my CU at 1.99%
 
Not sure why only WF
Usually they fill out 1 income form on the computer and click all the banks they want to send it too.
Then almost instantly they see the approval or no approval
Plus their rate and the max rate they can sell it to you.
They get profit (capture the spread)
One bank may say 2% to them and they can sell it to you at up to 5% making them 3%
Another may offer 1 but they can only sell it to you at 3 making them only 2% max
The finance managers commission (which is his only pay) is based on those numbers.
He may not even tell you about the lower rate.
Hard to believe you were only approved at WF (unless you are mediocre credit)
They usually send it to 5 banks.
 
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refinance it; hoverer, your first payment will go to your original lender most likely; my credit union still offers 1.99% for a well qualified our members

I got my used Accord back in May 2020 and at the dealership level with BOA, they give us a 5.9% rate even though we should qualify for something better; after the first payment, I took it to my CU at 1.99%
You might have
The dealership doesn’t tell you.
(See above)
 
If my dealer starts pushing a financing source other than MY bank, it becomes a point of negotiation for me at that point-- "what's in it for me?"

Do I get preferred (better) rate? Do I get an additional rebate or other discount on the vehicle? Why should I do this? If there's nothing in it for me, I'll use my preferred bank.

Most assuredly, if they're pushing a certain bank, they are getting a financing kickback from that bank. Sadly, in this case it sounds like you got nothing from agreeing to using Wells Fargo for financing, but the dealer did. Just because the finance guy is in a hurry, doesn't mean you have to be. Tell them you'll come back another day to finish the deal--they'll find time to slow things down for you.

Remember this--everything that occurs in that finance office is carefully orchestrated to get you to give them more of your money on the way out the door.
Yep. >>Remember this--everything that occurs in that finance office is carefully orchestrated to get you to give them more of your money on the way out the door.

They pay system is specifically designed to do that.
I worked personally for a guy who owned a dealership that grossed 900 million
They have making profit down to a science
 
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Hi everyone!

Pretty annoyed here, so I want to hear what you guys think. Thursday I went ahead and bought out the lease on my 2019 Equinox. Got a few bounses on it that really made it a nice deal. My sales guys was great- took care of everything with no issues. The issue is when I got to the FI guy…..

I asked a few times during our talk about who was taking the car loan ( had cash-but dealing with my wife’s estate-plan to pay it off early) and he was going to check, and get me the best rate. Told them anyone but Wells Fargo. They got busy, and the FI guy rushed me through the paperwork, and shamefully was distracted from what was going on. Approval was swift and he kinda moved me through the paperwork as he was swamped, Anyways, my guy came back, kinda pissed. He says everything is great, except you ended up with Wells Fargo. Was not happy, but he mentions about refinanced ideas.

How worried should I be with Wells Fargo? I have heard nothing but horror stories…..
What was the rate?
 
You might have
The dealership doesn’t tell you.
(See above)
I think dealer does not use a regular FICO score; they use an auto FICO score, go figure, and it seems it always gives them always a lower score to the general public and that's they justify higher interest rates i'd say.

I remember when we bought our 16 CRV we went to the dealership and initially I wanted for wife to sign for it, but they calculated something like 50 points lower then what it was; we had known how much was her score at the time before going in there; they want to charge us a 4.9% rate; in the end, we took our business elsewhere within 7 days and they give us .9% as Honda was actually advertising back in 2016

i've posted this before; it is safe to say there is a mess out there; if you don to pay attention to the details, they will charge you an arm and a leg

 
  • Wow
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I think dealer does not use a regular FICO score; they use an auto FICO score, go figure, and it seems it always gives them always a lower score to the general public and that's they justify higher interest rates i'd say.

I remember when we bought our 16 CRV we went to the dealership and initially I wanted for wife to sign for it, but they calculated something like 50 points lower then what it was; we had known how much was her score at the time before going in there; they want to charge us a 4.9% rate; in the end, we took our business elsewhere within 7 days and they give us .9% as Honda was actually advertising back in 2016

i've posted this before; it is safe to say there is a mess out there; if you don to pay attention to the details, they will charge you an arm and a leg

The dealer only uses your rate to know what car to put you in.
You NEVER want to show or drive someone in a loaded Mercedes’ when they can only buy a Ford Taurus. If you do they’ll spend the next six weeks trying to get the Mercedes😂 Never come back
In the end the dealer isn’t giving you the loan
He’s just trying to make as much on the loan as humanly possible
In an annual report one of the big public auto companies reported making 1600 average per car in finance alone
Considering tough educated customers and cash customers they make zero to average 1600 they make 3,000 on others
 

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Hearing all this talk about bad customer service from WF, I think all banks have awful customer service. ...
I had the same thing happen to me; a different Bank (Sovereign) the Teller was rude and said "you know you can make deposit in the ATM"
It was a big check so I wanted a person to person transaction with a receipt. I guess she was working herself out of a job.
Years ago I had issue with WF with my mother's account(s). They made a big deposit error (partly my fault too) and I couldn't get them to reverse it.
She Took a $22,000.00 tax hit for that year. Very frustrating.
 
I had the same thing happen to me; a different Bank (Sovereign) the Teller was rude and said "you know you can make deposit in the ATM"
It was a big check so I wanted a person to person transaction with a receipt. I guess she was working herself out of a job.
Years ago I had issue with WF with my mother's account(s). They made a big deposit error (partly my fault too) and I couldn't get them to reverse it.
She Took a $22,000.00 tax hit for that year. Very frustrating.
Funny
I had almost the opposite experience at Wells Fargo
I had a 40,000 check from an insurance company for damage to a boat made out to my father and I.
He signed it and so did I and I brought it into my local bank for deposit to my account.
After calling the elderly manager she said she needed my 86 year old father to come in too.
I put it through the ATM deposit with no problem😂
 
  • Haha
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