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

[daves87rs]

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…..

 

[RooflessVW]

I do not step foot on a dealer sales' floor without pre approval from my CU.

I'm the same as you - never WF

 

[dishdude]

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.

 

[JavierH19]

usually its only the bad that gets put out there and none of the good since people expect it to go well and when it does it feels like a no surprise.

I only once posted a bad review on chase because they affirmative action hired an utter tard that ruined my accounts and the manager had to spend a half hour fixing it.

i once paid for asurion insurance without checking and then saw that is had a 1.something star review and thought to myself "oh lord what did i just waste my money on" ended up using the two insurance claims which was worth it and they were easy and pleasurable as could be and put a 5 star review since its only the bad that get a person willing to post and because of that reviews can be a small echo chamber. theyd only be trustworthy if every person would review and also followed a set of criteria points.

id say to not worry. the things you hear are usually a loud minority since most of the time it goes well enough to where youre satisfied to a point to where you just go about your day.

as long as you read the details and abide by any terms youre fine and if they do something out of terms you can easily sue anyway.

 

[Kuato]

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…..

Just refi with your own bank/financial institution and pay off the Wells Fargo before your 1st payment is due....

 

[JeffKeryk]

As long as you got a decent rate, I guess I don't understand the problem. Plus you are gonna pay it off soon anyways, right?

I say, enjoy your Equinox!

 

[edyvw]

Always local Credit Union! My cars are through local CU, home, some rental properties. No big banks unless no other option.
I once had to get loan at dealership due to specific purchase. It was WF. Refinanced ASAP few days later, and saved like additional 2 1/2%.
But doing business with WF is absolute horror. Of big banks only Chase.

 

[CKN]

Car loans are pretty straight forward. If it's a good rate I wouldn't worry about it.

 

[DougR]

Make sure the monthly payment amount is correct given the loan amount and number of months.

 

[tom slick]

I just paid off a car loan through WF with zero issues during the term.

 

[Wolf359]

What was the rate and term? Penfed which is a credit union has 2.39% for 36 months. Usually you can get a slightly lower rate by searching around.

https://www.penfed.org/auto/used-auto-loans

 

[Nick1994]

Just refinance. Super easy.

 

[czbrian]

I purchased my Outlander in November 2018 and paid it off in February 2019. The dealer arranged the financing through Wells Fargo, and I had zero issues. With online access and electronic payments, I’m not sure what could go wrong. I had my title in hand within 2 or 3 weeks of payoff.

 

[RAR]

I had Wells Fargo for a car loan years ago. Nothing.

I made my payment on time each month and refinanced it with my credit union after a year for a better rate.

Unless you’re getting this loan with no intention of making payments on time or other deadbeat behavior, I wouldn’t worry about it.

Do like others have said: next time line up your own financing before going to the dealer. I did that for my last lease buyout and the dealer just did the paperwork. Grimly, as I recall, since they got nothing from it.

 

[JoelB]

I've banked with WF for the last 15 years. Mortgage, student loans, all my accounts. Zero issues ever.

 

[BISCUT]

I can sure understand not wanting Wells Fargo. Their customer service is almost non-existent. I wouldn't fret a car loan too much as long as you are ok with the rate. You pay on time and there is usually nothing out of the ordinary that happens. I seek credit union first but I do have a loan with Chase for my 17 Subaru. I have 5k left and so far no issues. But I pay the bill on time and have usually paid off additional principal. Sometimes you have to go bigger bank for the better rate. I said ok to Chase as it was a 1.9% rate. Next best was another big bank at 2.9%.

 

[aquariuscsm]

Hearing all this talk about bad customer service from WF, I think all banks have awful customer service. I went to go make a cash deposit in mine the other day (not WF). They had a line almost out the door and only one teller. We all stood in line what felt like forever. I make my deposit and she says "Thank you". Wait, where's my receipt, I'm thinking to myself. I ask, "Yes, may I have a receipt for the transaction please". She replies "We no longer give receipts for transactions". I, of course, demand a receipt, and she prints one out. Anytime my money is being handled, a receipt of some kind will be given, period. Not getting receipts leaves you wide open to getting bent over. Teller was very nice and professional.

 

[Passport1]

Had two prior mortgages with WF. Both nothing but a disaster. I made my financial broker remove them from my stock portfolio. Just closed on a second home last Wednesday. Made my mortgage broker (former WF employee) promise not to farm out the paperwork to WF.

 

[opus1]

Not that it's the same thing, but I'm currently dealing with WF on a credit card promotion where I have 5 years to pay off my furnace/AC installation at 0% and so far (2 years in) I've had zero issues. Of course now that I've said that...

As for the OP's case, if the plan is to pay off early anyway, I'd just stick with the plan unless WF really messes up.

 

[I<3oil]

Meh, they're better than BoA so that's all that matters.