• Report: #433428

Complaint Review: Wachovia Dealer Services / WFS Financial

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  • Submitted: Thu, March 12, 2009
  • Updated: Mon, February 01, 2010

  • Reported By:Sacramento California
Wachovia Dealer Services / WFS Financial
P.O Box 19733 , Nationwide U.S.A.

Wachovia Dealer Services / WFS Financial Unessisary Repossesion ! Legal Fleecing /The Royal Scam ! Irvine California

*Consumer Comment: Isn't the first time...

*Consumer Comment: Legal but Unethical

*Consumer Comment: Vehicle equity.

*Consumer Comment: NO OTHER BANK WOULD DO THIS!

*Consumer Comment: What?

*Consumer Comment: What?

*Consumer Comment: What?

*Consumer Comment: What?

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Well how do i begin ? Ok here we go , I have had my auto loan for 4.2 years , for the fist 3 years never late , on the life of the loan maybe 2 /30 day lates.
I have been out of work due to the economy , and have been running 2 months behind but making the payment. On January 20th i made a payment , plus late fees and interest and such. On febuary 21st 2009 i sitting watching a TV program and noticed an orange light out side about 10 pm , so i got up and looked and there goes my car. I imediatly ran accross the field and stopped the guy and asked what are you doing , he said you need to talk to the bank , my wife came running up from behind , and the guy agreed to let me take my tools out for the exchange for the key so i agreed.
My wife and i removed my tools and of went the truck he said its ok you are only 6 miles away from where your car will be.

So it began ! , i called the bank in the morning and they said we repossed your truck i said WHAT !
Yes sir , I said i have been working woth you on my account past couple of months 2 months behind but still making the monthly payment.
They said Sorry Sir. So i asked what do i do they said you cant do nothing because it takes 24 to 48 hrs for the towing company to process your car.But after calling several times they told me i would have to pay off the FULL ballance which was 4,200.00 plus towing charge of 350 so a total of 4,550.00 i said fine.

They gave me the number of The Baldwin Company in Sacramento that had my car the people were nice enough but still would not give me any information on the truck , all they said was all your personal belongings are removed and put in a locker. Its a 25 dollar processing fee and 4 dollars a day for storage.They said as soon as i get the clearence from the bank i can come pick up my car i said ok. So thursday i made the arangements with wachovia to make the payment on monday western union. So now its thursday I have a verbal agreement with Baldwin and Wachovia to get the funds monday and make payment and pick up the car.Payment confirmation was into the bank by 3:00 PM

So it began , i called Wachovia and gave them the reciept number from western union " this is the only form of payment they would take CASH" and they said fine , it will take 24 to 48 hours to release your vehicle ! I said What ?
Yes we have to do the paper work !
So i called back Baldwin to make the arangements , and they said a transport just came by and picked up your vehicle , i said why ? They said they did not know ! i said do you know where it went they said i cant tell you that sir , you need to call the bank.

So It Began , i called Wachovia and they said my vehicle was in north sacramento at the Auto auctions , I said What ! Please give me the number so i can call these people ! So i called the place in Sacramento and they had no record of the vehicle even being picked up ! They said as soon as we pick up a car its logged into the computer. So then i called wachovia back and then they said it was at North Bay Auto Auctions in Fairfield CA , I said What ? 80 miles away , now remember i have no vehicle.

So i called them up they had no record of the vehicle , i said Wachovia says its there, they said you will have to wait till the end of the day and the records come in.

So i called back Wachovia and explained and said im about ready to get the police involved because nobody knows where my vehicle is , they laughed and said no its there because they called Baldwin and confirmed.

So i called back the North Bay Auto Auctions , and they said its a 150 dollar towing fee , and per day storage, after they explained to me that the car was there.

So i called back to Wachovia and they said they were just getting ready to sign the release and i told them about the charges and they said they would pay for those and included in the fax.

So i went and picked up the car at North Bay Auto Auctions , and noticed that behind the ladys clipboard were Wachova Dealers stickers they were flying these decals like the amercian flag , i imediately thought that these people are in league with wachovia.

So when i asked wachovia for a pay off discount they said they could not , because the car was worth more than what i owed on the loan.

So here it is.

1)When the car was repeod Baldwin pulled all my peronal items out !

2)They assesed the cars value ! and reported it to Wachovia !
thats how Wachovia new the condition of the car.

3) With in 5 days it was already at the auto auction.

4 ) I only owed 4,500 dollars on the principle ballance of the car that i paid $23,000 and was late but making regular payments 8 payments till payoff.Now Granted this is not including the interest that they made on the car.

In my thinking they wanted the car back , figured since i was late i couldnt come up with the full amount and wanted to sell it.

In less than 5 days it was at the auction , my car was repoed on a tuesday night feb 2009 and on its way to the auction on the following monday , after making direct comunication with both the towing company and lender 2 to 3 times.

I had the car financed through future nissan , and figured i would save a couple of points by going with wachovia...

I went through a week of anxiety and dissorder from these guys , i would say a few other words but i better not...

Last 8 paments to go , Car repoed ! What a SCAM resale value was 8,000 and you figure if a dealer picks it he is going to make interest on that , this vehicle was babied it would easily pull full blubook at auction.

2001 Nissan Xterra SE , come on !

What a system we live in today , and this is possibly the same system and corporations that recieve government bail outs !

They are the Welfare Queens of the US seriously !

Almost a victim of corporate fleecing ! Whew !

I belive that the public should be aware of these guys , i here their is a lawsuit going againts these guys i would help in anyway.

Does anybody have any children out there that want them to go through this corporate cesspool of sorrow ?

Seriously If this was one of your children what would you do ?


Email me at ibe(((REDACTED FOR SECURITY PURPOSES)))

Dr Burns
Sacramento, California
U.S.A.
CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.

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This report was posted on Ripoff Report on 03/12/2009 10:53 AM and is a permanent record located here: http://www.ripoffreport.com/r/Wachovia-Dealer-Services-WFS-Financial/nationwide/Wachovia-Dealer-Services-WFS-Financial-Unessisary-Repossesion-Legal-Fleecing-The-Roya-433428. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 Consumer Comment

Isn't the first time...

AUTHOR: Ward107 - ()

my brother had gone through something simmilar but his was relpo'd for $ 23.00 underpayment. He had a truck worth around 13000 and owed around 5000. he was never contacted or notified of the underpayment and paid his payment on time every month. They showed up one morning and hooked it up and told him he had to pay repo fees and the balance. After the payment was made they had issues finding the vehicle. They lost his personal items,  GPS unit , CDs, rocky boots. They had the truck already loaded on the truck to the auction. No apaulogy, and the rude customer service told him if had paid for his vehicle he wouldn't be in this situation. (Which he did). They could never show what the underpayment was for And they were trying to make money off of the sale. In my opinion, if they really wanted to get the most money out of the vehicle they should send them back to the car lot but they sell them for a fraction sometimes of the worth and send the bill to the borrower for the remainder. 

Glad you were able to get it back!

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#2 Consumer Comment

Legal but Unethical

AUTHOR: angrygramma - (United States of America)

I had a verbal contract with the collection employee for Wachovia after receiving notice of repossession.  I was late for the first time in December 2007, notice received within two weeks of late.  Arrangements were made to catch up one month behind payment with Income Tax Refund. 


Tow truck pulled in my yard at 31 days late.  Vehicle was sold on action at 47 days late.  They got more money out of me by agreeing to a verbal contract/promise. 


Default is legal.  Unethical but illegal.  I am old enough to have paid off for four vehicles in my past.  I had been late on loans in the past with the many vehicles I bought new and paid off with other companies such as Ford Credit, etc.  We don't consider one payment late as serious, but it is legally default. 


If I can find out how, I will sue Wachovia for unethical and malicious business practices.  I had faith that my verbal contract was valid.  I trusted the late payment issue was resolved.  When appeals all the way to the President of Wachovia failed, I contacted the Better Business Bureau, my local politicians as well as our new U.S. President.  Legislation is our only hope!!! 


It is totally unethical, and I hope these smug commentors online about us "not paying" are forced to take a Medial Leave or worse, causing them financial strains!!

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#3 Consumer Comment

Vehicle equity.

AUTHOR: Robert - (U.S.A.)

When the car is worth MORE than the remaining balance of the loan, you have what is called equity in your vehicle-it's a financial ASSET.

An auto loan is SECURED CREDIT-the vehicle is the collateral on the loan. There is no motivation for any lender to negotiate with a delinquent debtor when there is equity in the vehicle.

It is very important for consumers to understand this! When you have significant equity in your financed vehicle (only a few months of scheduled payments remain) it is MORE IMPORTANT THAN EVER to keep your payments current to prevent repossession.

When the loan is young, the lender has every incentive to work with delinquent borrowers. This "leverage" changes as the loan matures.
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#4 Consumer Comment

NO OTHER BANK WOULD DO THIS!

AUTHOR: Thetanya - (U.S.A.)

I had a car with toyota financial and thought I am disorganized and always late hand very idoitic, they were happy as long as they got paid... no bank does business like this! SO do not get a loan with wachovia... even if they are the only one who will give you one. No other company refuses to work with people that is a bunch off bull.
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#5 Consumer Comment

What?

AUTHOR: Robert - (U.S.A.)

First stop using "So it began..", "So I.." that becomes very anyoying. Not to mention logically incorrect as it can not really begin more than once.

---
So here it is.

1)When the car was repeod Baldwin pulled all my peronal items out !
- By law they are REQUIRED to inventory all contents of the car

2)They assesed the cars value ! and reported it to Wachovia !
thats how Wachovia new the condition of the car.
- Again nothing wrong or different than any tow yard/bank would do.

3) With in 5 days it was already at the auto auction.
- As long as they did not sell it before the 10/15 day mark(depending on how you were notified) there is nothing illegal about this.

4 ) I only owed 4,500 dollars on the principle ballance of the car that i paid $23,000 and was late but making regular payments 8 payments till payoff.Now Granted this is not including the interest that they made on the car.
- UNTIL the car is paid off it is NOT your car and the bank can do this. Yes even if you had 1 month left they can repo the car. However, what ever they sold the car for you are entitled to anything above and beyond the loan balance + fees, just as you would have been responsible for any deficency.

I had the car financed through future nissan , and figured i would save a couple of points by going with wachovia...
- Doubtful that Nissan would have treated you any differently. In fact because of the current conditions the chances of you getting reposessed increase if you owe less than the car is worth. Because unlike when you are upside down, where the bank has to do additional collection efforts to get deficency balance. If you owe less than it is worth they can get the full loan balance at auction and be even without having to take any additional write-offs or collection efforts.

Last 8 paments to go , Car repoed ! What a SCAM resale value was 8,000 and you figure if a dealer picks it he is going to make interest on that , this vehicle was babied it would easily pull full blubook at auction.
- Very Doubtful. Auction is SCRAP value you do not get people going to these things expecting to pay anywhere near "blue book value". If they did they would deal with a regular dealer or seller. At an auction you are lucky if you get 50% of "Blue Book" value. Generally regardless of condition the average is 25%-33%.

---
Now, a Repo is not a good thing. The point here is that it is very unlikey that any other bank would have done anything any differently. In fact consider yourself lucky that your car was towed to the auction yard only 80 miles away. I have heard some cases where the car is towed to totally different states a couple hundred miles away.
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#6 Consumer Comment

What?

AUTHOR: Robert - (U.S.A.)

First stop using "So it began..", "So I.." that becomes very anyoying. Not to mention logically incorrect as it can not really begin more than once.

---
So here it is.

1)When the car was repeod Baldwin pulled all my peronal items out !
- By law they are REQUIRED to inventory all contents of the car

2)They assesed the cars value ! and reported it to Wachovia !
thats how Wachovia new the condition of the car.
- Again nothing wrong or different than any tow yard/bank would do.

3) With in 5 days it was already at the auto auction.
- As long as they did not sell it before the 10/15 day mark(depending on how you were notified) there is nothing illegal about this.

4 ) I only owed 4,500 dollars on the principle ballance of the car that i paid $23,000 and was late but making regular payments 8 payments till payoff.Now Granted this is not including the interest that they made on the car.
- UNTIL the car is paid off it is NOT your car and the bank can do this. Yes even if you had 1 month left they can repo the car. However, what ever they sold the car for you are entitled to anything above and beyond the loan balance + fees, just as you would have been responsible for any deficency.

I had the car financed through future nissan , and figured i would save a couple of points by going with wachovia...
- Doubtful that Nissan would have treated you any differently. In fact because of the current conditions the chances of you getting reposessed increase if you owe less than the car is worth. Because unlike when you are upside down, where the bank has to do additional collection efforts to get deficency balance. If you owe less than it is worth they can get the full loan balance at auction and be even without having to take any additional write-offs or collection efforts.

Last 8 paments to go , Car repoed ! What a SCAM resale value was 8,000 and you figure if a dealer picks it he is going to make interest on that , this vehicle was babied it would easily pull full blubook at auction.
- Very Doubtful. Auction is SCRAP value you do not get people going to these things expecting to pay anywhere near "blue book value". If they did they would deal with a regular dealer or seller. At an auction you are lucky if you get 50% of "Blue Book" value. Generally regardless of condition the average is 25%-33%.

---
Now, a Repo is not a good thing. The point here is that it is very unlikey that any other bank would have done anything any differently. In fact consider yourself lucky that your car was towed to the auction yard only 80 miles away. I have heard some cases where the car is towed to totally different states a couple hundred miles away.
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#7 Consumer Comment

What?

AUTHOR: Robert - (U.S.A.)

First stop using "So it began..", "So I.." that becomes very anyoying. Not to mention logically incorrect as it can not really begin more than once.

---
So here it is.

1)When the car was repeod Baldwin pulled all my peronal items out !
- By law they are REQUIRED to inventory all contents of the car

2)They assesed the cars value ! and reported it to Wachovia !
thats how Wachovia new the condition of the car.
- Again nothing wrong or different than any tow yard/bank would do.

3) With in 5 days it was already at the auto auction.
- As long as they did not sell it before the 10/15 day mark(depending on how you were notified) there is nothing illegal about this.

4 ) I only owed 4,500 dollars on the principle ballance of the car that i paid $23,000 and was late but making regular payments 8 payments till payoff.Now Granted this is not including the interest that they made on the car.
- UNTIL the car is paid off it is NOT your car and the bank can do this. Yes even if you had 1 month left they can repo the car. However, what ever they sold the car for you are entitled to anything above and beyond the loan balance + fees, just as you would have been responsible for any deficency.

I had the car financed through future nissan , and figured i would save a couple of points by going with wachovia...
- Doubtful that Nissan would have treated you any differently. In fact because of the current conditions the chances of you getting reposessed increase if you owe less than the car is worth. Because unlike when you are upside down, where the bank has to do additional collection efforts to get deficency balance. If you owe less than it is worth they can get the full loan balance at auction and be even without having to take any additional write-offs or collection efforts.

Last 8 paments to go , Car repoed ! What a SCAM resale value was 8,000 and you figure if a dealer picks it he is going to make interest on that , this vehicle was babied it would easily pull full blubook at auction.
- Very Doubtful. Auction is SCRAP value you do not get people going to these things expecting to pay anywhere near "blue book value". If they did they would deal with a regular dealer or seller. At an auction you are lucky if you get 50% of "Blue Book" value. Generally regardless of condition the average is 25%-33%.

---
Now, a Repo is not a good thing. The point here is that it is very unlikey that any other bank would have done anything any differently. In fact consider yourself lucky that your car was towed to the auction yard only 80 miles away. I have heard some cases where the car is towed to totally different states a couple hundred miles away.
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#8 Consumer Comment

What?

AUTHOR: Robert - (U.S.A.)

First stop using "So it began..", "So I.." that becomes very anyoying. Not to mention logically incorrect as it can not really begin more than once.

---
So here it is.

1)When the car was repeod Baldwin pulled all my peronal items out !
- By law they are REQUIRED to inventory all contents of the car

2)They assesed the cars value ! and reported it to Wachovia !
thats how Wachovia new the condition of the car.
- Again nothing wrong or different than any tow yard/bank would do.

3) With in 5 days it was already at the auto auction.
- As long as they did not sell it before the 10/15 day mark(depending on how you were notified) there is nothing illegal about this.

4 ) I only owed 4,500 dollars on the principle ballance of the car that i paid $23,000 and was late but making regular payments 8 payments till payoff.Now Granted this is not including the interest that they made on the car.
- UNTIL the car is paid off it is NOT your car and the bank can do this. Yes even if you had 1 month left they can repo the car. However, what ever they sold the car for you are entitled to anything above and beyond the loan balance + fees, just as you would have been responsible for any deficency.

I had the car financed through future nissan , and figured i would save a couple of points by going with wachovia...
- Doubtful that Nissan would have treated you any differently. In fact because of the current conditions the chances of you getting reposessed increase if you owe less than the car is worth. Because unlike when you are upside down, where the bank has to do additional collection efforts to get deficency balance. If you owe less than it is worth they can get the full loan balance at auction and be even without having to take any additional write-offs or collection efforts.

Last 8 paments to go , Car repoed ! What a SCAM resale value was 8,000 and you figure if a dealer picks it he is going to make interest on that , this vehicle was babied it would easily pull full blubook at auction.
- Very Doubtful. Auction is SCRAP value you do not get people going to these things expecting to pay anywhere near "blue book value". If they did they would deal with a regular dealer or seller. At an auction you are lucky if you get 50% of "Blue Book" value. Generally regardless of condition the average is 25%-33%.

---
Now, a Repo is not a good thing. The point here is that it is very unlikey that any other bank would have done anything any differently. In fact consider yourself lucky that your car was towed to the auction yard only 80 miles away. I have heard some cases where the car is towed to totally different states a couple hundred miles away.
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