Being some a somewhat naive car purchaser and a poor financial wizard, I was literally slammed dunked into a car at Camelback Toyota, with a high interest rate on a Wells Fargo loan, with a payment nearly twice of that on the 2005 car that I traded in. The very next morning, at 8:30 a.m., I contacted the sales manager and asked to have the contract voided and get my old car back, as I could not afford the payments and would surely end in default. The sales manager told me that my car had already been sold less than 12 hours later, over night apparently.
Wells Fargo: I soon learned that if you are even three days late, you can expect non-ending telephone calls until they receive the payment. Im talking numerous calls during the day. I tried to make the payments, but just couldnt handle it. Remember, we are talking payments of well over $500 a month twice what my trade-in payment was.
Finally, in September 2007 I decided I couldnt continue financially. I made numerous calls to Wells Fargo to discuss a voluntary repo. The folks at the other end of the 1-800 numbers were not willing to make the arrangements. Each phone call required a series of repetitive questions and answers, and then a lecture on the alternatives: sell the car; go to CarMax and sell the car; how are you going to make the rest of the payments; and then, finally, they started saying Why did you sign the contract if you knew you couldnt afford the payments? One man said I was ripping off his employer and he didnt appreciate it. I asked to speak to his supervisor, and his response was You will never get past me and I am the supervisor.
I wrote emails and faxed letters. The email responses gave me a 1-800 number. I left my name and number at the Tempe, AZ collection department numerous times and not one person called back.
Finally, several weeks ago, I called the 1-800 number again. I told the Wells Fargo representative once again that I have been trying since September 2007 to arrange a voluntary repo. She began asking me the same repetitive questions that I answered a week earlier, which I answered Why are you asking me these questions again? I just gave the answers last week. She pressed the issue, stating that I had never talked to her before, and she needed the answers to the questions. I told her I was not going to answer them, and asked why does she need the answers, since I just gave them last week? Dont Wells Fargo employees write down my answers or record them? She literally began yelling at me, and accusing me of raising my voice at her and talking rude to her and saying she was not going to arrange a voluntary repo until I answered the set of questions again for her. Now, trust me, this was difficult, but I worked very hard to keep my voice calm, since I was recording the conversation in self-defense. I told the representative at that point that she needs to know, that like her employer, Wells Fargo, I am recording the conversation for quality control, therefore is documented that she is raising her voice at me. Remember, the Wells Fargo greeting always says the telephone call may be monitored or recorded for quality assurance and it is not against the law to record the conversation in this state as long as one person is aware of the recordation. Ms. Wells Fargo said I didnt have her permission to record and hung up on me. However, she did send someone to pick up the car that day.
It took me five months to get the car voluntarily repossessed. I stopped making payments in September 2007 and began trying to get the car picked up. Five months times the car payment, and I still had to pay full insurance, and this will end up costing me more now because of continued depreciation on the car.
I tried to get the car refinanced at Wells Fargo to get the payments lowered, which they could have done, and I would still have the car and they would be getting paid. They were unwilling to work with me but expected me to do whatever they wanted.
I know that Wells Fargo pays commission to the sales representatives, the sales manager and the car dealership, for financing cars with them. I believe getting slammed dunked into the car with high interest rate was predatory lending, especially when they knew, or should have known, my financial situation; and since I approached them less than 12 hours later stating that I cannot afford the car; obviously, the bottom line is how much money the dealership makes, the sales people, and how much Wells Fargo makes.
Queen Creek, Arizona
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