• Report: #1018569

Complaint Review: Wells Fargo Dealer Services

  • Submitted: Fri, February 22, 2013
  • Updated: Fri, February 22, 2013

  • Reported By: Adam — Murfreesboro Tennessee United States of America
Wells Fargo Dealer Services
P.O.Box 25431 Santa Ana, California United States of America

Wells Fargo Dealer Services Wells Fargo Will not allow transfer of ownership of vehicle Santa Ana, California

*Consumer Comment: 3rd party sale

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I currently own a Yukon Denali.  I purchased the vehicle for my wife as an anniversary present.  We now are expecting a baby and purchasing a new home.  I wanted to sell the vehicle to get it off of my credit report while applying for the loan for our new home.  I had several buyers offer me more than the KBB value of my vehicle because it is a rare model with very low mileage. I assumed I could have the buyer meet me at the Wells Fargo Dealer Services Office and have the buyer pay off my loan and transfer the ownership of the vehicle and have Wells Fargo send the title to the buyer. They will not allow you to do this.  The only way you can sell a vehicle under a Wells Fargo loan is to pay off the remaining balance of the loan and wait for them to send you the title - which they said could take 2-4 weeks to process and mail.  I seriously doubt I can find anyone that would write me a $20,000+ check and trust me to pay off the truck and deliver the title to them a month later.  Yes, I know that you can use a third party service to pay off the loan and secure the transfer of the vehicle.....but that is way to much work.  It should be as simple as hey, they got their money and now they can send out the title. It should not matter who is paying off the loan as long as they are getting their money.  They make it as difficult as possible because they want you to continue to pay them the interest on the loan. I am now going to be forced to sell the vehicle to a dealer at wholesale and lose thousands of dollars. RIPOFF!!! Never accept a loan through Wells Fargo unless you absolutely have to.

This report was posted on Ripoff Report on 02/22/2013 09:32 AM and is a permanent record located here: http://www.ripoffreport.com/r/Wells-Fargo-Dealer-Services/Santa-Ana-California-92799/Wells-Fargo-Dealer-Services-Wells-Fargo-Will-not-allow-transfer-of-ownership-of-vehicle-Sa-1018569. 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

3rd party sale

AUTHOR: Merry - ()

 If you have a real interested buyer they will go to their lending source and get an approved loan for the vehicle and that lending instwill contact this company and thru "Legal" process and "guarantee letter" refinance the auto into that partys name.

 

There are too many scamers out their preying on desperiate people and will take your car and leave you holding the loan, and now the bank has to go find "their car" yes their car since they hold the title and you are still on the hook for the loan.

 

You are really not too smart if you are trying to belive a third party when they Don't go thru a legitimate lending source

to purchase you vehicle that you are upside down on.   Most Lending institutions won't refinance a vehicle that isn't worth

what is owed on it and that is why this 3rd party is trying to get you to belive them. 

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