Complaint Review: Wells Fargo Dealer Services
Wells Fargo Dealer Services Wells Fargo auto loans Extra payments and over-payments applied to interest - check your loan history! Nationwide
*Consumer Comment: Whats not fair is that ashley and chaz hawthorne was giving their family and friends nice cars and didn't want us to have anything not even a bank account so she falsely accused again
Due to the lawsuits regarding Wells Fargo Dealer Services, I did a Google search and found many consumers complaining about the way payment overages were being applied. Generally, like with a home loan, any extra amount paid or extra payments are applied to the principle loan amount, as your interest for the month is paid with your regularly scheduled payment. NOT SO WITH WFDS! They will apply to future interest due and simply move your next scheduled payment out to another date.
I reviewed my entire payment history (with detail) and found that they had added $1,039.00 for extra insurance because they thought I was not covered, but credited it back the next month after I had my insurance agent call them directly. They also had taken all of my overpayments and extra payments and applied to interest first (even when the monthly interest payment was already paid in full), then applied to principal.
When I called them, they stated that unless I bring the payment to a Wells Fargo bank and specify it is for principal, they will apply to interest first. They offered to fix my most recent payment only. I stated that was unacceptable, as I have been paying interest on an additional principal amount since the date of my first overpayment. I was transferred to a supervisor who was very nice and sent a request to have my entire loan "re-cast", as in re-amortized with all of my additional payments and overpayments applied directly to the principal loan as it should be.
Please check your loan history and be sure payments are applied properly. Stay calm and cool on the phone, but be persistent. My next task - get a payoff amount with GAP insurance credit for unused portions! Good luck out there - be your own advocate and get it done!
This report was posted on Ripoff Report on 08/26/2017 12:10 PM and is a permanent record located here: http://www.ripoffreport.com/reports/wells-fargo-dealer-services/nationwide/wells-fargo-dealer-services-wells-fargo-auto-loans-extra-payments-and-over-payments-appli-1395786. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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