Wachovia Dealer Services - WFS - Balboa Insurance Group WFS Doing bad business, ripping off consumers Santa Ana, California

 Here is the problem, every month this year, 2009; my loan has pretty much maintained the balance of owing over $3000.00 as of Dec. 2009.  I contacted Wachovia, who was formerly WFS, to resolve this difference in my loan balance and I have constantly received the run a round or the explanation of my loan payment being late on numerous occasions had caused fees to my account, lack of Insurance coverage (I never had a agreement to furnish Insurance with WFS or Wachovia) and, anything else they could think of short of a full explanation of why my loan hasnt matured.   I responded to them according to the contract I agreed upon, I have 10 business days from the official due date to get my payment in before incurring a late fee of 5% of the part late. But as you will see on my payment histories I was charged late fees within 10 business days of my payment regardless of what the contract stated.  Also my payments are being spread out to incur interest past the last scheduled payment, nowhere in my contract did it say the loan is compounded daily or annually according to the original loan at this rate I would never get from under this loan.   I have a Car cost & cost of financing the loan which included interest.  At the beginning of my loan there was a discrepancy with when received payment was received, but on June14th^th, 2005 my payment date had changed to the 25^th of every month up, and late fees shouldnt have been an issue, but it continued until May 2007. 

With regard to Insurance, I was unaware that I was making the CPI insurance payments to Wachovia and this insurance was incurring interest.   At the time of original loan, the Insurance agreement was with American Honda Fin., which became void when a new contract was signed.   I never signed an agreement to furnish Insurance with WFS when the loan transferred and new contract paper work was signed.

 At the point of not getting a satisfying answer or explanation as to why my payments have not made my loan balance change significantly, I called again on April27th 2009 and requested a copy of my Contract with Wachovia and was sent the contract from Honda, as I had never had an official contract signed with Wachovia or WFS.   Also, one week after that May 5, 2009. I called Wachovia customer service and requested a copy of my Payment history.  So when I received my payment history which I requested because of the balance never changing although I was making payments, I noticed CPI insurance and interest incurred I was disturbed and contacted Wachovia (former WFS) I was told I didnt have valid insurance coverage so we covered you at your expense, I was told Id get a letter in the mail explaining it. However this has been being deducted since 2005, to date I have not received such letter.  As for the Loan payments, interest and lack of closing date, I was told my questions and concerns will be turned over to my local office and I would be getting called by the signing agent, however the company changed from WFS to Wachovia and the office I previously had contact with closed, I have not received this call as of yet either.  

I am certain I have over paid them in large amounts. As I am sure I am not the only person being taken advantage of, their contracts/accounting policy needs great reviewing.