Submission Number: 00084
Received: 3/4/2012 5:27:19 PM
Commenter: Sheri Wanless
Organization: Wells Fargo
Agency: Federal Trade Commission
Initiative: Public Roundtables: Protecting Consumers in the Sale and Leasing of Motor Vehicles; Project No. P104811
Attachments: No Attachments
Wells Fargo refied a vehicle of mine and plus they gave us a personal loan for about 7000.00. Before handing over my title, I asked them several times, will this amount be tacked on to what I owed on the car and if so, I do not want to refinance. They assured me, no it will be two seperate bills and that I can also go back to WF in six months and refinance the vehicle for a better rate. I trusted what they said.
When I got my first bill,instead of my car being financed for what it was sold to me for, it was that amount, plus $7000.00, all rolled up into one big amt. This car that Morries Mazda of Brooklyn Pk, Mn. that was listed as "Salvaged" now cost me me $33,000. I called Wells Fargo and all they can do for me is say that whom ever told me this shouldnt have gave me that false information.
At this point, I was stuck. A car that was worth about $12,00, cost me 33,000 due to lies. There was nothing I could do about this car. Because of all the lies, this car cost me $750.00 a month for 5 yrs. and when I finally was able to trade it in, I lost $5000.00 off of the trade in due to it being listed as salvaged. Im still trying to catch up on things because for five yrs. this car drained me financially and mentally. Not once did I miss a payment or was late on a payment. Even when I was laid off, I managed to make those payments because I needed a vehicle for interviews.
Yes we as consumers have all the information at our finger tips to educate ourselves against wrong doers like that. But does that give businesses a right to rip us off and get away with it? It does not and something need to be done to stop these businesses from operating so unethical.