Wells Fargo Auto Loan Scam

[marine]

What is the name of your state? TX

2002: The intent of a purchase was a $18500 truck at 15.0% for 60 months (paid 15.0% due some divorce issues on my credit and was in a jam and figured I_d re-fi when rates went down) I paid $1500 down and drove off.



Fast forward: I got a letter from WellsFargo informing me my balance on my truck was 10K (happens to be the blue book value).

I ran the numbers on our bank_s amortization calculator and I should only owe 4K.

Wells Fargo is contending the finance amount is $1500 over the base price I paid(the orignal downpayment less $18500) and 2.5% more in interest and here is the kicker...the terms were 72 months not 60.

The math on the higher amount and the lower/quicker terms sum the same monthly amount. clever trickery!

I paid 1500 down.

So basically, the dealership kept the cash, financed 18000, and scammed me with Wells Fargo help......

My payment book even ends at 61. the 61st payment is blank. So I call and they tell me to look closer, in fact payment 61 is blank. If you look further to the right it says in fine print 'call for your next payment information'. Why would I call? payment 61 would be the same as the rest???.

What a scam. Most people think what price, downpayment, intrest rate, monthly amount, and how many payments. you see the book, payment amount, and when it ends and think ok------ you dont find out the scam till 4 years later.

Do I have recourse given the fact the coupon book misleads and perpetuates these types of scams?

There is no reason for the book to end in 61 and then tell one to call for the next payment. It will be the same until 71. The only reason would be to shield or otherwise connive one into thinking the terms are 60 months.

WellsFargo says it is not their practice to give the _60_ books to a 72 month person and should have been a 72 month book.

Addt'ly, with the amount under the small claims (5.5K) could I make a case there?

I am told the contract states the higher terms, yet feel, if I indeed signed it, it was deceptivley presented or perhaps otherwise altered. I do recall seeing the percetange and can with certainy recall it was the lower amount before I signed.

 

[seniorjudge]

What is the name of your state? TX

2002: The intent of a purchase was a $18500 truck at 15.0% for 60 months (paid 15.0% due some divorce issues on my credit and was in a jam and figured I_d re-fi when rates went down) I paid $1500 down and drove off.



Fast forward: I got a letter from WellsFargo informing me my balance on my truck was 10K (happens to be the blue book value).

I ran the numbers on our bank_s amortization calculator and I should only owe 4K.

Wells Fargo is contending the finance amount is $1500 over the base price I paid(the orignal downpayment less $18500) and 2.5% more in interest and here is the kicker...the terms were 72 months not 60.

The math on the higher amount and the lower/quicker terms sum the same monthly amount. clever trickery!

I paid 1500 down.

So basically, the dealership kept the cash, financed 18000, and scammed me with Wells Fargo help......

My payment book even ends at 61. the 61st payment is blank. So I call and they tell me to look closer, in fact payment 61 is blank. If you look further to the right it says in fine print 'call for your next payment information'. Why would I call? payment 61 would be the same as the rest???.

What a scam. Most people think what price, downpayment, intrest rate, monthly amount, and how many payments. you see the book, payment amount, and when it ends and think ok------ you dont find out the scam till 4 years later.

Do I have recourse given the fact the coupon book misleads and perpetuates these types of scams?

There is no reason for the book to end in 61 and then tell one to call for the next payment. It will be the same until 71. The only reason would be to shield or otherwise connive one into thinking the terms are 60 months.

WellsFargo says it is not their practice to give the _60_ books to a 72 month person and should have been a 72 month book.

Addt'ly, with the amount under the small claims (5.5K) could I make a case there?

I am told the contract states the higher terms, yet feel, if I indeed signed it, it was deceptivley presented or perhaps otherwise altered. I do recall seeing the percetange and can with certainy recall it was the lower amount before I signed.

My payment book even ends at 61. the 61st payment is blank. So I call and they tell me to look closer, in fact payment 61 is blank. If you look further to the right it says in fine print 'call for your next payment information'. Why would I call? payment 61 would be the same as the rest???.

This is a common procedure; there are only 60 payments in the book. To get the rest of the payment coupons, you have to ask them for another book.

 

[marine]

My parents have 72? I even called and they said the 60 book was a mistake?

I make the point as its essential.

why not 48? run out of paper?

I do not see nor buy the argument that 60 payments is a standard. aving fallen for it, I can attest it does create confusion and the confusion was the mitigating item that I inquired.

I dont understand the assertion.

 

[DRTDEVL]

Do you have a copy of the contract stating the 60-month terms?

 

[marine]

I cannot find any contract. I am devout record keeper and am speding this weekend going through my files, but I am wondering if its this spohisticated it wouldnt be hard to 'alter' it.

My main argument is that the agreement was deceptive if it is 72 months when I clearly thought they were 60 month terms, a fact furhterd by the coupon book only containing the 60 payments.

I guess my argument boils down to is there an argument that the contract terms, although written, were not the terms agreed to, and are mitigated by the book.

I fully realize the contract is the legal document. I also know the terms I agreed to may not be the same.

The book fostered the perception it was only 60 months.