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Late payment from Wells fargo dealer services

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Anonymous
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Late payment from Wells fargo dealer services

I have my auto loan financed from wells fargo dealer services for 1.5 years. So far good payment history but my interest rate was way too high.

 

So for lowering that rate i refinaced from other bank and during that entire finace process, payment for this month got delayed and i called wells fargo to let them know that they will be getting the cheque soon. They reported late payment 30 days past due on my credit history.

 

I was reading online that we can send them GW letter to reconsider and it has to be polite and positive, since i started refinance from other bank, i can't suggest automatic payment or on time payments from now on. I dont know what should i write in mail so that they consider.

 

If anyone have good suggestion. pls help 

Message 1 of 6
5 REPLIES 5
youdontkillmoney
Valued Contributor

Re: Late payment from Wells fargo dealer services

I'd be honest and let them know about the transition and that is why the payment got missed and ask them to make a one-time forgiveness for the late given the past exceptional on time payments

Message 2 of 6
Anonymous
Not applicable

Re: Late payment from Wells fargo dealer services

Thanks for your reply.

 

i will mention what exactly happened but i was wondering  lot of people mentioned that they started Automatic payments after this mark on their credit then Wells fargo removed it from their history.

 

I dont have an option Auto debit. Do you think still they will consider?



Message 3 of 6
TRC_WA
Senior Contributor

Re: Late payment from Wells fargo dealer services


@Anonymous wrote:

I have my auto loan financed from wells fargo dealer services for 1.5 years. So far good payment history but my interest rate was way too high.

 

So for lowering that rate i refinaced from other bank and during that entire finace process, payment for this month got delayed and i called wells fargo to let them know that they will be getting the cheque soon. They reported late payment 30 days past due on my credit history.

 

I was reading online that we can send them GW letter to reconsider and it has to be polite and positive, since i started refinance from other bank, i can't suggest automatic payment or on time payments from now on. I dont know what should i write in mail so that they consider.

 

If anyone have good suggestion. pls help 


When you refinanced you didn't see the "you may have to make a payment to keep the account current prior to the old lender receiving the payoff check"?

 

It's been plastered all over every refi I've ever done.

 

Good luck with the GW.

FICO8 current as of : ----- EQ: --- TU: --- EX: ---
Hard INQs last 12 months: EQ: 5 | TU: 7 | EX: 9
Verizon Visa $6500 Amex Delta Platinum $10,000 Care Credit $12,000
NFCU CashRewards $6000 Apple Card $2000 Best Buy $3500 Amazon $5000
NFCU auto loan (2022 Ford Bronco Sport Badlands - Cactus Gray) $44k new - balance $31k/6.94%
Total CL: $45,000 --- Total CC UTI: --% --- AAoA: 5.5 years --- Income: $200k
Last app: 11-30-23
Message 4 of 6
Anonymous
Not applicable

Re: Late payment from Wells fargo dealer services

I was talking to new lender for opening new account and all. It took more than expected days.

 

They dispatched the cheque on Thursday and said it will take 3 business days to deliver , so i called WF on thursday to let them know that they will recieve a cheque by Monday or Tuesday.

 

Tuesday when i checkd my account, they added late payment on my credit history.

 

There was nothing intentional , just timing mismatch.

Message 5 of 6
TRC_WA
Senior Contributor

Re: Late payment from Wells fargo dealer services


@Anonymous wrote:

I was talking to new lender for opening new account and all. It took more than expected days.

 

They dispatched the cheque on Thursday and said it will take 3 business days to deliver , so i called WF on thursday to let them know that they will recieve a cheque by Monday or Tuesday.

 

Tuesday when i checkd my account, they added late payment on my credit history.

 

There was nothing intentional , just timing mismatch.


So you must have been like 3 weeks + late on your payment and this 5 day delay resulted in a 30 day late?  Because AFAIK lenders can't report that you are 30 days late until you actually are... meaning if your payment is due on the 1st and you pay it on the 2nd they can still charge you late fees but can't report you 30 days late.

 

Just trying to figure out your math and all because from what I'm seeing you appear to have been 3 weeks behind on the payment already... and should have made the payment to get current prior to the refi.

 

 

FICO8 current as of : ----- EQ: --- TU: --- EX: ---
Hard INQs last 12 months: EQ: 5 | TU: 7 | EX: 9
Verizon Visa $6500 Amex Delta Platinum $10,000 Care Credit $12,000
NFCU CashRewards $6000 Apple Card $2000 Best Buy $3500 Amazon $5000
NFCU auto loan (2022 Ford Bronco Sport Badlands - Cactus Gray) $44k new - balance $31k/6.94%
Total CL: $45,000 --- Total CC UTI: --% --- AAoA: 5.5 years --- Income: $200k
Last app: 11-30-23
Message 6 of 6
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