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I have them for my auto loan and can't wait until it's over with. I may actually pay off the loan in full 5 years early just to not have to deal with them any further. They basically set "good guys" up for failure. I've got a BBB complaint in against them currently. Long story short, if one wishes to pay extra each month toward their loan, OBVIOUSLY they want the extra to go to principle in an effort to pay down the loan faster. Common knowledge. Wells Fargo Dealer Services however makes you jump through hoops to pay down any extra principle. They'll tell you that "any additional amount paid automatically goes to principle" but this is 100% false - it goes to the interest on future payments. My monthly payment is $250. Every month I pay $550, so $300 extra should go to principle above and beyond the portion of the $250 that already goes to principle... yet my princple balance drops by $90? Ridiculous. Every month I have to call, talk to CS, have them lie and tell me it all went to principle, then when I tell them I know they are lying they say they'll put in a request to "redirect my payment" the way I want it. Several days later my principle balance drops accordingly. It's basically an argument and 15 minutes of my life that I have to deal with every month just to make my payment because doing it online doesn't automatically make it go to principle like it should. I'm told by the executive office (they called me 3x since putting in my BBB complaint) that extra does go to principle... they aren't any better than CS. Liars. I call them out on it, they say I can call and have the payment redirected or stop into a local branch? In this day and age does one really need to stop into a branch or make a 15 minute call to make a payment? 72 months... so I'd have to do that 72 times? I think not. Talk about setting up their "good" customers for failure. If you are the type of person that likes to pay down your loan faster, steer far clear from Wells Fargo Dealer Services.
I agree got approved for refi but turned it down payment sounded real good and the new intrest rate was a deal but the end number mattered more I owe 16,414 and they want to tack on 5k taking it 21k I'll stick with my current payments
@Anonymous wrote:I have them for my auto loan and can't wait until it's over with. I may actually pay off the loan in full 5 years early just to not have to deal with them any further. They basically set "good guys" up for failure. I've got a BBB complaint in against them currently. Long story short, if one wishes to pay extra each month toward their loan, OBVIOUSLY they want the extra to go to principle in an effort to pay down the loan faster. Common knowledge. Wells Fargo Dealer Services however makes you jump through hoops to pay down any extra principle. They'll tell you that "any additional amount paid automatically goes to principle" but this is 100% false - it goes to the interest on future payments. My monthly payment is $250. Every month I pay $550, so $300 extra should go to principle above and beyond the portion of the $250 that already goes to principle... yet my princple balance drops by $90? Ridiculous. Every month I have to call, talk to CS, have them lie and tell me it all went to principle, then when I tell them I know they are lying they say they'll put in a request to "redirect my payment" the way I want it. Several days later my principle balance drops accordingly. It's basically an argument and 15 minutes of my life that I have to deal with every month just to make my payment because doing it online doesn't automatically make it go to principle like it should. I'm told by the executive office (they called me 3x since putting in my BBB complaint) that extra does go to principle... they aren't any better than CS. Liars. I call them out on it, they say I can call and have the payment redirected or stop into a local branch? In this day and age does one really need to stop into a branch or make a 15 minute call to make a payment? 72 months... so I'd have to do that 72 times? I think not. Talk about setting up their "good" customers for failure. If you are the type of person that likes to pay down your loan faster, steer far clear from Wells Fargo Dealer Services.
^^ AMEN ^^ They are effin crooks and con artists I had a loan with them 5 years ago....NEVER AGAIN!!! I too paid it off early by going to my local Wells Fargo branch bank because when I tried to pay extra online it wasn't an option....DaFuQ o.O
EX08 801 ![]() | EQ08 812 ![]() | TU08 805 ![]() | Total Credit Line: $100K+ |
I have had 4 different auto loans with WFDs and never had an issue. In my experience most auto lender treat additional payments the same way. I can tell you for a fact that WFDS, Ford, Infiniti Financial Services, Chase, Capital One Auto Finance and Ally all do it that way.
When you say never had an issue or that they "all do it that way" do you mean that additional money that you pay actually DOES to to principle or that it doesn't and you're simply OK with that? I'm confused.
@Anonymous wrote:I have them for my auto loan and can't wait until it's over with. I may actually pay off the loan in full 5 years early just to not have to deal with them any further. They basically set "good guys" up for failure. I've got a BBB complaint in against them currently. Long story short, if one wishes to pay extra each month toward their loan, OBVIOUSLY they want the extra to go to principle in an effort to pay down the loan faster. Common knowledge. Wells Fargo Dealer Services however makes you jump through hoops to pay down any extra principle. They'll tell you that "any additional amount paid automatically goes to principle" but this is 100% false - it goes to the interest on future payments. My monthly payment is $250. Every month I pay $550, so $300 extra should go to principle above and beyond the portion of the $250 that already goes to principle... yet my princple balance drops by $90? Ridiculous. Every month I have to call, talk to CS, have them lie and tell me it all went to principle, then when I tell them I know they are lying they say they'll put in a request to "redirect my payment" the way I want it. Several days later my principle balance drops accordingly. It's basically an argument and 15 minutes of my life that I have to deal with every month just to make my payment because doing it online doesn't automatically make it go to principle like it should. I'm told by the executive office (they called me 3x since putting in my BBB complaint) that extra does go to principle... they aren't any better than CS. Liars. I call them out on it, they say I can call and have the payment redirected or stop into a local branch? In this day and age does one really need to stop into a branch or make a 15 minute call to make a payment? 72 months... so I'd have to do that 72 times? I think not. Talk about setting up their "good" customers for failure. If you are the type of person that likes to pay down your loan faster, steer far clear from Wells Fargo Dealer Services.
I don't have an auto loan with WF but I do have a personal loan. I log in to my my banking and click on my loan link, then click make-payment, when that page comes up you have mutliple dialogue boxes, one is payment which it shows your monthly payment amount, and a box below that for "additional principle payment" to which you put the dollar amount you desire. Why would they have it that drastically different than all their other loan offerings?
Also, I had a vehicle financed at Acura Financial last year and it was the same, a box for payment and another for additional principle.
@Anonymous wrote:When you say never had an issue or that they "all do it that way" do you mean that additional money that you pay actually DOES to to principle or that it doesn't and you're simply OK with that? I'm confused.
It means that when you pay over the scheduled payment the additional goes towards the next payment. Some have the option to specify you want it toward principal.
In a simple interest loan (as most auto loans are) any additional payment will essentially go to principle. It may reduce the amount owed next month but it also lowers the amount that is being charged interest on each day.
That's a very good question as to why they'd have it different for small loans verses auto loans. I know what you mean about an "additional principle" box as I've seen that on past auto loan payment pages and my current mortgage payment page... but I can assure you it doesn't exist with WFDS. You can either select the payment amount (your normal monthly payment) or "other amount" and type in what you want... and one would ASSUME it goes to principle but it doesn't. For those of you that are saying it does, you and I are seeing very different things. If I owe $10,000 on the loan (after making my monthly payment) if I pay an ADDITIONAL $300 my principle balance should drop to $9700. If it drops to $9910, clearly $90 went to principle and the rest to interest or better yet vanished into thin air. Yes paying extra will lower your required payment for the following month, but I always ignore that and continue to pay my full amount PLUS an additional $300 per month and the principle balance never drops by $300-$400 total unless I call and jump through hoops and have them "redirect the payment the way I want it."
Thanks for the head's up. I have a loan though them and after getting some other things paid off, I was going to tackle the car loan.