Stay away from Wells Fargo Dealer Services

[Gmood1]

WF sucks!! I had them 4 years ago while trying to rebuild my credit. I noticed as well how they apply your payments. After 10 months I couldn't take it anymore. I called in and paid the loan off 5 years early! Chase Auto isn't any better. Stay far far away from these guys. Refinance to a CU as soon as you can.

[Anonymous]

I was thinking of refinancing, but I'm not sure it's worth the hassle.  It's a 6 year loan and in the first year I paid off about 2 years worth of it; I'm on pace to have it gone in the next 2 years, possibly sooner if I throw some tax return money at it 9 months from now.  I'm not not sure it's worth refinancing and picking up hard inquiries.

[Gmood1]

Depends on the rate. If you can drop 2 or 3 points it's worth it. I inquiry is nothing when it comes to saving a couple of thousand dollars.

[Anonymous]

I agree if it's significant savings, but on pace with how I'm paying this loan off the savings would be hundreds, not thousands.  Just not sure if it's worth going through the process.  I've never refinanced an auto loan, only a mortgage, and that was sort of a pain in the rear.

[Gmood1]

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@Anonymous wrote:

I agree if it's significant savings, but on pace with how I'm paying this loan off the savings would be hundreds, not thousands.  Just not sure if it's worth going through the process.  I've never refinanced an auto loan, only a mortgage, and that was sort of a pain in the rear.

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Yeah..refinancing an auto loan is a walk in the park compared to the mortgage mayhem. Once approved, they'll send you a check/packet to sign and forward to your current lender. It's as simple as that.

[RonM21]

OP thanks for the topic, as I'm in the market for a new car, and will take any info that I can use to my advantage. There is some interesting feedback on here worth noting.

[Anonymous]

You got it.  I'll continue to update this thread as well as the saga continues.  I get a call from the EO every couple of weeks based on all of the complaints I've sent in on them, but nothing ever is "resolved" as nothing ever changes with their system and how they handle accounts and payments.

[Anonymous]

I have my mortgage through WF and every month if I want to pay more it gives me the option of putting that towards the principal, wonder why it doesnt to that for auto loans. 

[Anonymous]

Yes lots of company apply extra payment toward next month payment unless u say u want it to apply to principal. Maybe Wells Fargo doesn't have where u can apply extra payment to principal. I know when I had capital one for auto loan if u paid more than ur monthly payment the extra apply to ur next month payment. Now if u pay ur normal monthly payment u can make another payment and select it to pay toward principal only but u need to make ur normal monthly payment amount before paying extra toward principal and it gotta be separate payment. Let's say for example if ur payment is 500 bucks and u make one payment of 1000 the extra 500 goes to next month payment. If u want the extra 500 to go to principal u got to make 500 for the current month payment and after do another payment and select pay to principal

[Anonymous]

Right, that makes sense... just Wells Fargo Dealer Services doesn't operate in a way that makes that at all easy.  If you want to pay additional principle you have to make the payment then call up, get lied to by CS that anything "extra" you paid already DOES go to principle, then when you tell them this is your 100th call about this and you know they are BSing you they say ok let me transfer you to someone that can "reapply" or "redirect" your payment so the extra goes to principle.  Basically it's all the BS and jumping through hoops that I find most annoying about this company.