topic Re: Wells T. Fargo Bank (WTFb) in Auto Loans

Wells T. Fargo Bank (WTFb)

Anonymous — Mon, 17 Nov 2008 03:18:52 GMT

Went for a new auto loan in August. Applied with Wells Fargo Internet. Was given a loan for 28k at 7.75% with a 771 EX. Got to dealer to pickup truck and he said FICO was 815 and gave me 5.8% thru Bank West. Dealer even called Wells Fargo Dealer Finance and they quoted a rate higher than my 7.75%. Dealer says he can't understand how my book any loans. I told him it's b/c they don't want to book any. Too many bad HELOC's and that WF was a subprime bank anyways. WTF Wells. T. Fargo?

Re: Wells T. Fargo Bank (WTFb)

Anonymous — Mon, 17 Nov 2008 04:29:21 GMT

Wells Fargo has never had good auto interest rates.

Re: Wells T. Fargo Bank (WTFb)

Anonymous — Mon, 17 Nov 2008 23:28:54 GMT

did you only need 28k? or was that what you were approved for? i know DTI is a determining factor as well but your FICO is pretty high.

Re: Wells T. Fargo Bank (WTFb)

Anonymous — Tue, 18 Nov 2008 04:56:50 GMT

With auto loans DTI doesn't matter. The top score wins the prize with autos. The mid score and DTI wins the prize with a mortgage loan.

Re: Wells T. Fargo Bank (WTFb)

Junejer — Tue, 18 Nov 2008 06:45:58 GMT

1111mel wrote:
With auto loans DTI doesn't matter. The top score wins the prize with autos. The mid score and DTI wins the prize with a mortgage loan.

Inside a bank, the DTI certainly comes into play with any loan, whether auto, unsecured or mortgage.

Re: Wells T. Fargo Bank (WTFb)

Junejer — Tue, 18 Nov 2008 06:48:17 GMT

leggo wrote:
Went for a new auto loan in August. Applied with Wells Fargo Internet. Was given a loan for 28k at 7.75% with a 771 EX. Got to dealer to pickup truck and he said FICO was 815 and gave me 5.8% thru Bank West. Dealer even called Wells Fargo Dealer Finance and they quoted a rate higher than my 7.75%. Dealer says he can't understand how my book any loans. I told him it's b/c they don't want to book any. Too many bad HELOC's and that WF was a subprime bank anyways. WTF Wells. T. Fargo?

Leggo, you are right, Wells Fargo has not wanted to do consumer loans for sometime now. When everyone else (1.5 years ago) was doing HELOCs at 95-100% LTV, they were at 90% max. They also were among the first to raise the score requirements to get a HELOC.

Re: Wells T. Fargo Bank (WTFb)

Anonymous — Tue, 18 Nov 2008 14:03:47 GMT

No matter if your score was 771 or 815....why didn't you shop dealers that were offering 0% apr through the dealerships? Did you buy a used auto?