topic Re: Wells Fargo Auto - Quite Disappointed in Auto Loans

Wells Fargo Auto - Quite Disappointed

KneelBeforeZod — Wed, 03 Sep 2014 21:56:08 GMT

I have to say that Wells Fargo Auto Lending sucks (my point of view). I submitted an application for an auto refinance late last week and received an initial approval email. I called and asked for information only to have it sent to underwriting.

So some days pass by and I never receive a call back. In the meantime, I went to my local bank and got an approval for a whole point less in less than 20 minutes time and a quick closing.

I called Wells Fargo just to see what happened. They claimed they attempted to call me and denied by app because of a fraud alert I could have resolved in less than 20 minutes worth of phone calls to the bureaus. I never got a call, voicemail, anything..

I guess they don't want to earn business and I find it funny how a way smaller bank outclassed and outperformed them. I guess bigger banks are more complicated.

I close on my auto refinance tomorrow! I went from a 14.2% to 2.74%! I save $87 a month and will be able to pay it off a year ahead of time if I pay the same amount I am now if I wanted.

I guess I learned that smaller banks will work hard to kill the larger banks that trip over themselves. I don't think I'll ever go back ask Wells Fargo for anything going forward.

Re: Wells Fargo Auto - Quite Disappointed

pizzadude — Wed, 03 Sep 2014 22:16:50 GMT

Congrats on the refi, that's a great rate !

I think that's one of the problems with bigger banks like WF, it's all too easy to fall thru the cracks.

Re: Wells Fargo Auto - Quite Disappointed

Anonymous — Wed, 03 Sep 2014 22:21:21 GMT

Congrats, that's awesome! Wells Fargo denied me outright for a car loan for some reason. I've been a customer with them for about 15 years as well. Oh well, credit unions are much better IMO.

Re: Wells Fargo Auto - Quite Disappointed

KneelBeforeZod — Wed, 03 Sep 2014 22:31:30 GMT

I'm truly a believer now than bigger isn't always better. I think some of these places are too big for their own good.

I haven't looked into any credit unions, but I think my small local bank proved to me that the no shareholder, owned by the account holder banks are certainly the way to go. I think I might end up moving the money I've saved for a while from Capital One elsewhere. After all, it is my wallet, right?

Re: Wells Fargo Auto - Quite Disappointed

KneelBeforeZod — Wed, 03 Sep 2014 22:32:17 GMT

And thank you pizzadude and gib68sg for the congrats! It took a lot of hard work to get to rebuilding to where I'm at now.