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Negotiating Auto loan late fees

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Negotiating Auto loan late fees

I paid off my 2007 murano (hunk of junk!) finally BUT the late fees that accumulated on the account are $2500. I have not paid on them for 1.5 years hoping it would land in collections and I could negotiate a settlement on the fees, however, Wells Fargo will NOT budge! They said they don't sell off their collection loans to third party companies and therefore there is no room for negotiation. The options they offered me:
- pay the late fees in full ($2500)
- split the late fees in 3 payments
- sell it to a dealership
- use a credit union loan to refinance the late fees

Umm, no thank you, Wells Fargo! My next course of action is to hire a credit advisor to negotiate. Ironically, the rep did indicate that could be a potential solution. Now, how does that make sense! Ok, I'm done venting now.

Anyone have any luck with negotiating car loan fees with Wells Fargo and/or hiring a reputable credit advisor?

Starting FICO 8 Score: 2/12/19 EQ579, TU 588, EX 624
Current Score: 10/27/19 EQ682, TU 708, EX 692
Goal Score: 750+ by March 2020


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Message 1 of 5
4 REPLIES 4
New Member

Re: Negotiating Auto loan late fees

Don't hire anyone they will cost you money and do nothing for you.
Message 2 of 5
New Contributor

Re: Negotiating Auto loan late fees

Thank you! I ended up paying off the debt in full.

Starting FICO 8 Score: 2/12/19 EQ579, TU 588, EX 624
Current Score: 10/27/19 EQ682, TU 708, EX 692
Goal Score: 750+ by March 2020


Take the myFICO Fitness Challenge
Message 3 of 5
New Contributor

Re: Negotiating Auto loan late fees

How do you run up $2500 in late fees?   They must have been calling you morning, noon, and night.

Message 4 of 5
New Contributor

Re: Negotiating Auto loan late fees

I had a home flood and got behind in payments 30+ days.Every month that I made a payment it was a month behind for at least 1 year. Late fees ended up being $2500. It made me so sick to pay it but WF would not budge on negotiating once it got to charge off! Horrible lesson learned.

Starting FICO 8 Score: 2/12/19 EQ579, TU 588, EX 624
Current Score: 10/27/19 EQ682, TU 708, EX 692
Goal Score: 750+ by March 2020


Take the myFICO Fitness Challenge
Message 5 of 5
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