Stay away from Wells Fargo Dealer Services

[LShawn08]

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@Anonymous wrote:

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.

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I just started a loan of 18,045.00 with Ally Financial. Monthly payment is 288.17 and I've made an initial payment of $500.00 and an additional $500. So far $911 has gone to principle, while the rest has gone to interest. Has everything been applied correctly ? I've read complaints about Ally, about the same issue. Now I want to be sure their applying

my payments as they should. 

[Anonymous]

I don't know anything about your loan terms, interest rate, etc. but I'd say that 91.1% of your money going toward principle is pretty good, especially at the beginning of any loan.

[surferchris]

Thanks for the information...

[Anonymous]

They are horrible to work with and their intregity is even worse.  i was not perfect with paying my payments.but they are dishonest.  

[Gunnar419]

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@sccredit wrote:

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.

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I just got an auto loan with Chase. My first payment isn't even due yet. Concerned about this very issue, I asked them whether additional payments would go toward paying off the principle. They were very clear. They said if I paid them by mail or through their own online payment service, I could DESIGNATE any extra amount to go toward principle (there were checkboxes and boxes to specify the amount to go toward principle). On the other hand, if I push-paid through my bank's bill paying service or if I just made an extra large payment and said nothing, the additional would NOT go toward principle.

It appears that Wells Fargo might have a similar policy. I don't know.

I agree that dealing with WF can be hard, though. I've had accounts with them in the past and I won't have another in the future.

[Revelate]

Ah necro'd thread.