Wells Fargo Auto Loan, What a joke.

[Anonymous]

My fico scores are 

727 ex

756 TU

759 EQ

I applied today with Wells Fargo my personal bank for the last ten years. In good standing, no bounced checks ,overdrafts, nothing. I have a large line of credit with them also.

Asked for 100% LTV on a 335D Bmw M tech from a large franchise dealership. They would not even give it me the full amount. 

They wanted pay stubs, I deposit the exact amount of money I claimed I made into their bank EVERY YEAR. 

Wanted 8% interest on a 2011 car with 60K miles with my "relationship discount"

Got approved with DCU at their lowest rate super fast and am saving 60 dollars a month on interest. (Also have plenty of Equifax pulls to burn LOL!)

I was so paranoid about applying to Wells Fargo. I was hopeful becase I had done good business with them over the last decade. Which I thought would have mattered. I also wanted to be able to pay through my online banking portal/ LOC if needed. I should have known when I called up inquiring about fico models/ bureaus and they could not answer anything I was asking. I just wasted a valuable Experian pull.

What a joke!  Sorry I just had to vent.

[adavis425]

I'm not sure who sucks more...B of A or WF. I would keep my money under my mattress before doing business with either of them ever again. 

[Anonymous]

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@Anonymous wrote:

My fico scores are 

727 ex

756 TU

759 EQ

I applied today with Wells Fargo my personal bank for the last ten years. In good standing, no bounced checks ,overdrafts, nothing. I have a large line of credit with them also.

Asked for 100% LTV on a 335D Bmw M tech from a large franchise dealership. They would not even give it me the full amount. 

They wanted pay stubs, I deposit the exact amount of money I claimed I made into their bank EVERY YEAR. 

Wanted 8% interest on a 2011 car with 60K miles with my "relationship discount"

Got approved with DCU at their lowest rate super fast and am saving 60 dollars a month on interest. (Also have plenty of Equifax pulls to burn LOL!)

I was so paranoid about applying to Wells Fargo. I was hopeful becase I had done good business with them over the last decade. Which I thought would have mattered. I also wanted to be able to pay through my online banking portal/ LOC if needed. I should have known when I called up inquiring about fico models/ bureaus and they could not answer anything I was asking. I just wasted a valuable Experian pull.

What a joke!  Sorry I just had to vent.

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I follow the auto industry closely and subscribe to several industry journals.  About three weeks ago Wells Fargo put out information stating they were tightening their lending standards, sounds like you experienced that change in policy.  Happy to see you got a good loan with DCU.  You picked a nice car, I have a buddy who has the exact same car and loves it.  

[04Cobra]

Enjoy your new car! You would think having a relationship with them that they'd be more willing to earn your business. Their loss!

[elim]

WF made the news this morning for fraud and cramming.

congrats on your decision to use DCU... and your new car.    :]

[ezdriver]

I feel the OP's pain with WF. I applied for an auto loan online with WF one week ago today. Delivered my hard-copy income docs to a local branch the next morning. Did not hear anything from them until I received a phone call late yesterday ... one full week!! The guy said that he'd present to underwriting today and get back to me. I told him that this is my last attempt to try and secure any type of service from WF as I am ready to dump it and move my banking to NFCU. We'll see if they get back to me today and what decision they render.

I applied for a $40k loan and I'm putting down $10k to $15k on a 2007-2008 Porsche 911S or 911S4 with less than 20k miles on it. I was quoted 9% and was told that they don't have any model year cutoff for a better rate. My CU told me they'd lend at under 3% on a 2008 or newer and 9% or more on older vehicles.

[ah32]

Wow. I'm in the rebuilding phase and my score are in the low to mid 600's. I just bought an older BMW at got a rate of 9.99% through BMW financial. I plan to refinance with a CU once a few baddies fall off and my student loans are rehabbed. Your experiences make me feel better about my rate! I plan to avoid banks and stick with my new CU. I suggest you do the same! They decisoned my car loan and credit card quickly. They WANT our business!

[Anonymous]

I just finished my rebuilding in January. From 630 EX. I have to admit that Wells Fargo did give me a secured card when I was radioactive credit wise. That card graduated up to a high limit card all these years later. The tellers and most* people on the phone have very good service. Although I typically never ask for much as it's just a hub to pay bills with. 

DCU has lights out service so far. It's been so fast, I am very impressed. I work as 1099 contractor and have had a steady consistent stream of money going in to Wells Fargo for a long time. So when they asked me for pay stubs I was upset. Also it would have made me feel better if I could have applied through my online banking portal. But no, they treat you like a random off the street. The app was completely impersonal as if I had never done business there. So much for "internal score"

[jim44]

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@Anonymous wrote:

I just finished my rebuilding in January. From 630 EX. I have to admit that Wells Fargo did give me a secured card when I was radioactive credit wise. That card graduated up to a high limit card all these years later. The tellers and most* people on the phone have very good service. Although I typically never ask for much as it's just a hub to pay bills with. 

DCU has lights out service so far. It's been so fast, I am very impressed. I work as 1099 contractor and have had a steady consistent stream of money going in to Wells Fargo for a long time. So when they asked me for pay stubs I was upset. Also it would have made me feel better if I could have applied through my online banking portal. But no, they treat you like a random off the street. The app was completely impersonal as if I had never done business there. So much for "internal score"

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Sorry to hear of your bad experience with WF.  I'm surprised your banker didn't suggest WFDS.  They do a little subprime lending however they also have competitive rates for prime borrowers too.  I do agree that you can't beat a CU.  WFDS gave me a loan at 10.99% 6 months out of Chap7 for which I felt fortunate.

[Anonymous]

If I am not mistaken. Wells Fargo dealer services just does loans through the dealer network.

while Wells Fargo auto loans is for consumers.

The auto loan stress just made me want to get a 15 year old honda and just drive it into the ground.

things are looking up though