cancel
Showing results for 
Search instead for 
Did you mean: 

If you’ve had a Wells Fargo car loan...

Estimate your FICO® Score range for free

FICO® Score Estimator

Auto Loans for ANY Credit Situation. Immediate Response.
Advertiser disclosure
Frequent Contributor

If you’ve had a Wells Fargo car loan...

It might be hurting your credit score:
https://jalopnik.com/the-scummiest-allegations-that-wells-fargos-execs-knew-1830538130/amp
Current Cards (in order they were approved with current limits):
Cap1 QS (plat.) $2750
Kohls $3K
Cap1 Savor $15K
PenFed Power Cash Rewards $2K
NFCU CashRewards $2K
Disco It #1 $5.3K
NFCU MoreRewards $4.5K
Cap1 Venture $30K
PenFed Gold $2K
Ollo Rewards $3.2K
Sync Amazon $10K
NASA FCU Platinum Cash Rewards $2K
Disco It #2 $7.5K
DCU Visa $10K
NFCU Flagship Rewards $15K
Sync Care Credit $15K
PenFed Power Cash Rewards #2 $39K
WF Propel $4K
Comenity AKC $10.5K
Apple (GS) $6.5K
BK 7 discharged July 2016


Message 1 of 7
6 REPLIES 6
Moderator Emeritus

Re: If you’ve had a Wells Fargo car loan...

More fun with WF.

 

Surprisingly I had no issues with WFDS nor did they try to hit me with that collateral insurance program, even deep subprime they treated me righteously and I got the loan I needed while building credit even if I refinanced it less than a year later.

 

Ah well, better to be lucky than good once again.




        
Message 2 of 7
Valued Contributor

Re: If you’ve had a Wells Fargo car loan...

I was fortunate enough not to have any issues with WFDS back in 12 either. Already had Insurance, and I sent along the info to them. But I could tell they really wanted to hit me up with their own Insurance by the wording of the notice. None of the lenders since then have ever sent me a letter requiring the policy be sent to them. 

Message 3 of 7
Super Contributor

Re: If you’ve had a Wells Fargo car loan...

I was not a fan of WFDS.  I closed out a loan with them last year a couple of years early just to be done with them.  They made it impossible online to apply additional payments toward principal; any additional payment simply went toward your next payment and pushed it out farther.  In order to apply additional funds to principal, you had to call in to CS after making your payment and have them "redirect" it.  They were 50/50 on whether or not they got this right, so often it involved another callback to have them fix their errors.  Basically, just too much hoop-jumping for my liking and not customer-friendly at all.

Message 4 of 7
Highlighted
Valued Contributor

Re: If you’ve had a Wells Fargo car loan...

Now that you mention it, i do remember that hassle. I finally just stopped trying to over pay. They obviously knoew what someone was trying to do, and did their best to avoid it. Always applying it to the next insallmant, eben when there was nothing due...

Message 5 of 7
Super Contributor

Re: If you’ve had a Wells Fargo car loan...

Yup, just a shady business practice that probably > 50% of their customers didn't realize.  Sort of a backwards way to force the customer to still pay the same amount of interest when their intent in paying early was to pay less interest. 

Message 6 of 7
Valued Member

Re: If you’ve had a Wells Fargo car loan...

 This is an old thread but I found it interesting. Even though they push your due date out futher the principal interest breakdown still is simple interest. It might state you don't owe a payment for 4 months but as long as you keep paying as much as you can as fast as you can it will still lower the principal and you will end up paying a lot less interest. There is not a need for them to reapply the payment to principal . Any amount paid over the accrued interest amount is what will go to principal. Interest accrued is based soley on the amount of your outstanding balance,  interest rate and how many days has passed since a payment was applied. 

 

 10k balance @ 10% $2.74 per day in interest. If you wait 30 days to make your next payment $2.74 x 30 is what you are paying in interest and rest takes a bite out of the principal. 

 

Thanks 


Fico 8 Scores
8/19/19 EX 657 EQ 694 TU 682
5/28/19 EX 665 EQ 690 TU 674
5/4/19 EX 665 EQ 663 TU 675
4/30/19 EX 657 EQ 686 TU 675
4/1/19 EX 623 EQ 660 TU 618
3/21/19 EX 627 EQ 650 TU 621
Message 7 of 7
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.