Hatfield, Pennsylvania
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First let me say, I have a clean payment history with Wells Fargo and my credit rating is 828. I have a low rate on the auto loan. Hopefully this information establishes that I'm not some crack pot complaining because I don't want to pay my bill or I have a horrible interest rate.

I have had a car loan through Wells Fargo for just over a year and have made payments each month in excess of what was due. Within the last 5 months, instead of applying the excess to the principle, they have been applying the money to future payments. I have called multiple times and they constantly assure me the money is going to the principle. This is a lie. I called in June to make sure the money was applied to the principle, then WF didn't send me a bill in July - which I didn't realize until August because I always pay when I receive the bill and not the last day the bill is due. Then, when I received a bill in August, it included a $95 late bill from July + $10 late fee + the normal monthly bill charge (not $95 btw). I called and complained they did not send July's bill. I got them to *** the late charge but they never credited my excess in June to the principle. If they had credited the excess to the principle correctly they would have sent me a regular bill in July. When I asked for a copy of July's bill (which they insist they sent to me) WF sent me August's bill. Fishy huh?

On the contract I signed for the auto loan, it states there are 'no pre-payment penalties'. However, Wells Fargo employs deceptive practices to force the consumer to pay the entire finance amount despite there are 'no pre-payment penalty' clauses in the contract.

I have already taken action to refinance this loan through another bank. Wells Fargo does not deserve to have me as a responsible PAYING customer!

Moral of the Story: Take your money somewhere else!

Product or Service Mentioned: Wells Fargo Loan.

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