Vehicle loan or lease -- Managing the loan or lease -- Complaint #6900955
Complaint Overview
Complaint ID: 6900955
Company: Wells Fargo & Company
Product: Vehicle loan or lease
Sub-Product: Loan
Issue: Managing the loan or lease
Sub-Issue: Problem with fees charged
State: Colorado
ZIP Code: XXXXX
Date Received: 2023-04-27T12:00:00-05:00
Date Sent to Company: 2023-04-27T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
As I'm attempting to pay down my car loan I've noticed that there's no way to apply an extra payment to principal only. Wells Fargo continues to apply this to interest and fees. I am currently 3 months ahead on my payments and no matter what when I apply an extra payment it continues to apply a certain amount to the interest despite being ahead. The only way to apply additional payments to principal is to add it on to an automatic pay option. There are even fees that are being paid that I don't understand or can not tell what they are. I'm not certain why I have to pay future interest that hasn't yet occurred. For example if I pay off my car now then I would have paid interest that never would have existed increasing the overall cost of the car.
Frequently Asked Questions
What is Complaint #6900955 about?
Complaint #6900955 was filed against Wells Fargo & Company regarding Vehicle loan or lease specifically about Managing the loan or lease. It was received by the CFPB on 2023-04-27T12:00:00-05:00.
How did Wells Fargo & Company respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Vehicle loan or lease) and describe your issue in detail.
Can I see other complaints against Wells Fargo & Company?
Yes, visit the Wells Fargo & Company company profile at readthecomplaint.com/company/wells-fargo-company to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.