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Old 12-21-2007, 11:53 AM   #1
v8eaterWRX
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Default Wells Fargo Financial......loan sharks

Anyone looking to refinance, stay the eff away from them!

I got a call yesterday from them offering a refinance on my car, and an estimated payment of almost half what I am paying now. I let them hit my credit report, she calls back like 30 minutes later and tells me that I am approved but they cannot give numbers over the telephone so I have to come in. I leave work early to brave rush hour traffic to get in there before they close.

Here is where it gets fun......

The lady tells me that I HAVE to take out extra cash. I dont want extra cash, I just want to refinance. Well I guess I can live with that. Then she tells me its a minimum of $2k. Ok fine......

Then she gives me my new payment, and it matches my old payment I have had the car for 2 1/2 years, how is that possible.... Now I am curious, so I start reading fine print.

She tried to trick me into 17.8% INTREST and tried to extend my loan out to 72 months at the same payment that I have around 40 payments remaining on..... This intrest rate is 8% higher than my current, and my credit score is higher than when I got the original loan!

Mind you, I am high 600's to low 700's depending on the bureau its pulled on with an 18% D2I so this isnt a high risk loan. I talk to the "manager" and they cant override the intrest rate, so now I get an unneeded hit on my report. After they hear a piece of my mind for wasting my time, then they try to get me to take some credit card from them too. At this point I am not letting this person make a cent of commission off of me for wasting so much of my time and a hit on my report so I tell them to shove it.

Unbelieveable.

Thankfully IIRC you can pull unlimited for car loans and refi's within a 30 day period so I am gonna go to Arizona Federal and get my loan there. My buddy owns a used car dealership and the break down for intrest with my credit rating through them is 7.5%

Cliff Notes -------- STAY AWAY FROM WELLS FARGO FINANCIAL!!!!
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Old 12-21-2007, 01:21 PM   #2
szeny
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Old 12-21-2007, 01:39 PM   #3
Imprezme05
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I Agree, Stay away from WF Financial!! Good looking out!! I work for a FHA and VA Lender, I talk to borrowers daily who have gone through WFF for a refi on there home and they get bent over. They think by going through WF its the same as where they bank but its not, it's a whole different division. One borrower had excellent credit, on time payment history and WFF gave them a 10%fixed!! That’s insane, when they qualified for below a 6! They didn’t bother shopping around because they saw the name WF and assumed they were getting the best deal. Also refing a car isn’t the best idea in the world, especially when a car is a depreciating asset and you’ll get flipped on your ride in no time!
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Old 12-21-2007, 02:12 PM   #4
v8eaterWRX
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Well I talked to Wells Fargo and Wells Fargo Financial are not the same company. They are a "subprime" lender that is affiliated with Wells Fargo, thus you get bent no matter what your credit score.

As far as the refi and getting flipped, I am already upside down because I bought 4 new cars the year I bought my WRX so I am not worried. I plan on making the same payment that I make currently after the refi drops the payment, so I will pay it off about a year earlier than if I keep the same loan that I am currently in.
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Old 12-21-2007, 02:14 PM   #5
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thats insane!

we just went thought WF Home Mortage and locked in 5.75% fixed for life!

we close on 12/26
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Old 12-21-2007, 02:28 PM   #6
Imprezme05
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Congrats ^^^^
WF Home Mortgage is different than WF FInancial I believe. Thats a great rate, we are offering 5.5-5.75 depending on the market each day

Last edited by Imprezme05; 12-21-2007 at 04:16 PM.
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Old 12-21-2007, 02:35 PM   #7
MrMcCrackin
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Quote:
Originally Posted by Imprezme05 View Post
Congrats ^^^^
WF Home Mortgage is different than WF FInancial I believe.
thats true

The WF umbrella consists of many different divisions that are rather silo'd


although i would think for an auto loan - you should be talking with auto loan/lease department

i though WFF was for retirement planning and 401k - not exactly experts on loan/lease
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Old 12-21-2007, 02:39 PM   #8
v8eaterWRX
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Quote:
Originally Posted by MrMcCrackin View Post
thats true

The WF umbrella consists of many different divisions that are rather silo'd


although i would think for an auto loan - you should be talking with auto loan/lease department

i though WFF was for retirement planning and 401k - not exactly experts on loan/lease
Wells Fargo Financial specialize in all types of "sub prime" lending from what I was told by Wells Fargo.

I will NEVER deal with them again.
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