My car was totaled in an accident and my vehicle was released from the lean and payment was made to Wells Fargo. I did not have Gap Insurance so to, make up the driffernce of the loan and what the car was worth once it was released.
I was advised to call the dealership where I had the warrenty on the car cancled. I did and I was refunded the unused portion of the warrenty however the check was made out to ME AND Wells Fargo. Basiclly the check was useless to me becauae it was written out as AND. My intension from the begining was to send them the check anyway.
It is just the point that I signed a loan and it is up to me to keep my end of the loan. This is a measure used by the dealership and the lenders to insure that the loan company gets any and all refunds. If lets later on you decide to cancel the maintence warrenty (it is really useless) you won't get the refund. Why when you are the one making the paynents on the loan?
As s note the only good used car warrenty is the one that coverss the whole car for one year. To continue, so I send them the check for it to be applied to my loan and reduce the amount owed as one of my monthly car payment. I agreed to pay $278.09 monthly and I was doing this faithly and never late and some times even early. Now mind you I just sent them a check $1,600.00 +.
I was wrong. I received a bill statement for the amount of $399.00 due that month. I was lost. They called me and I was advised that I was behind in my car payments.
I replied by saying I sent you a check for $1,600 +. They replied that the check I sent was my warrenty refund and not a payment. Now perhaps I may be wrong but a check of $1,600 +, reguardless where it came from is a car payment. In hind sight I sould have held on to the check untill my account went down to the amount of the check.
Now think about this the balanced owed on a loan of $10,000.00 was $399.00 and I could not pay that amount in full that month. Through all this confusion and in the intrum I sent $150.00 towards the payment as well as another payment of 128.09 = to 278.09 to my comittment that I signed. During this period of time I recieved 6 phone call from this company in the matter of two month demanding there $399.00. At the same time I also received two statement in the mail.
Now on top of that I was told my payment was still over due. My point is this, if you purchase a use car reguardless who the lender is buy Gap Insurance and presume nothing with this company. Also don't buy a maintence warranty for used car unless it covers the car from front to rear for a fulll year.
This company is nothing but money oriented as it is with Well Forgo.
They are their enforceer. They can care less what your situation is. They will be all over you like yesterday when it comes money owed. I just can see what my credit score will be in two months.
No problem I am a senior on a fixed income. This is the last car I will buy on credit.
By the way I received a call yesterday asking for the $120.00 owed to close the loan, and that my payment is still over due. Payment is not due till the 23rd of this month.
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