A stipulation of getting a car loan from Wells Fargo is that you have car insurance. If you don’t buy it yourself, the bank would then buy it for you and charge you. In an ideal world this would be ok, but this is far from an ideal world. Due to a mistake by Wells Fargo, 570,000-800,000 people from 2012-2017 were charged for insurance even though they already had it. 25,000 of those people ended up haiving their cars repossessed because of this mistaken charges.
Wells Fargo has had to deal with scandal after scandal, and was hoping they’d be able to improve their public image. This new scandal shows that they may have to postpone their dreams. Especially since each affected person will only recieve $140 compensation, and those who had their cars repossessed with only recieve $800.
If you need good insurance, give us a call. We will let you know exactly what you have and what you will be paying for it.