Look up the word “scam” in the dictionary these days and you just might find the Wells Fargo logo. The giant lender, already accused of cheating homeowners in bankruptcy and creating fraudulent credit card and bank accounts for millions of unsuspecting customers, has now been caught charging people who took out car loans for insurance they didn’t need.
According to media reports more than 800,000 people were charged for insurance they did not need. Charges for the insurance, which were often deducted directly from customers’ bank accounts, forced 274,000 borrowers into delinquency and resulted in almost 25,000 wrongful vehicle repossessions. Members of the military on active duty were among the victims of WF’s latest scam.
Wells Fargo will soon begin sending out letters to customers who have been caught up in the auto insurance scam. Along with the letter, borrowers will be offered a settlement of approximately $140. Those whose cars were possessed illegally will be offered $800. Both amounts are laughably low and fall far short of compensating victims for the harm done to their credit rating, the premiums they paid for insurance they neither wanted nor needed, the embarrassment caused by vehicle repossession, and the bank’s utter negligence and unethical behavior.
If you or someone you know receives a letter and a check from Wells Fargo do not cash it or sign the settlement agreement that may be attached to it. Instead, you should immediately call 216-373-0539 oremail the experienced attorneys at the Dann Law firm to schedule a no-cost consultation. We’ll review your loan documents and if we learn you’ve been cheated we’ll begin fighting for the money you need and deserve.
If you do not receive a letter and a check but have taken out a Wells Fargo car loan in the past ten years you should contact us. That’s because the company obviously can’t be trusted to do the right thing and may not reach out to every customer who has been scammed. Our free review is the sure way to establish if you’re entitled to monetary compensation.
And here’s an important note: we’ll also conduct a free review of your Wells Fargo mortgage that will enable us to determine if the bank is cheating you. If that’s the case you may be entitled to a substantial cash award.
The New York Times recently published a comprehensive report about the car insurance scam. You may read it here. In the meantime, please contact us at once at 216-373-0539 or via email to arrange a free consultation if you obtained a car loan through Wells Fargo in the past ten years. We’re ready to fight for justice and the compensation you deserve.