I bought a car using wells fargo as my auto loan the car was repossed a year ago,on my credit report it says high balance $5,843 and then balance $8,000 the car was sold at auction in april of last year for $6,300,I called the creditor and he told me all kinds of things I didn’t understand.I guess my question is the high balance wouldn’t that cover all the cost if my car was sold for $6,300 I think they rounded to $8,000 due to interest
I have called wells fargo numerous times only to be told they cant provide info because it was handed to a collection agency(NCO)well I called them and got no further neither will send me paperwork on the auction price till the account is paid in full and yet I still am paying late charges and interest every month even though I haven’t had the car in a year,also they said I could not get the money back from the auction because I signed it in the contract which I dont see in mine so I am disputing and contacting an attorney.Also they said they mailed the letter on to the address when they held the auction to my mother the address they say on the contract which I have as our po box so needless to say we never got the letter they claimed to have mailed and they WILL NOT mail another
To better understand the payment::
I bought this car May 2006 for $13,099 amount financed plus the finance charges of 8,084.12 this was at 17.10% total of payments 21,183.12 paid no late fees till nov 2007that when it lapsed for 4 months till they took it in April(my payments were $294.21 a month)I just dont understand how I owe $8,072
Originally posted 2009-07-02 02:01:27.
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{ 2 comments… read them below or add one }
Contact Wells Fargo and ask for a complete accounting of the amounts you owe. Make arrangements (with them) to pay the deficiency. You might offer the maa settlement today and they might take it.
You should know how much you owed on the car before it got repossessed. I’m sure the balance was stated several times inthe letters you got from the bank.
The $8000 probably represents the amount you owe after all the fees and expenses.
You need to be talking to these people before they start garnishing your wages. If you don’t understand what they are telling you ask them nicely to explain it in simpler terms. You need to understand exactly where you stand with this.