By on August 11, 2017

wells fargo

California’s insurance regulators have launched an investigation into Wells Fargo following the bank’s confession that it forced hundreds of thousands of auto loan borrowers to pay for insurance policies they didn’t need and, in many cases, were unaware of.

There’s also a congressional investigation underway, where U.S. senators are asking the company basic questions like who was affected, how broadly, whether they get a refund, and why the hell this occurred in the first place.

Unlike JPMorgan Chase or Bank of America, Wells Fargo’s auto loan contracts allowed the lender to obtain collateral protection insurance on a customer’s behalf if they failed to buy liability coverage themselves — or if the bank assumed they hadn’t. It’s not common practice and, when it causes paying customers to default and have their vehicle repossessed, it’s not difficult to see why.  (Read More…)

Recent Comments

  • Fred: Acura has a dealer option to install space saver for about $800
  • JimZ: I think it was a huge tactical error on their part to launch the new “design language” on the MKZ...
  • MrGrieves: My thoughts exactly. I’m in my late 40s and nothing about the BMW brand appeals to me. I owned a...
  • YeOldeMobile: But a Mercedes can do the ‘Ring AND be luxurious! Or at least, that’s the counter-argument.
  • slavuta: Elantra Sport brakes feel super good. Even better than 2011 Mazda3 and on par with 2017 Mazda6. I had 1990...

New Car Research

Get a Free Dealer Quote

Staff

  • Contributors

  • Matthew Guy, Canada
  • Ronnie Schreiber, United States
  • Bozi Tatarevic, United States
  • Chris Tonn, United States
  • Corey Lewis, United States
  • Mark Baruth, United States
  • Moderators

  • Adam Tonge, United States
  • Corey Lewis, United States