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

  • mcs: I trust Tesla, especially their drivetrain technology, over Ford and GM. Ford and GM somehow know less about...
  • Inside Looking Out: No, that’s wrong, that cannot be true. Tesla are bunch of republican idiots from Silicon...
  • JD-Shifty: Pete Seeger, the Smithsonian Collection
  • 28-Cars-Later: I think you’re paranoid.
  • Jeff S: I will not buy a Tesla product either. As much as I don’t like GM and Ford I would trust either of them...

New Car Research

Get a Free Dealer Quote

Who We Are

  • Adam Tonge
  • Bozi Tatarevic
  • Corey Lewis
  • Mark Baruth
  • Ronnie Schreiber