Wells Fargo Leasing: They can't keep their story straight

[Towncrier]

When I last talked with a Wells Fargo lease end sales consultant, he practically begged me to purchase our 1998 van before it goes off lease. I was told that they didn't care who bought the van. They just wanted to sell it rather than take it back.

So I found a friend of a friend who is genuinely interested in purchasing the van from Wells Fargo. He called today to see what sort of arrangements would have to be made for him to purchase the van. This time, the lease end sales consultant told him that it is not possible for Wells Fargo to sell the van to a third party and that I would have to purchase the van and then sell it to him. They wouldn't even call my wife to verify that I had agreed to the sale because the contract for the lease is with me and not her.

Before this friend of a friend could ask to speak to the sales consultant's manager, she hung up on him. I'm chalking this up to it being Friday afternoon and this particular sales consultant not wanting to take on any more work before the weekend.

Now I'm wondering who's right. I guess that I'm going to be on the phone with Wells Fargo on Monday morning in an attempt to get the real scoop.

What a pain this has turned out to be. At this point, I'm just ready to pay them the turn in fee and be done with the whole mess.

As I've said before in regards to leasing automobiles.....
NEVER AGAIN!!!

 

[Kissimmee JP]

I speak from experience (and from the heart) when I say honestly that WELLS FARGO SUCKS!!!

 

[adamak]

I had them for my mortgage, and so far so good. Though we did try to refinance half year ago, and no matter what, we cannot get our agent to give us full details on costs and fees....etc. She was just WAY too busy to even return our call. After that, I just gave up.

 

[Kissimmee JP]

Originally posted by adamak
I had them for my mortgage, and so far so good. Though we did try to refinance half year ago, and no matter what, we cannot get our agent to give us full details on costs and fees....etc. She was just WAY too busy to even return our call. After that, I just gave up.

That's what she wanted you to do. Why would she want to refi your house so her company can make LESS money, when she can ignore you and keep you paying the higher interest rates?

 

[Disneynut11676]

Is anyone else having trouble with Wells Fargo and payments being made? We always send our car payment in on time every month and every month, we get a harassing phone call asking where our payment is. Well for the last few months, we have been keeping a closer eye & are finding out that they are taking a month to a month and a half to cash each of our checks! When I explained this to a rep, she told me in a not so pleasant manner that "you better check with your postal service, because it is not our problem that we aren't cashing your checks on time", now first of all -- what does the postal service have to do with Wells Fargo cashing my checks -- I explained that we have no problems with any of our other bills getting paid on time & she told me that I needed to fix it the problem. She wouldn't even look into it for me, as to why they weren't cashing our checks on time, just told me it was us and not them. Wells Fargo totally bites the big one. Thanks for letting me vent, they have just been making me so angry!

 

[RitaZ.]

What a nightmare! I really hope you get it resolved.

 

[hercamore]

What a mess!

My sons was thinking of leasing a car. Maybe he'd better reconsider.

Disneynut,

could you send your payment in by certified mail? Makes them sign for it. Worth the extra buck.


herc.

 

[minnieandmickey]

Well here in CA I do know that Wells Fargo can not do any more Home Mortgages due to the fact they are under investigation because they are accused of charging a higher interest rate then is stated in the mortgage contract.

We just recently closed our bank account with them because of the way they practice their banking.


We leased a car a few years ago and will NEVER EVER DO IT AGAIN. We turned it in to the same company and purchased another car from them and we were still charged for the extra milage. Leasing is the wrong way to go.

 

[DaisyDebbie]

I've leased two cars and have had none of the problems that John has had. I went directly through Ford Credit on one and thru a bank with the other, no problems.

Sorry this stinks for you John

 

[ToyStory Fan]

Originally posted by DaisyDebbie
I've leased two cars and have had none of the problems that John has had. I went directly through Ford Credit on one and thru a bank with the other, no problems.

Sorry this stinks for you John

Same here, I think the lesson learned here is to make sure that you know who you are leasing the car from. Ford Credit, TOyota Motor Credit, Lexus Financial Services all have the ability and resources to take a car back...it is their business. Wells Fargo is a bank and they don't have the distribution network to resell the car.

Leasing is a gamble, the bank or dealership is betting that the car will depreciate at a certain rate and they structure the residual value that way, so they can sell the car again and make the gross profit on it again and again. Just like in Vegas the house is always gambling...if leasing wasn't so lucrative for the auto industry do you think they'd ever stop??

 

[Dizz-knee-whirl]

I sold cars for a few years before I went back to college.

Your problem is not leasing but with Wells Fargo. I have never hear of any good things about them.

Leasing your van was probably in your best intrest. WF wants you to buy it because if you don't, they will take a substatial loss on it. Instead of continuing to make payments on someting that is not worth what you are paying, Give WF the keys to their van back, pay the slight termination fee and get you aomething newer for cheaper.

Leasing is not for everyone, but is is for MOST people. But just like everything else you do so through reputable businesses.

Towncrier, I would not mind heping to explain things in an easier to understand manner. It may not make this experience much better for you, but it may make you at ease with your decision. Just PM me or Skuttle, my wife (she paosts here often, she's a little more popular).

Ryan Benoit