Wells Fargo Admits Ripping Off Consumers» Print This Page
- October 3, 2017
By now, most people have probably heard how Wells Fargo Bank repeatedly engaged in illegal conduct and other types of rip-offs affecting its customers. For example, it has admitted that its workers set up at least 3.5 million potentially fake accounts, because of “a corrupt culture hungry for sales“.
Since then, Wells Fargo has admitted to other types of illegal conduct that may have ripped off local consumers here in Central Florida. When a dealer sells a car to a customer, the dealer often assigns the contract to a finance company, which may include Wells Fargo. As with many other finance companies, the contracts often require that the customer carry insurance on that car. That insurance requirement is not there to protect you: it is there to protect the finance company, to make sure it can recover its money if you are involved in a car accident and the value of your car plunges. The contracts also often state that if the customer does not carry the required insurance, Wells Fargo will then buy that insurance and bill you for that. This is often referred to as “force-placed insurance”, as it is forced on you. Such forced-placed insurance could well be much more expensive than the insurance you can buy for yourself. However, Wells Fargo has now apparently admitted that it forced hundreds of thousands of customers into such insurance even when they had no legal right to do so. This scam by Wells Fargo could easily have added hundreds or even thousands of dollars to a consumer’s car payments. Altogether, Wells Fargo admits that this illegal conduct affected up to 570,000 customers. Thousands of customers who were affected by this then had their cars illegally repossessed.
Florida has strong remedies for this type of illegal conduct. If you are in Central Florida and were affected by Wells Fargo and its force-placed insurance, or had your car repossessed by Wells Fargo and suspect the repossession was wrong, click here or contact us at 407-333-0001 to learn about your rights and discuss your options. We are experienced in filing lawsuits involving various types of auto fraud cases, including against finance companies, and cases involving repossessions and deficiency lawsuits. You don’t have to put up with illegal conduct, we are here to help you seek justice!