Imagine keeping up with your Wells Fargo car loan payment every month — but having your vehicle repossessed anyway. That’s exactly what Samir Hanef said happened to him.
“My car was held as extortion and I was forced to pay for Wells Fargo’s mistake,” Hanef told CNNMoney.
“The stress and anxiety … are truly indescribable,” said the clinical social worker from Durham, North Carolina.
Hanef is a victim in the latest Wells Fargo scandal. He is one of up to 570,000 auto loan borrowers that Wells Fargo has said it may have enrolled and charged for car insurance without their knowledge. Wells Fargo has admitted that as many as 20,000 of those customers may have defaulted on their car loans or had their vehicles repossessed in part due to these unnecessary insurance costs.
Wells Fargo told CNNMoney that it plans to work directly with Hanef to give him a refund.
“We are truly sorry for any inconvenience this caused our customers,” a Wells Fargo spokeswoman said in an email to CNNMoney.continue reading »