Another Reason I Will Never Work For or Bank @ Wells Fargo EVER AGAIN | ..charged customers for unneeded auto insurance

 

 

Wells Fargo announces a plan to remediate customers for auto insurance coverage.

Source: Wells Fargo charged customers for unneeded auto insurance — then repossessed their cars – LA Times

This time the subprime loans are on vehicles.  Unfortunately, the only way to make the real money $$$$ (other than the 29% interest rate) is to charge for unnecessary services and externalities.
Such as insurance being added even when you have it, as well as changes for not having it and then charges for the kill box.
Oh yes in the loans they had you pay for that as well.
Another way is the get the vehicle back with as few miles a possible to resell it.   But the largest problem with this go around of subprimes is money the amount you get for a vehicle is so much less.
Used cars are worth a lot less even when there is a shortage than a used home, so this is not going very well for the banks.  This time they’re going to eat it because there’s nothing that they can take, LET’S HOPE!
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