Wells Fargo & Company Consumer Loan Complaint

Wells Fargo & Company Consumer Loan department,

Vehicle loan Shopping for a loan or lease California

I went to the Well Fargo banks web site to get information on refinancing my current auto load ( Well Fargo web page attached 3.83 % if a banking customer ). When I went to the bank I told them specifically I wanted to # 1 lower my interest rate on my other car loan ( 4.99 % Note : not with WF ) and # 2 also wanted to put more money down to take out a smaller loan amount ( - more down ). I told them my - score was in the low - 's ( Note : I was within - points of what I told when they checked my score online ), I provided the last 2 years of - 's to prove income of over -. I have no debt other than the car loan and own - houses outright. I stayed there at the Well Fargo bank for 3 hours and at the end of the process they came back with a 6.6 % APR on a loan of -. They told me I needed a - score in the - 's to get the web 's lowest advertised rate. One would think


must have excellent credit '' is totally misleading and should state the - score they are looking for. I feel that it was like a bate and switch scheme to get you to come in so that they can sell you a product that does fit your needs or goals, even when you tell them upfront what you are looking for. Plus they did financial damage by lowering my - score for this waste of time! They could have given me an answer within 30 minutes that my - did n't meet their criteria for a lower rate than what I had. Well Fargo seems to have reboots that just punch numbers into the computer without knowing the product they are selling nor what the underwriting department is looking for in terms of a simple - score. They should have a simply computer worksheet to plug in the numbers to get an estimated quote without checking you credit first or going thru the complete application process. People that come in to refinance are not there to get hidden higher rates as WF tried with myself ; a smaller loan with a high 6.6 % rate I do n't win there yes lower monthly payment due to me taking out a smaller loan but higher interest ; I end up paying more in the long run ( very deceptive practice ) if you are not savvy to catch it.