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Wells Fargo illegally repossessed 413 service members' cars
Posted by: DP
Date: September 30, 2016 06:54AM
Unconscionable...

The bank, already reeling from a scandal over fake accounts, will pay $4.1 million to settle Justice Department charges that it seized 413 cars owned by service members without a court order, a violation of federal law.

The Justice Department said the illegal repossessions took place from 2008 to 2015. The first complaint came from an Army National Guardsman in North Carolina who said the bank seized his car while he was preparing to deploy to Afghanistan.
Wells Fargo then auctioned his car and tried to collect a balance of $10,000 from his family, the Justice Department said.


[money.cnn.com]







Disclaimer: This post is checked for correct spelling, punctuation, and grammar. Any attempts at humor are solely the responsibility of the author and bear no claim that any and all readers will approve or appreciate said attempt at humor.
My name is DP, and I approve this message.
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Re: Wells Fargo illegally repossessed 413 service members' cars
Posted by: RgrF
Date: September 30, 2016 08:17AM
The repo market in autos is akin to the sub prime mortgage market scam that banks ran on householders in the bad old days. The only difference is that those same bankers still made money while avoiding jail and still do.

It's a national disgrace, one the current administration should be held accountable for.
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Re: Wells Fargo illegally repossessed 413 service members' cars
Posted by: Jack D.
Date: September 30, 2016 08:35AM
If anyone's interested, the whole 4+ hour grilling of Mr. Stumpf is here on YouTube [www.youtube.com].

I think it's necessary to show these uncomfortable moments in their entirety. However, I would like to see our lawmakers actually hand out meaningful penalties for this kind of behavior because a slap on the wrist and a few uncomfortable hours of 'splaining do not make up for what these people are doing to us.



- Jack D.




New tasteless sig coming soon!
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Re: Wells Fargo illegally repossessed 413 service members' cars
Posted by: DP
Date: September 30, 2016 08:40AM
The monies WF pays out is from the company's, not the decision makers, pockets. I'd like to see the people who actually made these decisions face jail time...







Disclaimer: This post is checked for correct spelling, punctuation, and grammar. Any attempts at humor are solely the responsibility of the author and bear no claim that any and all readers will approve or appreciate said attempt at humor.
My name is DP, and I approve this message.
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Re: Wells Fargo illegally repossessed 413 service members' cars
Posted by: rjmacs
Date: September 30, 2016 09:11AM
Thank god this happened to service members. If it had only happened to regular poor people, it wouldn't matter a whit.



rj
AKA
Vreemac, Moth of the Future
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Re: Wells Fargo illegally repossessed 413 service members' cars
Posted by: cbelt3
Date: September 30, 2016 09:44AM
Quote
rjmacs
Thank god this happened to service members. If it had only happened to regular poor people, it wouldn't matter a whit.
Regular poor people get preyed on by the sub prime lender market and 'buy here pay here' places like JB Byrider. Wells Fargo is an actual prime loan bank acting like scum. Ok, more scummy than most...
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Re: Wells Fargo illegally repossessed 413 service members' cars
Posted by: Bill in NC
Date: September 30, 2016 10:17AM
All lenders had a field day back in the era of "fog a mirror" loans.

When I sold a former rental, at closing the buyer didn't even know the rate of interest she was paying until I pointed it out to her (over 10%, iirc)



Edited 1 time(s). Last edit at 09/30/2016 10:17AM by Bill in NC.
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Re: Wells Fargo illegally repossessed 413 service members' cars
Posted by: Speedy
Date: September 30, 2016 10:29AM
Quote
Jack D.
I would like to see our lawmakers actually hand out meaningful penalties for this kind of behavior

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Saint Cloud, Minnesota, where the weather is wonderful even when it isn't.
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Re: Wells Fargo illegally repossessed 413 service members' cars
Posted by: SteveO
Date: September 30, 2016 12:47PM
i have an attorney friend who won a jury trial award of $1m+ on a sub prime auto case in which the lender made all kinds of egregiously predatory offenses. They did not appeal. Cold busted. Then they kept up their bad behavior with the same plaintiff such that he took them to court again and they recently settled for "an undisclosed amount."

He said he wishes there were more consumer protection attorneys to go after these guys. Sounds like too many are scared to take them on. Seem to be a lot of conflicts of interest among state attorneys general too in putting a stop to this crap before people like him have to get involved.
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