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CalAttorney2
CalAttorney2, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 10244
Experience:  I am a civil litigation attorney representing individuals and businesses.
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I entered into an auto loan in Feb. of 2014 with Wells Fargo

Customer Question

I entered into an auto loan in Feb. of 2014 with Wells Fargo Dealers Services. I began to struggle with the payments and have sought four times with four different dealerships in Baldwin County to trade in the vehicle for something more affordable. All four times Wells Fargo Dealer Services has refused to give the finance personnel at these dealerships, and also me and my wife, a 10-day payoff on our 2009 Ford Expedition. Personnel at the dealerships have expressed shock at these refusals. My wife and I have been forced to continue to try to make payments on a vehicle we need to trade in. This has costs us about 200 points on our credit scores and we have just given up trying to work with Wells Fargo Dealers Services. The vehicle is up for remission. Do we have any legal options?
Submitted: 1 year ago.
Category: Consumer Protection Law
Expert:  CalAttorney2 replied 1 year ago.

Dear Customer,

You have already taken the preliminary step I would suggest (going to the AG), and received very good advice from your attorney friend (go to court).

The more specific advice would be to file a small claims action for breach of contract against the lender and ask that the court issue "declaratory relief" in your favor requiring the bank to provide you with the payoff amount, as well as ask that the lender pay exemplary (punitive) damages for their failure to do so.

Unfortunately, damage to your credit is not a recoverable injury (this is deemed "speculative" by courts - so they do not award money damages for this), but you should at least be able to get your matter resolved so that you can trade in your car, and get things working the way they should - you may even find a judge that is willing to give you a small amount of money as a way to penalize the lender for their bad faith actions in refusing to cooperate with the prior lenders.