Posted on 09/29/2016 11:07:10 PM PDT by Enterprise
Wells Fargo will pay $24 million to settle allegations that it mistreated members of the military -- including illegally repossessing their cars.
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.
(Excerpt) Read more at money.cnn.com ...
The people who could best answer that would be a service member who wants to buy a car, and a person at Wells Fargo who the service member contacts.
The implication is thst their victims didnt pay their car loans but were covered by the “servicemembers relief act”
They were using their miltary service to avoid paying debts. Anyone else would simply have to honor their debts.
Wells Fargo skipped getting a court order.
In this case the “victims” are responsible for the predicament and thus arent really victims, per se. Well Fargo isn’t really a typical “bad guy”.
This law has the unintended consequence of making credit more expensive for servicemembers, and/or less avialable to them.
“It all began with a Wells Fargo wagon.”
Oho, the Wells Fargo Wagon is a-comin’ down the street
Oh, please let it be for me.
Oho, the Wells Fargo Wagon is a-comin’ down the street
I wish, I wish I knew what it could be...
Why service members wouldn’t use USAA is beyond me. Ive been with them since 1988.....a little expensive on the home side, but they beat everyone with car insurance and loans.
After what has been revealed, I’m shocked that Wells Fargo depositors aren’t rushing to the exits. People really are sheep.
Exactly. These were not innocent victims. They defaulted on their car loans and the bank failed to follow the proper procedure.
Not really sure how the military got the right to monitor contacts between two parties and modify that agreement.
As a matter of fact the government is meddling more starting October 3rd with more with the military lending act. These laws can be used as a club, not the shield that the media and government claim they are.
“That might also be something to look into.”
Likely the Wells settlement agreement with the DOJ closed the door on a wider investigation. DOJ gets a payoff they can funnel into Democrat allied social groups, plus Obama administration gets publicity for helping vets (although only 400 vets). Wells removes DOJ scrutiny for possibly millions of dollars fleeced from tens of thousands of average citizens. Not a bad deal.
You can reduce the quoted price on homeowners ins. by asking them to reduce coverages to 80 percent.
My husband checked into the rates with USAA they were more than what we pay now with another insurance company.
They defaulted on their car loans and the bank failed to follow the proper procedure.
What was the proper procedure?
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