Wells Fargo Financial 35559 Kenai Spur Highway Soldotna, AK 99669 (907)262-9555

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On 4/30/09 Charlotte Smith said... My review of Wells Fargo Financial rates extremely poor. Our experience just recently has proven to me that the banking industry not only assisted in getting our country in the situation we are now in but after receiving "Bail-Out" money from the government which we the tax payers are paying for, Wells Fargo Financial is unwilling to reasonably refinance a home, auto, etc. which is suppose to be for individuals that are in need. My story is about refinancing an auto loan with Wells Fargo Financial. We have paid 22 payments at an interest rate of 13.45% which Wells Fargo Financial has made approx. $7000+ from the interest to date. This is our son's car which is a 2004 350Z which he has been making payments on but just recently he was laid off due to our country's financial downturn. We turned to Wells Fargo Financial for help to refinance in order to lower the monthly payments for him. Wells Fargo Financial's offer to us was that they could refinance but only at a HIGHER interest rate for four years plus add $750 dollars to the loan (I guess to make it look like they were using Bail-out money). We were told that the $750 is a mandatory thing to do and that we could do with it what we wanted. Wells Fargo Financial's offer would INCREASE our montly payments, INCREASE the interst rate over a four year period, INCREASE our loan amount and GIVE us an extra 15 days to pay to total 45 days. The irony of this is that 22 months ago our credit rating was NOT as high as it is now, we OWED more then than we do now and we still got the financing but now since we DO NOT have alot of debt, our credit rating is in the upper 700's (Prime), we OWN our home and land for 30 years, we both have a good income and don't move from job to job and our net worth is approx. a million dollars if we were to sell everything we OWN and we are offered a ridiculous refinancing deal. My husband and I couldn't be a better candidate for refinancing and even that isn't good enough, talk about kicking someone when they're down, this was a big dissapointment but we should have seen it coming. Wells Fargo Financial truely needs to take a step back and re-evaluate the one's that are doing the "underwriting" because they seem to have the almighty $$ ruling their decisions instead of looking at "for sure and financially stable" individuals trying to find a way to make life a little easier during hard times. I know our request for help was not an unreasonable one just a mear drop in the bucket but the help offered by Wells Fargo Financial was extremely unreasonable. Makes me wonder if this would be something that FOX NEWS would like to know of, I've seen less news worthy information reported on there.....The mandatory $750 tacked onto the refinancing seems to be a sneakly way of making the financing numbers look good, as if using the Bail-out money for what it was intended (as if). Anyway if there was another level below the POOR above I would have selected it.

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