Good evening:
I currently have my auto loan through Wells Fargo bank. I have paid on my loan for the past three years without incident. On December 13, 06 I contacted WF to discuss paying off my loan since I was re-financing my home to clean up debt. They told me the payoff amount and that was that. I did not make my December payment since I thought we would be completed with the re-fi process. Because of issue's pertaining to the re-fi it was pushed back and back until today, Feb 1 07. As a result I have missed two payments on my Auto Loan. Please keep in mind during this timeframe I was in constant communications with Wells Fargo keeping the abreast of the situation. As many of you may have experienced, you never get the same customer service person when dealing with these types of companies. In any regard this brings me to my frustrations and question.
I noticed today while I was on line, that somebody had withdrawn from my Checking account that I have with Wells Fargo as well, an amount equal to 2 month's car payments with late fees. Now, it's important to understand that I have been dealing with them weekly via the telephone updating them on the re-fi situation and asking them on occasion if my account was in good graces and not subject to any problems. They assured me since I had been diligently working on this and communicating, that it was not. I've read my agreement pertaining to the loan and nowhere does it state they can access my checking account to retrieve past due payments.
Can they legally do this without my consent? Or at least notification via telephone, email, letter anything, informing me of their intentions? Now they have told me my account is in the repossession department with Wells Fargo. This department was closed this evening so I could not see what their justification was in doing this.

It just concerns me that somebody can take money from my checking account and apply towards another account without telling me,, is this legal??
Help please,
Regards,
Tom

Don't know about the auto ins.. but if your refinancing your home make sure the home insurance stays up 2 date... if you let it lapse, they might drop you like a hot potato
And once your without homeowners insurance its tough to get insured by other companies.
They figure they didn't want you for a reason... just my own experience... good luck

Hello off:

The minute you were late on your payment, the bank had the right to repossess the car. They took their money instead. If it were me, I'd be happier that they did that, than if they took my car.

If you want to stop them from taking your money in the future, put your checking account in another bank.

excon

Generally, when you have a loan from a bank where you have savings or checking, they do have the right to apply those funds towards the loan.

Frankly, even though you exercised due diligence in keeping them informed, you should not have skipped payments. As soon as a payment was due and the refi hadn't occurred, I would have made the payment. Payoff balances are good for a limited time, so you have to keep checking on them.

I think you should count yourself lucky, then didn't repo the car and screw up your credit.

I was just giving you a (by the way)as I explained... you mentioned refinancing your home
To clean up debt... most mortgages have insurance included... when you refinance possibly with a home equity, a lot of institutions don't include payment of insurance unless requested... thus I mentioned it to save you a lot of heartache.and MONEY... which it would cost if an accidental lapse occurred, and does happen daily in the real world.and considering your non-payment methods of handling transactions. Now you know so it won't happen to you.. :)
Best of luck