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This settlement is closed!
Please see what other class action settlements you might qualify to claim cash from in our Open Settlements directory!
Wells Fargo has agreed to pay around $394 million to resolve claims that they unlawfully placed collateral protection insurance (CPI) on auto loans.
The settlement will benefit Wells Fargo Dealer Services customers who had a CPI policy planed on their account(s) that became effective between Oct. 15, 2005 and Sept. 13, 2016. Also included in the settlement are Wells Fargo Auto Finance customers who had a CPI policy placed on their account(s) between Feb. 2, 2006 and Sept. 1, 2011.
Plaintiffs in the Wells Fargo auto loan class action claimed that the bank deceptively put CPI policies into place on consumer auto loans. These policies reportedly resulted in unnecessary expenses and high payment amounts.
CPI policies purchased by Wells Fargo reportedly provided coverage for vehicles used as collateral to Wells Fargo auto loans. According to the Wells Fargo auto loan class action, the CPI policies provided by National General Insurance Company were duplicative, unnecessary, and overpriced.
Although a 2017 remediation plan compensated for this issue, plaintiffs in the Wells Fargo auto loan class action argued that the plan’s compensation was insufficient both in size and in who the plan benefited.
Wells Fargo and National General have not admitted any wrongdoing by settling the case against them. However, they have agreed to pay at least $393.5 million into a settlement fund that will resolve the allegations in the Wells Fargo auto loan class action.
Wells Fargo has paid $1 billion to the Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC) in April 2018 due to similar allegations.
A variety of payments and refunds are available under the Wells Fargo auto loan class action settlement. More details are available in the “Potential Award” section below.
Class Members do not need to file a claim in order to benefit from the settlement. Unless borrowers wish to opt out of the settlement or object to the settlement terms, no action is necessary. Benefits will automatically be distributed to affected borrowers.
The deadline for exclusion and objection is Oct. 7, 2019. The final approval hearing for the settlement is scheduled for Oct. 28, 2019.
Who’s Eligible
Wells Fargo Dealer Services customers who had a CPI policy placed on their account(s) that became effective between Oct. 15, 2005 and Sept. 13, 2016. Wells Fargo Auto Finance customers who had a CPI policy placed on their account(s) between Feb. 2, 2006 and Sept. 1, 2011.
Potential Award
For consumers who had a duplicative CPI policy placed on their account can receive:
- A refund of fees assessed to the account while a CPI was placed
- A refund of insurance premiums assessed for duplicative CPI
- A refund of interest charges on CPI policies
- Payments for additional interest accrued on the loan based on CPI premiums and interest
- Payments for the inability to use funds elsewhere
Consumers who resided in Arkansas, Michigan, Mississippi, Tennessee, or Washington when a CPI was placed on their account can receive the same benefits, even if a CPI policy was not duplicative.
Additional payments are also available for:
- Up to $4,000 in out-of-pocket expenses associated with the loss of a vehicle
- Refund of the repossession costs paid to Wells Fargo
- Payments made on a remaining auto loan balance after a vehicle’s sale or a waiver for this amount
- Payment to provide a tax benefit if you had a deficiency balance waived and noted on a 1099-C tax document
- Payments for the inability to use funds elsewhere
If consumers are not satisfied with their payments, they can participate in Wells Fargo’s no-cost mediation program.
Proof of Purchase
N/A
Frequently Asked Questions
NOTE: If you do not qualify for this settlement do NOT file a claim.
Remember: you are submitting your claim under penalty of perjury. You are also harming other eligible Class Members by submitting a fraudulent claim. If you’re unsure if you qualify, please read the FAQ section of the Settlement Administrator’s website to ensure you meet all standards (Top Class Actions is not a Settlement Administrator). If you don’t qualify for this settlement, check out our database of other open class action settlements you may be eligible for.
Exclusion Deadline
10/7/2019
Case Name
In re: Wells Fargo Collateral Protection Insurance Litigation, Case No. 8:17-ML-2797-AG-KES, in the U.S. District Court for the Central District of California
Final Hearing
10/28/2019
UPDATE: The Wells Fargo Auto Loan Insurance Class Action Settlement was granted final approval on November 20, 2019. Let Top Class Actions know when you receive a check in the comments section below or on our Facebook page.
Settlement Website
Claims Administrator
Wells Fargo CPI Settlement
c/o The Notice Plan
P.O. Box 4990
Portland, OR 97208-4990
info@WellsFargoCPISettlement.com
1-877-641-8815
Class Counsel
Roland Tellis
David B. Fernandes Jr.
BARON & BUDD PC
Roman M. Silberfeld
David Martinez
Kellie Lerner
Benjamin D. Steinberg
Aaron M. Sheanin
ROBINS KAPLAN LLP
David S. Casey Jr.
Gayle M. Blatt
CASEY GERRY SCHENK FRANCAVILLA BLATT & PENFILED LLP
Defense Counsel
David C. Powell
MCQUIRE WOODS LLP
Corey Worcester
QUINN EMANUEL URQUHART & SULLIVAN LLP
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425 thoughts onWells Fargo Auto Loan Insurance Class Action Settlement
Yeah they sent me a notification letter saying I was part of the class action suit last winter and it was for me purchasing that vehicle through Wells Fargo and they repossessed it and took me a long time to get a new vehicle and that was from 2016 so I surely believe in my heart I know that I should be compensated and hopefully it should be a nice amount and not a denial letter all this for nothing and I didn’t even know about this lawsuit they contacted me with all this information so good luck to everyone
A poster on a fb forum said he spoke to one of the class action lawyers. He was told payouts for repos are only if you continued making payments after cpi was added. If you just stopped making payment on the loan, a denial letter is on its way. On the other hand if you had insurance and they still added cpi then a check will be sent.
well it’s me Cassandra Jones and I still haven’t received the check and it is now February 18th 2020 so I’m just wondering when will I receive the check the first check and how much will it be?
That’s not for everyone. They have my VIN number and loan number. They haven’t asked me one time to varify insurance or anything. So I’ll just wait patiently for my check.
Well, Sounds like you got em’ right where you want em’ there Mike! Good Luck to you Buddy. If your waiting for a check from Wells Fargo you will be waiting long time!
FYI- They had my VIN # and Account # too… that Has absolutley nothing to do with anything. Please Do let us know when you receive that Denial letter though ;)
Yup, I called yesterday and was told they send me a denial letter, which I haven’t received. They said it was denied because they said they called the insurance and weren’t provided with the dates in the timeframe they mentioned in the first letter. Well I know for a fact I was paying my insurance and at the same time the cpi insurance. But insurance companies don’t have record so far back. Good luck to everyone, Wells Fargo is not going to send checks they will use any excuse to send a denial letter…. thief’s……
I wish they would try this shit with me. I paid my car off in full, they better give me my damn money. They sent the letter with the dates and vin# and updated my credit report to a lesser amount than what was paid off and changed the lender name from Wachovia to Wells Fargo in January 2015. My car was paid off in 2010 and had full coverage. They still doing fraudulent shit.
Anyone who is still left waiting in these last few months left of this settlement which is due to be “closed out” in April…just FYI Wells Fargo is basically sending out “DENIAL LETTERS” to everyone who is left ..saying they cant prove they had their own insurance or the vehicle was not covered. This is WRONG. Everyone is getting Denial letters and the attorney’s are doing nothing about it…10 Years from now there will be another class action lawsuit for everyone who received a Denial Letter when they should have received a check. It’s unbelievable this bank is still scamming people out of thousands upon thousands of dollars they are rightfully owed. They took over $10,000 in ILLEGAL CPI from me and I also just received a DENIAL Letter. They dont want to pay it’s that simple…so everyone is being sent denial letters and they are hoping the majority of people will just walk away with nothing instead of fighting it. Good luck to you all…your going to need it.
What about the people who paid the car off, with the CPI added? I noticed they made a change on my credit report, it was dated back in January 1st 2015. I just noticed this on my credit report, my credit is not bad. So, I rarely check it, I paid my car off in 2010. The amount of my loan that I paid was changed to lesser amount than, what I was loaned and paid off. It is still a lot of fraudulent activity going on with Wells Fargo. I did receive a letter with the vin and a tracking number around August 2019.
I just got off the phone with wells fargo and they basically saying the same thing which is ridiculous. They say they couldn’t give me any amount information and that to call back with 30 to 45 days. Which is BS
I called again today as I call once a week. Today I was told my case is still in review and that supposedly takes 120 days, however I was told 30 days at the end of December. After December I made such a fuss and have now received 3 letters from “The Presidents” Office….still useless info and a waste of paper and postage to tell me they heard my complaint and will be in touch within 10 days. Each time the days were up I had to call them. Funny thing is, the CPI reps seems to be out of the info loop with “The Presidents” Office as they had no idea of what kind of letter I received and was unaware any other communications was being made on the Wells Fargo end. Seems like the CPI customer service number is set up to for the purpose of keeping the calls contained. They all read that one script and WILL NOT tell you anything else. That same script can be found in the class action notice originally sent. VERBATIM!
I still have not received my check. Why?
I received a check for $28!! for one vehicle without the calculation as to how they came up with that amount for a reimbursement. Wells Fargo is still being fraudulent trying to get away with not paying back properly what the promised in the settlement to customers that were affected.
Since it has been almost 14 years since 2007 for another car that I had that Wells Fargo repossessed, Wells Fargo claims they cannot find it trace any info on this other car even with my name and SSI #, this class action lawsuit isn’t helpful for customers who got screwed if they can’t locate the car VIN number or License plate number, since credit report history only goes back 7 years!! They are using this excuse to not pay! Wells Fargo is not trying as hard as they should and can to pay customers back! Their own CPI Program customer service representative all are acting oblivious to any questions you have since they are claiming these accounts have old account numbers dating back as far as 14 years old back when they had the “Wells Fargo Auto Finance” department that is now “Wells Fargo Dealer Services”. The account number I was given 14 years ago in 2007, I’d too old and too long for their current system. Account numbers back then were much longer then so trying to register your old account number online to get old copies of statements to check how much Wells Fargo charged for CPI is impossible, you have to request copies of your old statements and hopefully Wells Fargo will do the right thing and provide those copies at your request. I am still waiting on the copies I requested of my old statements to check the figures on the reimbursement check since Wells Fargo did not provide how exactly they came up with that amount. I am also going to request a copy of the CPI insurance policy. My car note payment went up to $650/mo back then because of these fraudulent activities performed by Wells Fargo. Also, how do we know the comments from the people that are claiming they received checks aren’t fake?
I agree! They asked me to provide insurance from dates that CPI was placed . I gave them the policy number and they sent a denial letter. I then contacted my insurance provider which gave me all the information they asked for now today I received another denial letter but not for the dates they originally asked for. Now here’s the kicker the dates they’re asking for now is 4 months to the actual date I started up the insurance that they were able to verify. I will be calling them first thing tomorrow requesting when CPI was actually placed! Wells Fargo does not want to pay us so don’t be surprised if you get denied!
See if the DMV can pull those records, since you had to pay registration. The vin # should be on that.
I received a check for $28!! for one vehicle without the calculation as to how they came up with that amount for a reimbursement. Wells Fargo is still being fraudulent trying to get away with not paying back properly what the promised in the settlement to customers that were affected.
Since it has been almost 14 years since 2007 for another car that I had that Wells Fargo repossessed, Wells Fargo claims they cannot find it trace any info on this other car even with my name and SSI #, this class action lawsuit isn’t helpful for customers who got screwed if they can’t locate the car VIN number or License plate number, since credit report history only goes back 7 years!! They are using this excuse to not pay! Wells Fargo is not trying as hard as they should and can to pay customers back! Their own CPI Program customer service representative all are acting oblivious to any questions you have since they are claiming these accounts have old account numbers dating back as far as 14 years old back when they had the “Wells Fargo Auto Finance” department that is now “Wells Fargo Dealer Services”. The account number I was given 14 years ago in 2007, I’d too old and too long for their current system. Account numbers back then were much longer then so trying to register your old account number online to get old copies of statements to check how much Wells Fargo charged for CPI is impossible, you have to request copies of your old statements and hopefully Wells Fargo will do the right thing and provide those copies at your request. I am still waiting on the copies I requested of my old statements to check the figures on the reimbursement check since Wells Fargo did not provide how exactly they came up with that amount. I am also going to request a copy of the CPI insurance policy. My car note payment went up to $650/mo back then because of these fraudulent activities performed by Wells Fargo. this is only for one car, I had two cars that had CPI and Wells Fargo is acting like they cannot locate the information on the other car.
When you received your initial letter from them, with the tracking number, on it. Did it also have, the last digits of your vin # and loan number, along with the year, and model of your car?
Does anyone have any information about dollar amount range for settlement?
We just received a large check On 02/2020 and had no clue what it was for. So, Thank You to whomever brought this lawsuit forward.
If you dont mind me asking how did you recieved
I meant how much you recieved
How much and did it cone via FedEx?
How much and how did you receive it?
How much?
I just received a $241.00 check yesterday, 2/25/20. I had no idea there was a lawsuit.