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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
Has anyone done the mediation process with them for this insurance? Tell me about your experiences.
I am also wondering about the mediation process. I finally got my check and it took a while but it was clear by reading everything that they did send out an initial check in February. I was starting to lose hope and then I found out in May that they had sent the check to my old address ( even though I gave them my new information). I have to admit I was a little surprised at how much I got. But at the same time I really had no way of calculating the amount I would get for each category. My car was reposessed I had no way of knowing the calculations for transportation expense and personal expense. Is this the amount your supposed to get for the repo in whole? And does the include the amount I had to pay to get the car back. I guess in the end I am just thankful I received a check and didnt have to live the horror stories I have heard on her about get like $50 checks and should remain happy that I got what I got. I read about these people on here that got substantial amounts and then went through mediation and got even more?
How much did you get? Idk if I should wait for a check or go through with mediation. My truck was repossessed and I also was paying for the extra insurance.
I gave them my insurance info almost 4 months ago n still nothing. Someone told me they have 120 day from the date they received the information, that’s coming up soon. My car was repoed and I paid $10,000 after that. They owe me a chunk of change n need to get on it.
It’s a standard line they use. It can take upto 120 days to receive information then review begins on a case by case basis. Payments will be throughout 2020……blah blah blah…..
Good Luck with your case.
Same here. Got the initial letter last year. Have not received a check! I’ve called the CPI settlement administrator AND emailed 5 times over the past 3 months.
All they keep saying:
We will review and respond to you as soon as possible. In the meantime, you may access FAQs or view Important Documents on the Settlement website at http://www.WellsFargoCPISettlement.com. You may also call the toll-free line at 1-877-641-8815.
Wells Fargo CPI Settlement
Settlement Administrator
Please note: This is an automated e-mail response, please do not reply to this e-mail.
THIS IS STRAIGHT UP BS!!
Does ANYONE here know how to contact the lawyers who represent us in this lawsuit?
With the COVID-19 outbreak, millions out of work, ……….
WE NEED OUR MONEY WELLS FARGO!!
I just called and for the first time, granted I got my original letter in March 2019 so this is a year later, they finally told me a check was mailed. However, they said it was mailed last month. I told them I hadn’t received anything and she said she would put in a request for it to be reissued. I asked her what address they had on file and they mailed it to the address that I lived at 5 years ago when I had the vehicle. So if some of you have not received a check yet and you have moved since you had the vehicle or since the repossession, you might want to call and make sure you update them of your correct address. She told me it could take up to 3 weeks for it to be processed and resent but I thought overall, that was the best news I’ve heard in a year!
What number did you call?
1-888-228-9735. That’s the number for the CPI repayment program. I am also supposed to be getting a check from the CPI class action settlement, which is different than the repayment program. However, when I called the settlement number, they told me that checks are issued through 2020 and that I haven’t been issued one yet. The CPI settlement number is 1-877-641-8815.
Okay thank you!
I called yesterday to check my status due to me mailing them a copy of the insurance information they ask for from one of the insurance company that still had record of the information. Couldn’t remember which company I went to after that but I did call each one and they didn’t go back that far on the record. I let the lady know that today and she told me that they did receive one insurance information from me back in Oct,2019 but it look like something come in,in January I ask what but she says she couldn’t see what it was, hopefully another insurance information I didn’t understand that part bc she was able to tell me that something came in, anyway she said if I get a refund I will receive a check or if not a letter explaining why. Praying it’s a check that they owe me.
But they sent the CPI letter to your CURRENT address!
Yes! That’s what I don’t understand. I got the notification to my new address that I was even involved in the settlement but yet they sent the check to my previous address that I lived at years ago. She told me they initially mailed it February 28. But it wasn’t even forwarded to my current address.
This is a bunch of crap because if you think about it, how did you find out about the Class action settlement in the first place if they didn’t send you that pamphlet to your current address?!! So why in the hell are they mailing out checks to old addresses this seems like pure stupidity!!! I have been waiting for my check since the beginning of this year here we are in the middle of a shit show where that money would come in handy and all they can tell you time after time is that it’s still processing and they have NO UPDATES. If someone can provide us with a number to the Baron & Budd Law office so we can claim OUR money that would be so helpful because I’m starting to lose hope and think that these AH are going to pocket the money!!!
Hi I think wells fargo wants the checks to get lost going to wrong addresses. If the checks aren’t cashed in a year the money goes back to wells fargo to distribute to charity’s. If that isn’t a bunch of BS. They can use it as a way to steal the money right back into there pockets. Wells Fargo are the biggest bank robbers in the world and our judicial system is letting them do it over and over without any real consequences. They are still operating as if they didnt steal from almost a million hardworking Americans. Are world is so evil and no one cares so it’s only gonna get worse.
No check ,no more information. Kinda looks like every other dealing with Wells Fargo.
With everything that’s happening they should have sent people their money long time ago. You get a letter and don’t hear nothing more. Sue their asses again.
I got 2.44 lol
I was told the check would be mailed out on the 8th of March. I called twice in the past week and they say the systems are down and they cannot tell me anything about my claim. Seems fishy.
Received same letter as most. No check either
I received the initial letter that I was included as part of this settlement. I was given a case number but since the have heard nothing. Absolutely nothing.
Same here!
Same for me
I was sent a letter as well, but haven’t recieved a check yet. What’s the hold up? It’s been six months.
I have a letter in my PO Box
I see in my email
My old address 15 years ago is on there
But looks like everyone got $2.44 cents?
I received a letter long time ago on summer and no check yet and when i call wellsfargo the sistem is always down
Post your concerns on twitter and make sure u tag wells Fargo in it they hate when you blast them socially
Thanks for telling me that. I have some awful photos of my home they locked me out of. My ceilings are in the floor now and my floors are rotten. They have a department called Home Preservation which they claim is a team. They say they go out and Winterize your home, cut your grass etc…. So while I was in foreclosure, they put locks on our doors. They let a hole form in our roof and let it leak out into the floors. We finally won our home after they illegally sold our home while in foreclosure but… you should see our home :( It’s a shame what they have done to us. Attorneys did not want us to come back after going back and forth to court with them. We won each time. One time, we were suppose to go to court for Summary Judgement and they claimed the court hearing was canceled. They crazies actually sent us a letter saying it was cancelled. Can you believe they showed up on court day (that was not really cancelled) and told the judge (special referee) they had not heard from us and got a judgement against us and prepared to sell our house. We were Pro Se at the time. These jokers are something else. Funny, I got a fat tax bill for my house as well as a truck that was financed through them. Worse company ever!!! I’m about to find an attorney now to see what I can do about this damage to my home. Its so much damage now. I got a congratulatory letter from the new company (probably one of WF’s other companies) on the owning of my home. Oh, and you should have seen how many times they actually went into my credit report and changed stuff. After they sent me a tax bill, both WF and the new company disappeared from my credit report (for the house anyway). It’s funny, they send you the title to your vehicle and later a tax bill . They wrote off the debit on both the house and the vehicle but you know those jokers had insurance policies on both and they probably got their money and wrote it off. Nobody stupid here!