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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
Didnt know anything about this class action suit, I have moved around alot and the notice letters were probably sent to my old addresses in Arizona. Havent had the polciy or the vehicle since 2005. All of a sudden last month they sent me a letter indicating I was charged CPI and if I could provide proof of insurance from 2005 they would refund me. Wont tell me how much, or even give an estimate of what was charged. My insurance company doesn’t keep records beyond 2008 (of which I had already moved to NJ in 2007). I hoping someone contacts me on here to help me out with this nonsense. What a crooked company Wells Fargo should be ashamed of what they have been doing.
I’m calling my lawyer it’s fine either the lawyers that is holding this case for wells Fargo will pay me are wells Fargo its self and if I have to get a lawyer they will pay there fees they sent me a letter at my new address which has been a year they tell me they sent it in September of 2020 okay how you sent this letter to my new address that is the question they dont pay me in 3 weeks I’ll l get my money and what ever I’m going threw to get my money any judge w p.o old ask how u got her new address but send it to her old address and trust me I know my mail lady because I was the manager of the complex were I use to live so please pull that over someone else eyes promise no money just like they took my truck I had no transportation to get to and from work and was ashamed because they took while I was at work pain and suffering I went threw catching a ride to and fr ok m work
Same here, they sent me a check for $2.44, they might as well spit in my face! I was sent the packet telling me how Wells Fargo had screwed me over and that they were going to compensate me for at the least $ 4000.00. And the money that was coming to me for the reposession of my car and the money for all I went thru because of what they did to my credit. Also in the packet they sent me they had the year I bought the car, the VIN number, the make and model of the car. And that was 13 years ago. They sent me the packet or I wouldn’t have even known about this situation, I want what they owe me! Please tell me how I can get Wells Fargo to pay up.
Wells Fargo put cpi on my new vech in 2007 and I could not afford the payment
waited and now there trying to send me a check for 2.44 and They reposed my auto ruined my credit and I had to pay and file bankruptcy. There liars.
Me2 we ,I didn’t cash it.they ruin me financially. We should team up for consumer complaints. zb4 covid got real bad i was in contact with my attorney General and thought about taking use on my nc legal aid resources.
I live in nc and my situation is similar. In fact that’s why Im here. For me my situation is a little bit diiferent. It’s not that the insurance was duplicate the transmission dropped out of the vehicle in question and it couldnt move. I wasnt renewing the tag or paying taxes in fact I had to contract a special bus that could go over county lines to come pick up my kids that had been car riders. I even have a receipt for when it finally did get fixed. I told them a million times I’m trying to pay and not ruin my credit but Im having to pay for rides everywhere and I cant afford 3000 to fix it. So I will admit I struggled and the insurance lapsed. Well they put full coverage on my car. No one told me for many many months. Eventually right after I saved up enough to fix it they charged it off. While promising me they were about to apply the 2 deferments I had left mind you. My husband had switched jobs and went a few without a check but we came to an agreement if we could make 1 payment the other 2 deferred and they never gave us the chance. That’s not even the point. I found out years later that they per their own contract should have only put comprehensive on my car since it couldn’t move it couldnt collide. I told this this week to a woman there named Diane. She called me back and said because it was charged off for being worthless not repossessed they were not liable. How??? Either way they screwed me and my credit and she ADMITTED that was in my contract and should have happened. So now Im looking into my own lawsuit! I too live in NC
I’m with you I was the only one on my CPI refund but my check went to the co-signers trustee mind u had never nothing to do with the car just help me get it out.now they apologized and said there’s nothing they could do for me isn’t that our money why r they controlling it like it don’t already belong to us if we were absent a letter we should evenly split the amount that is left over and be done with it cuz honestly y r they making us go through hoops for something that already belongs to us
Not only did they sell me a CPI policy. It was worthless, one of the things it was supposed to cover was death and disability. I was hurt on the job and been disabled ever since. Did not take them long to come yank that car out from under me. Its been months since I called and not so much as an apology has been sent.
Today my husband received another check in this settlement for $14,400. First check was for $4900. We went through the mediation program. had to mail in a few pieces of supporting documents of money spent and fill out an form stating why we thought they owed us more because they repo’d the car. Was an easy process. In one of the 5 states that didnt need to provide info of insurance
Hi, I know this is a fairly old post but I’m requesting a mediation also. They have sent me 9,214 already but I filed bankruptcy after my repossession because they claimed I owed 24,000 on my navigator after auction. I was a single mother at this time. How and what did you ask for in your mediation letter? I am wondering what all I need to document. Thank you
I got a check of 2.44 I probably paid hundreds in to this scam and instead getting interest on it they slapped me with 2.44 awful
I dumped to check to trash I don’t wanna bulk my account with this crap
Bravo! Did the same…what an effing travesty!
Got a check for $2.44
I’m sending it back!!!
I got a check on Friday – $2.44
Why did they even bother sending it?
I got the 2.44 but it’s the 4th check I have gotten , in total I’ve gotten $204.44
4 Checks and did u have duplicate acounts
I just recieved a letter stating I will not get a check because the insurance information they need was from 14 YEARS AGO! No insurance company keeps records that long. Also car was repoed so I am entitled to something.
Anyone else with this issue?
MF’ers!
Yea i did also but with a VIN number you can do a vehicle history check. The problem for me is where do I have a piece of paper from 14 years ago that has the VIN on it..!?
check with your local DMV office and see what info they might be able to assist you with, they could check on previous registered vehicles on your dmv history. you would see your prior vehicles and vin numbers associated with oast registered vehicles.
I had the same problem because it had been 12 years. They sent me a $27 check.
yea what did you do
4 Checks and did u have duplicate acountsyah I had to cars on my insurence but they only bring up one and then they said it went to someone not even on the insurence policy
I talked with the CPI settlement administrator , they were in the process of fixing my credit report with the 3 credit bureaus and that the checks would be mailed out in mid June thru the end of July. It looks like the end is in sight. Have my fingers crossed. I know right now we can all use whatever money they send us. Good luck everyone…
Who is your contact with the credit repair? I’ve been. Trying get someone to contact the 3 bureaus for some time
I called wells fargo 2 weeks ago. They said they mailed me a check to my old address on 7/13. I had to have them cancel that one and send it to my new address. Mind you, I called them in Jan and gave them my new address. I waited 2 weeks and called again today. It takes them 3 weeks to resend the check I was told. After transferring about 6 times today, I was told I have another check also getting mailed out. So I was told I should receive 2 checks, within the next month. To get into mediation, I also had to talk to someone there to send me the papers to do that. Crossing my fingers.