To stop calls from 8002898004, communicate with Wells Fargo and let them know that you don’t want any calls from them. However, if you have applied for a loan or missed your EMI payments, you must receive their calls and let them know of your situation.
The number 800-289-8004 belongs to Wells Fargo and they could be calling you if someone has provided your number as a reference for their loan application.
If you have an ongoing debt with them, they will continue to call until you receive their calls.
There could be a good or a bad reason if your phone constantly rings from the number 800-289-8004.
The good reason is that you are not going to be a victim of a phone scam as the number belongs to a very reputable company.
The bad reason is that you might have a debt with them that needs to be settled.
Here are a few things that you can do to stop calls from Wells Fargo, 8002898004.
Communicate With Them
You must communicate with Wells Fargo dealer services to stop continuous calls from them.
If you’ve recently applied for a loan with the firm, addressing any queries they have about your application could be all it takes. They might need more information about your current job or living arrangements and therefore call you.
If you are someone who has missed the car payments, you will either have to settle the debt or establish a payment plan for stopping the calls.
If your payments are up-to-date or you are already a part of the special payment plan, Wells Fargo Dealer Services will stop calling once you share the required details with them.
Settle Your Auto Loan Debt
The other option you have is to settle the debt with Wells Fargo, and they will stop calling you from 8002898004.
If you have an ongoing vehicle loan with Wells Fargo Dealer Services and you have missed your payments, settling the debt will automatically stop their calls.
Negotiate With Them
Yes, you heard it right!
You can negotiate with Wells Fargo Dealer Services if you are not in a situation to pay the EMIs of your loan.
There’s no financial institution that wants bad loans (NPA) into their account. So, determine your target settlement amount and offer a lump sum payment.
Make your first offer, which could be 65% of the Target amount. For example, if you owe $200 and your target amount is to pay $100, then your first offer would be $65.
Once you make your first offer, they would come up with a counteroffer that would be greater than your first offer of $65.
Now, you can use an empathetic approach to say NO and show them that you are at your limit.
If they don’t accept your offer, slightly increase your offer slowly until they accept it. Don’t go beyond your target amount.
Determine How Much The Collector Might Accept
The Debt collector might ask you to settle the debt from 1%-100% depending on the interest involved, and that’s the broad range, but I have seen, in most cases, it is between 10% to 80% of the debt amount.
The American Federal Council has reported that, on average, the debt is settled at around 50% of the debt amount.
Things You Should Know About Wells Fargo Dealer Services
Wells Fargo Dealer Services offers auto loans for the purchase of both new and used vehicles. If you’ve just purchased a car using a loan from Wells Fargo Dealer Services, the firm might reach out to confirm your application details or gather supplementary information.
You may also be the recipient of a call if your friend or family member has named you as a reference on their loan application.
Furthermore, Wells Fargo Dealer Services uses the number 800-289-8004 to reach out to clients who have fallen behind on their payments. If you’ve overlooked a recent loan installment, you must receive calls until your account status is up to date.
What do I do if I fail to keep up with payments to Wells Fargo Dealer Services?
Generally, Wells Fargo offers auto loans, which are forms of secured credit, meaning they are backed by an asset – in this case, your vehicle. This is different from unsecured debt like credit cards, where there’s no underlying asset.
As a secured loan lender, Wells Fargo can take possession of the asset and sell it to recoup their funds. Typically, lenders can take your car if you violate the terms of your loan agreement, which should clearly outline the circumstances under which your vehicle can be repossessed.
For example, if you default on three consecutive payments, you might find a tow truck waiting at your home or workplace. Similarly, if you fail to maintain insurance on the vehicle, the lender could opt to repossess it.
You must avoid vehicle repossession by Wells Fargo Dealer Services as you will not only lose your means of transport but also have a significant impact on your credit report.
In some states, it’s possible to reclaim your vehicle post-repossession. However, this requires catching up on your overdue payments and reimbursing the lender for any fees associated with the repossession process.
Can Wells Fargo Dealer Services Sue Me For Remaining Debt on My Vehicle?
Your financial responsibility to Wells Fargo doesn’t end with the repossession of your vehicle. If the sale of the car doesn’t cover the entirety of the loan value, you will find yourself liable for a balance amount that becomes due.
Upon repossession and subsequent sale of your vehicle, Wells Fargo could potentially take legal action against you to recover any outstanding debt.
Let’s understand with an example:
Kevin owns a Land Rover financed through Wells Fargo Dealer Services. After missing payments for three consecutive months, Wells Fargo seized his car. Kevin doesn’t have the funds to reclaim the vehicle, so Wells Fargo sells it. Once the sale is made, Kevin finds that there’s a remaining balance of $2,000. Now, Wells Fargo may choose to initiate a lawsuit against Kevin to recover the outstanding debt.
Conclusion
If you want to stop calls from 800-289-8004, it’s important to understand the reasons behind those calls, which could be related to a loan application, missed payments, or an existing debt with Wells Fargo Dealer Services.
Communication is key, and reaching out to them to provide necessary information or to negotiate a settlement can be effective in stopping the calls.
