December 10, 2023

Repo Buzz

Collateral Recovery Repossession News And Directory

NATIONAL — Wells Fargo is coming forward and confessing they have uncovered at least 450 more cases in which the company illegally repossessed the vehicles of U.S. service members.

This brings the total number of cases to more than 860.

Bank officials say they will pay $5.4 million for the repossessions, repair the service members’ credit, pay each member $10,000 plus lost equity with interest.

Banks are required by law to get a court order before seizing cars from members of the military, but the Department of Justice investigated and found Wells Fargo illegally took the vehicles back.

The company says they are committed to giving service members all of the protections and benefits available to them.

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