William Lipovsky
Short Answer — Wells Fargo Auto handles repossessions individually, but the company generally will not begin repossession procedures until three to four months of missed payments. If you expect to miss an upcoming payment, you can contact Wells Fargo Auto to discuss your deferment options.
Wells Fargo Auto Repossession Policy Explained
Although Wells Fargo Auto handles repossessions on a case-by-case basis, it usually does not repossess a car until three to four months after an account becomes delinquent, customer service representatives said.
Before repossessing a vehicle, Wells Fargo will attempt to notify you of your account status by phone and by mail.
In addition to Wells Fargo Auto’s policies, the repossession process depends on your state’s laws. For more information, see our research on vehicle repossession laws by state.
How Many Payments Can You Miss?
Wells Fargo Auto typically will not repossess a vehicle until 90 to 120 days have passed with consecutively missed payments; this translates to three or four missed payments.
Wells Fargo Auto has a grace period for any missed payment. This varies by state, so refer to your contract for details.
If your payment arrives during this period, your account will not be considered delinquent, and you should not receive a negative mark on your credit report.[1][2]
Wells Fargo Auto Customer Assistance
If you’re struggling to remain current with your Wells Fargo Auto payments, you should contact the company directly and explain your situation.
Wells Fargo Auto may help you modify your payments, change your payment due date, defer a payment, or extend the maturity date of your loan.[1][2]
You can receive a total of three deferments over the life of your loan, a customer service representative for Wells Fargo Auto told us.
While you usually need to wait at least 12 months between deferments, you may be allowed to combine two if facing extraordinary circumstances.[3]
Redeeming a Car After Repossession
In most cases, you can redeem your car after Wells Fargo Auto (or another company) repossess it. However, this can be an expensive process.
If your vehicle gets repossessed, you will likely incur multiple fees, including towing fees, storage fees, auction fees, attorney fees, late payment fees, and accrued interest.
You generally have three options when it comes to getting your car back:
- Redeem your automobile by paying the entire balance of your loan and any associated fees.
- Reinstate your loan by calling Wells Fargo Auto and requesting a reinstatement quote, which typically is good for 15 days; note that you will need to make back payments to bring the loan balance current.
- Buy your vehicle back at auction.
More Information
For more on the repossession policies of various dealers and lenders, see our research about TD Auto Finance, GM Financial, DriveTime, Chrysler Capital, and Honda Financial Services.
