Katie Porter vs. Wells Fargo CEO Charles Scharf.

Katie Porter vs. Wells Fargo CEO Charles Scharf

Hey guys my name is Dan i used to work at the biggest dealership in the country and now i teach fine folks like you how not to get [ __ ] when buying a car actually here we’re gonna talk about how not to get [ __ ] when borrowing money from a bank and how wells fargo [ __ ] people over for somewhere around 600 million dollars okay so this is not me saying this there’s a there’s a crazy lady out there i mean god bless her soul uh her name is representative katie porter i mean this guy this lady is she’s the man she’s the baller okay she is freaking amazing she has my respect for sure and here’s the i don’t even know whether she’s left wing the right wing or no wing or just a chicken wing okay okay enough with the cringe let’s get this party started this is how much you owe 600 million this is how much you’ve returned

Zero have you seen the movie harold and kumar go to white castle no i’m not congresswoman um so there’s a famous scene in that movie where neil patrick harris borrows the car and completely trashes it there’s 50 bucks for the burgers and 200 for the car wells fargo lends money to consumers to buy cars and wells fargo wants the consumers to take good care of the car that’s the collateral protect that value but there’s always this neil patrick harris risk someone trashes the car defaults on the loan and the value is not enough and there’s a risk of a loss to guard against that loss wells fargo has consumers pay for gap waivers gap stands for guaranteed auto protection i hate to hate to be a dick here but it actually stands for guaranteed asset protection which again not trying to be a dick i just want to throw a little education this way um guaranteed asset protection is not only good for cars it’s it’s good for everything i mean you can pretty much get gap for anything you want your house your motorcycle your boat your atv your rv and the gap waiver cancels the remaining balance on the loan if the regular auto liability payout after the car is damaged is insufficient but when someone pays off the loan there is no need for that gap waiver there’s no need for debt cancellation because the debt is paid off but you wells fargo keep charging for that gap waiver you didn’t tell consumers after they paid off the loan early that you owe them money back about 350 each okay let me she said 350 ish let me just break down what actually happened here

Let’s say you buy a car for 25 000 you drive it off the lot you drive it for a month right you already got a ketchup stain you’ve got a scratch somewhere how much is that car worth it’s not right it’s not worth 25 000 because it’s not brand new how much how what’s you know what’s the payments how much payments did you make on it right the payments that you made on it were zero because it’s first month right you haven’t made a single payment yet so you owe 25 000 on that car plus you owe taxes and god forbid you were too much of a [ __ ] that not to negotiate dealership fees right so so 25 000 plus 2500 in taxes ballpark that’s 27 and a half thousand dollars so your loan is 27 and a half thousand dollars let’s say you get into a car crash you obviously had full coverage you had full coverage insurance right well how much is your full coverage going to pay out are they going to pay out 25 27 and a half thousand dollars on your like what you owe on your loan no no they are going to pay out you know 23 24 000 right so there’s gonna be a different let’s say let’s say they’re really generous they’re going to pay out 24 000 27 and a half minus 24 that’s three and a half thousand dollars so even if they pay for the car throw away that crashed car you don’t owe nothing on the car except you owe you still owe three and a half thousand dollars on the debt to the wells fargo so that’s where gaap insurance comes in gap insurance is typically free from your insurance company or it’s like five bucks a month it’s super cheap and you only need it for about 18 months you can do the math you know eight you know five times 18 or for let’s say even five times 20 months five times twenty what is that coming out a hundred dollars a hundred dollars okay it should be a hundred dollars that you should pay at the most for gap insurance or even better free so what what the wells fargo has been doing is when people don’t need to be paying for gap insurance because you don’t pay for gap insurance for the entire like amount the length of your loan i’m gonna get these words out of my mouth i promise okay not the entire time it’s not six years not eight years not four years no as soon as the what you owe on a car is what the car worth on the market right then you don’t need gap insurance because it’s equal

So typically somewhere about 18 20 months no more than 20 months typically typically okay so let’s let’s keep on listening what’s going on here effectively the bank stole this money from 1.7 million consumers nationwide leaving wells fargo sitting on over 600 million in ill-gotten gains how much of that 600 million that wells fargo owes consumers in gaap overcharges has been returned would you like to know me too let’s listen know the exact number sitting here what we’ve returned okay the chart on the side this is how much you owe 600 million this is how much you’ve returned zero i love this lady like i don’t know if she has kids but she’s such a mom she’s like did you did you make a doo-doo it it feels like you know how you have a dog that like pooped on the floor right or a dog that like chewed something up you take the dog you like point your face at it did you do this and the dog is like nope i didn’t do it it wasn’t me i don’t know what you’re talking about she’s like yes you did this that’s your poop i love it i love this lady she’s like zero as if that wasn’t obvious

You told me in my office that wells fargo in the past has been penny wise but pound foolish and i agreed resisting doing what’s right and paying consumers and i really saw that when i was the monitor for the state of california during foreclosure crisis so if you’re here today to tell us that wells fargo has changed its ways you should have no problem committing to giving these people their own money back in terms of gaap over charges will you commit to give them their money back do you think this guy is gonna say yes of course we made a mistake not a problem we’ll get on it or he’s gonna tell um how about you go [ __ ] yourself because we have more expensive lawyers than you uh so shut the [ __ ] up or he’s gonna try to weasel himself out of this one you’re right it’s gonna be number three congresswoman there’s no question if we have harmed customers and we should in fact do that and we’ll go back did you hear what he said if we have harmed as if as if he doesn’t know as if he doesn’t know that this has happened 600 million dollars this is not 60 60 bucks that disappeared from somebody’s account oh i’m dude i don’t know we got so many accounts like i can i don’t know nothing about your 60 bucks this is not 60 bucks 600 million dollars i mean this lady deserves a [ __ ] medal and take a look at the specific example and understand why it hasn’t been done and how we can move quickly to rectify it this is the pleading in that case that’s pending in which wells fargo is currently arguing that even though it charged people for many years of gap insurance the consumer paid off the loan early they have not in fact refunded that gap insurance and that 350 means a lot it’s 18 bags of groceries for families

So not only this [ __ ] this uh [ __ ] miss blondie here i’m sorry i i don’t know what the gender of this piece of [ __ ] is

Not only this freaking piece of [ __ ] just lied right he said earlier if we have wronged them right he’s like we’ll take care of it we’ll take care of it we’ll take care of it i’m sure if we’re wrong somebody will take care of it okay that’s that’s a weasel ass answer she’s like bam you son of a [ __ ] there you go you know about this problem and you are refuting it or you’re fighting it in court you son of a [ __ ] guys it uh here’s what i really want to say okay props to this badass lady right here okay i don’t know what her stance is on anything else i don’t know who she have no idea who she is literally i’m just reading off the name here representative k reported no idea who she is what her policies are don’t give a [ __ ] but here’s the thing the at the end of the day the bottom line is it’s your responsibility it’s your responsibility it it should it’s not government’s responsibility to babysit your ass if you have a welfare wells fargo account get the [ __ ] out i don’t know if that conclusion was not obvious i don’t know what to tell you okay next if you have a car loan with with wells fargo take it somewhere else if that conclusion wasn’t obvious i don’t know what conclusion did you draw from this and number three if you have had gap insurance with them cancel it number four if you had a car loan with them in the past you have legal precedence to take action if the government is taking action there is probably a good amount of freaking evidence to take legal action it’s your job to stand up for yourself not not some not some government person not some kind of you know representative i haven’t again i have no idea who she is i’m just think she’s some kind of political person or something no idea at all guys it’s your job you have to be doing it because if you don’t do it well guess what that 600 million dollars that’s going straight into very very very very wealthy bankers pockets huge thank you for watching this video click here to subscribe watch one of those two videos and click the share button below the video did you enjoy the video did you find it useful do you think you’re gonna save some money with it apps are [ __ ] lutely you will share this video on facebook with somebody else this is dan strong with 60 minute car i’m signing out and i’ll see you in another video