Wednesday, August 9, 2017

Wells Fargo Guaranteed Auto Protection Insurance Program

insurance, Wells Fargo

Wells Fargo's Guaranteed Auto Protection Insurance Program (GAP) is intended to protect a lender against the fact that a car, which is the collateral for its loan, loses significant value the moment it is driven off the lot. Basically it protects the bank or financial institution that lends the buyer money for the purchased car. GAP insurance makes up that difference for a lender if, for instance, a car is stolen before the loan is paid off. Regular car insurance typically covers only the current market value.

Wells Fargo is being investigated for this, The Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau are examining this issue.

Wells Fargo is in hot seat again over the last few weeks after it was exposed that they may have forced unwanted insurance on customers who took out car loans. On Tuesday, California’s insurance regulator said he would investigate the bank and the insurer, National General Holding Corp., over the "improper placement" of such coverage.

More bad news about Wells Fargo, the company said that they found more fake accounts that has been created by employees.

The bank said in a regulatory filing that its review of potentially unauthorized accounts could reveal a “significant increase” in the number of accounts involved, up from the 2.1 million that it previously estimated. Wells Fargo said it had expanded its investigation to add three years to its review period, which covered accounts opened from 2011 to mid-2015.

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