Wells Fargo Auto CPI Payment Program Frequently Asked Questions

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What is CPI? Why was it required?

Collateral Protection Insurance (CPI) protected borrowers and Wells Fargo when a borrower did not have their own auto insurance. When a borrower took out a loan to buy a vehicle, the loan agreement required the borrower to maintain full coverage insurance that would cover physical damage to the vehicle. Historically, if a borrower did not purchase or maintain physical damage insurance for the vehicle, the loan agreement allowed Wells Fargo to purchase insurance on the borrower’s behalf and charge the borrower for the insurance premium and interest.

I received a letter asking for insurance policy information and I’m unsure what exactly you’re looking for. What should I do?

If you had your own coverage, please call us at 1-888-228-9735 or email us at info@wellsfargocpipayments.com. We need the name of your insurance provider or insurance agent to be able to confirm if the vehicle was covered by a comprehensive and collision insurance policy during some or all of the time that the CPI policy was in place. If you did not have your own coverage, you do not need to do anything.

I didn’t get a letter, but I think I should have

To be considered for a refund, you must meet the following criteria:

  • Your vehicle loan was financed through Wachovia Dealer Services, Wells Fargo Dealer Services, or Wells Fargo Auto Finance.
  • CPI was in place on your account at some time from 2005 to 2016.
  • You purchased your own comprehensive and collision auto insurance for the vehicle on the loan for some or all of the time CPI was in place.

Please note: Criteria may vary if you were a resident of Arkansas, Michigan, Mississippi, Tennessee, or Washington during the time the CPI policy was in place. 

If you believe that you should have received a letter, please call us at 1-888-228-9735 or email us at info@wellsfargocpipayments.com.

Can I stop making payments on my loan?

No, you need to continue making your loan payments. Participation in this payment program does not change the terms of your loan, including your obligations related to payment, modification, or repossession.

I have more than one loan with Wells Fargo, but only one of my loans is listed. What should I do?

All eligible loans have been identified. If you believe that other loans are eligible for the CPI Payment Program, please call us at 1-888-228-9735 or e-mail us at info@wellsfargocpipayments.com.

When can I expect to receive my refund?

Processing time can vary due to the time needed to review any potential overlap between the policies. While we are not able to provide a specific date at this time, we will begin sending checks in mid-December.

Where can I check the status of my refund?

Please call us at 1-888-228-9735 or email us at info@wellsfargocpipayments.com.

Can I get my check reissued?

Yes. Please call us at 1-888-228-9735 or email us at info@wellsfargocpipayments.com.

My legal name has changed since my check was issued. What information do you need from me?

If you need a check reissued because your legal name has changed, please complete the Payee Name Change Request Form and mail, email, or fax the completed form along with the documentation requested on the form.

Mail to:
Wells Fargo Auto
CPI Payment Program
PO Box 3145
Portland, OR 97208-3145
Email to:
info@wellsfargocpipayments.com

Fax to:
1-855-614-6141

Please call us at 1-888-228-9735 if you need a printed copy of the form. 

 

Examples of reason for name change
Examples of documentation to submit with the Payee Name Change form
Marriage
Copy of marriage certificate or copy of driver’s license/state issued ID.
Divorce
Copy of divorce decree stating you may resume the use of your maiden name or name confirmed by a court or copy of driver’s license/state issued ID.
Legal Name
Name change document confirmed by a court or copy of driver’s license/state issued ID.
Misspelled Name
Copy of driver’s license/state issued ID.

I received a check but the borrower is deceased. What do I do?

A representative for a deceased borrower may be able to cash a check made out to a deceased borrower, but you will need to verify specific rules and requirements with your financial institution. If the representative is unable to cash the check, please call us at 1-888-228-9735.

What is unclaimed property?

When a refund check remains uncashed for one year, the money will be considered abandoned or unclaimed. If Wells Fargo is unable to locate the owner of the refund or the owner does not cash the check, we must report the unclaimed funds to the appropriate state’s treasury department. As part of the escheatment process, the state will generally hold the unclaimed funds, however, the former account owner may make a claim to recover the funds. To obtain more information about escheated funds, you should contact your state’s treasury department.