Wells Fargo Auto CPI Payment Program


About CPI

Collateral Protection Insurance (CPI) is an insurance policy that protected borrowers and Wells Fargo when a borrower did not have their own comprehensive and collision auto insurance. If the borrower’s vehicle was involved in any type of incident that resulted in physical loss or damage, the borrower would have been responsible for the unpaid balance of the loan, if they did not have their own insurance or CPI. The cost of the CPI policy was passed on to the borrower.

It worked like this

When you financed your vehicle, your loan agreement with us required you to maintain Comprehensive and Collision Physical Damage Insurance that named Wells Fargo as “Loss Payee” or “Lienholder.” If we did not receive evidence of adequate insurance coverage, we purchased CPI to protect our interest in your vehicle. You were required to pay us for any period during which the insurance we purchased was in effect and you did not have coverage that met our requirements. The cost of the CPI premium may have been paid separately or added to the loan payment with interest. If we received evidence of adequate insurance coverage for some or all of the time that a CPI policy was in place on your account, we would cancel the CPI policy and refund the premium and interest for any unneeded CPI.

CPI payment refund

Wells Fargo conducted a review of our CPI program. We determined that we may have applied unnecessary CPI charges to some loans. We sincerely apologize for this error and we want to make things right.

If unnecessary CPI charges were applied to your loan, you may be eligible to receive a refund. We have reached out to impacted customers.

We’re here to help

If you have any questions, please call us at 1-888-228-9735, Monday – Friday, 8:00 a.m. to 8:00 p.m. Eastern Time. We accept all relay calls, including 711.