Auto
Auto

Why didn’t my auto loan payment decrease after a refund was applied to my account?

The monthly loan payment is calculated from the terms in the original loan agreement. Your loan agreement is not rewritten because of the refund, so your payment does not change. The refund is applied to your current principal loan balance which means you have less money to pay back. This may reduce the amount of interest you pay and it may help you pay your loan off more quickly than the original term.

The monthly loan payment is calculated from the terms in the original loan agreement. Your loan agreement is not rewritten because of the refund, so your payment does not change. The refund is applied to your current principal loan balance which means you have less money to pay back. This may reduce the amount of interest you pay and it may help you pay your loan off more quickly than the original term.

Download icon
Good-bye clutter…
hello convenience
With eStatements, you can view, download, or print only what you need
Together We'll Go Far Logo

Wells Fargo Auto is a division of Wells Fargo Bank, N.A. Member FDIC and Equal Credit Opportunity Lender.
© 2019 Wells Fargo Bank, N.A. All rights reserved.