What is CPI? Why was it required?
Collateral Protection Insurance (CPI) protected borrowers and Wells Fargo when a borrower did not have their own comprehensive and collision 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. If a borrower did not purchase or maintain physical damage insurance for the vehicle, the loan agreement typically 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. 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.
Can I stop making payments on my loan?
You need to continue making payments on your loan, unless notified otherwise. Participation in the CPI 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.
When can I expect to receive my refund?
Checks will be issued for customers who respond with eligible insurance information. We are not able to provide a more specific timeframe for mailing out checks or decision letters.
Where can I check the status of my refund?
Please call us at 1-888-228-9735.
Can I get my check reissued?
Yes. Please call us at 1-888-228-9735.
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 call us at 1-888-228-9735. You may be required to provide documentation by mail or electronically before we reissue a check.
| Examples of reason for name change | Examples of documentation to submit |
|---|---|
| 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.
