After a series of scandals, Wells Fargo has restructured its auto business and is looking to turn over a new leaf with consumers and dealers.
In 2016, the bank was accused of opening bank accounts for people who didn't exist. In 2017, it was in hot water for overcharging hundreds of business clients. And last year, Wells Fargo's auto business was under scrutiny. The lender paid $1 billion — the largest fine ever levied by the Consumer Financial Protection Bureau — after the CFPB found the mandatory insurance program attached to the lender's auto loans to be a violation of the Consumer Financial Protection Act.
Wells Fargo began pulling back on auto loan originations in 2016, but as of the third quarter of 2018, the bank started boosting its auto originations.