Frequently Asked Questions Privacy and Security

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  • 7 am – 9 pm CT
  • 8 am – 10 pm ET

  • Saturday
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  • 8 am – 2 pm CT
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Loan Term Questions

What is a loan term?
The period of time specified in the promissory note for a borrower to pay back a loan (disclosed in months).

What is the amount financed (Loan Amount)?
(1) The sale price of a vehicle less the down payment and trade-in, plus additional charges for services, warranties, and insurance (2) the amount of money subject to finance charges and (3) or the amount of credit provided to the customer on his/her behalf.

What are monthly payments?
This is the estimated payment amount that is due each month for the term of the loan contract.

What are total payments?
This is the estimated amount that you will pay for the vehicle based on the original terms of the loan. This amount assumes that you pay the minimum monthly payment required and does not include any late fees.

What does "Offer Expires On" mean?
This is the final day for you to accept the current offer. If this date has expired, you may call us at 888-937-1355 to review your loan options.

What is APR?
The annual percentage rate (APR) is a standard way of expressing the annual cost of credit that enables you to compare competing offers. The method of calculating an APR is specified in federal law and regulations.

What is a simple interest loan?
Simple Interest is a method of allocating monthly loan payments between interest and principal. The amount of your payment allocated to interest is calculated based on your unpaid principal balance, the interest rate on your loan, and the number of days since your last payment. For example, if we receive a payment and it has been 29 days since your last payment, then you will be charged 29 days of interest on the unpaid principal balance of your loan. The remainder of your payment is credited to principal and reduces the unpaid principal balance on your loan.

What is loan-to-value (LTV)? 
The amount financed divided by the value of the vehicle.

Where do I find the correct VIN (vehicle identification number?)
The VIN is listed on the Registration or Title as well as on the vehicle.

What is the vehicle mileage?
The current odometer reading on the vehicle.

What are vehicle options? 
Vehicle options on your vehicle may include sunroof, A/C, leather seats, tow package, etc.

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Document Related Questions

What is a Note and Security Agreement?
A retail installment contract (or Note and Security Agreement) is an agreement between the customer and a financial lender to finance the purchase or refinance of a vehicle that will be used to secure a loan. The customer agrees to repay the borrowed amount plus interest in periodic payments over a specified time period. The lender (or its assignee) takes a security interest in the vehicle under a retail installment contract. While the customer is the legal owner, the lender (or its assignee) must be the first lienholder on the vehicle.

What is an Authorization for Payoff?
This document is sent to your previous lienholder with our payoff check and authorizes the release of the title to Wells Fargo Auto.

What is a Title Application?
A document that is used to request an updated title (in the buyer's name) from the appropriate state agency.

What is a Power of Attorney?
A document that is used by Wells Fargo Auto to complete your title transfer or perfect the lien. This document allows us to sign on your behalf and complete the process.

What is a Bill of Sale (must be signed by both seller and buyer)?
A document that describes the details of the vehicle sale (e.g., buyer, seller, vehicle information, sale price)

What is an Odometer Disclosure?
A document used to disclose the vehicle mileage at the time of sale or transfer.

How do I return the loan documents to Wells Fargo Auto?
Your loan package will include a prepaid return label for FedEx. Once you have fully completed and signed your loan package, place the required documents into a FedEx envelope and place the label on the outside. You may then drop the package in any FedEx drop box. To locate the nearest drop box, you may call 800-GOFEDEX or visit

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Stipulations - Related Terms

Copy of Your Current Insurance Policy
A copy of your current insurance card or policy, showing your name, the amount of insurance coverage, as well the effective coverage dates of the policy.

Proof of Income
Computer-generated paycheck stub (showing payee name, Social Security number, and YTD earnings) issued within the last 45 days, prior tax returns if self-employed, or other documentation if non-employment income.

Proof of Residence
Any of the following (issued within the last 45 days):

  • Current utility bill (phone, gas, electricity, water, cable)
  • Current paycheck stub (showing your home address)
  • Current insurance card (showing your home address)

Copy of Your State Emissions/Smog Certificate
An official smog or emissions certificate from the testing agency.

Copy of Your State Vehicle Inspection
An official inspection certificate from the testing agency.

Copy of Your Valid Driver's License
A photocopy of your (or the co-applicant if applicable) state issued driver's license.

The Original Title from the State Titling Agency
This is the original paper title issued to you by the state titling agency (e.g. DMV, MVD)

Copy of Your Current Vehicle Registration
A photocopy of the most current vehicle registration issued by the state vehicle agency (e.g. DMV, MVD). Must be valid for at least 60 days from the loan date.

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