Chase Bank - Auto Loan Payoff
GARDEN CITY, OREGON -- My first auto loan payment was due 2/11/2013. I sent Chase a check for $29,000 which arrived on 2/9/2013 and was posted by Chase on 2/11/2013. In the past, 18 days, I have received 2 letters and conducted 2 phone calls because Chase said NO PAYMENT had been received and a $17.97 late fee had been assessed. How can this be? In this case, Chase's rules of handling & managing financial transactions make no economic sense. It appears the goal is to maximize revenue from the enforcement of fees.
Financial advisors highly recommend making additional loan payments toward the principal, with Chase, there is no early pay-off penalty, just a late fee.