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Chase Bank - Auto Loan Payoff
Complaint
Review by afvegas on 2013-03-03
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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.
Financial advisors highly recommend making additional loan payments toward the principal, with Chase, there is no early pay-off penalty, just a late fee.
Comments:
Posted by trmn8r on 2013-03-03:
Oh, I see now. For whatever reason, your first "payment" was going to be paying the loan off entirely.
You say that their rules makes no [] sense, but what was the actual explanation for the late fee and taking the position that the payment was not received?
You say that their rules makes no [] sense, but what was the actual explanation for the late fee and taking the position that the payment was not received?
Posted by DebtorBasher on 2013-03-03:
Dispute this with them, send them your proof that the payment was posted on the 11th. But, don't be surprised if they posted it AFTER the time of day that it was due. For example, if they say it was due on 2/11 by 3pm...they may have posted it after 3pm and considered it late. Yes, they WILL do that!
I worked for Chase and as I advise everyone...if you have ANYTHING with the name CHASE on it...be it your mortgage, car, credit or banking...get rid of it as fast as you can and RUN...RUN...RUN as far away from Chase as you can and never look back!
I worked for Chase and as I advise everyone...if you have ANYTHING with the name CHASE on it...be it your mortgage, car, credit or banking...get rid of it as fast as you can and RUN...RUN...RUN as far away from Chase as you can and never look back!
Posted by DebtorBasher on 2013-03-03:
Ok, now that I read 8er, 8er, my 8er's comment, I realize they told you it wasn't received at all...so, it wasn't the case of them having it and posting it later that day. So, send them the proof you have that it was posted and dispute the late fees and tell them to report it to your credit report as 'PIF' and 'Never Late'.
Posted by Jeff on 2013-03-03:
Apparently, people on this site like to pick on posters. Rather than give any reasonable help, they would rather argue with the poster. I for one, think that Chase probably purposely "misplaced" the check in hopes to maximize their profits from you, since paying it completely off defeats their purpose of making money from interest off of you. Good review.
Posted by DebtorBasher on 2013-03-03:
Jeff...I'm not seeing where anyone is picking on the poster. 8er asked the poster a legit question, and I advised them to drop Chase because I worked for them and I know what goes on behind the scenes when it comes to their customers and it isn't a pretty picture.
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