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Terre Haute First Financial Complaint - Auto Loan Late Fees When Your Not Late

Review by ICweaner on 2009-03-27
TERRE HAUTE, INDIANA -- The last 2 months I have made my vehicle payment in the grace period and thats up to the 14th of the month, I made the payment on the 13th of Feb 09 and received a letter telling me I owed late payment fee and showed the payment being posted on Monday. When I questioned the late fees I was told that Saturday did not count because it wasn't a business day. If a back takes your payment on a Saturday they should not be able to charge you.

If you get 10 days grace it maybe should be 10 business days. I think this is another way back screw people with extra charges.
Comments:2 Replies - Latest reply on 2009-03-27
Posted by Anonymous on 2009-03-27:
The term of the grace period (calendar or business days) is spelled out in your original loan documents. If a payment is received on a Saturday, it may not be posted until the following Monday or Tuesday (if Monday is a holiday). Some loans have a 'pay this (higher) amount after xxx date' printed in the coupon book (if the customer gets one).
Posted by Principissa on 2009-03-27:
I don't know of any financial institution that considers Saturday or Sunday a business day. The same rules apply to deposits as well. If you make a deposit or payment on a Saturday or Sunday, it will NOT be processed until the following business day as long as it is NOT a holiday. The late fees are valid, it sucks yes, but unfortunately you have to pay them because technically you were late. I'm sure all of that is spelled out in the contract you signed for the loan.

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