Hello all,
So i was fortunate enough to get a new car. I traded my old car which the dealership gave me about $500 more than I owed. My old finance company AAC (automobile acceptance corp) was a last resort because i had some credit issues. OMG how much i regret it, , hindsight is 20/20. No grace period on the loan payment, (really they were calling me or my job the afternoon my payment was due ). I Paid them on time every month for the last 2 1/2 years, well minus the two times I was one day late. Anyhow i traded my car about 5 days before my payment was due, when the dealership called for the payout, the person in the phone wanted to speak with me, i verified my info said it was ok to give them the payout, then the woman on the phone actually asked the salesperson how were they gonna give me a carloan when i dont have a job (i told my AAC, I wasnt working when i switched jobs because i didnt want them calling) the salesperson said. WOW she never encountered such a thing. Anyhow fast forward, i called AAC told them i traded the car so they should see a payout in the next few days, well the day my payment was due they called me, and everyday since that (its about 5 days after the payment was due) I went to the dealership to confirm the deal was done and everything was good, which they confirmed. I offer AAC to pay the per diem interest for a few days til they receive the payout and they said No, i know i am still their customer until they receive the payout, what should i do, should I pay the note? Even though i know these underhanded folks would find a way the keep the excess amount once they get the payout check.
Im thumb typing from my phone excuse the errors....
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Congrats on your new car.
That was against the law. Creditors can't talk to each other directly about a consumer.
The dealer can't get clear title to your old car to sell it without paying it off fully, so it's in their interest for the payoff to go through promptly. Payoffs are always quoted for some date in the future to account for additional interest that accumulates while the payoff is in transit.
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They can't really do anything until you are 30 days delinquent, so let the calls go to voicemail. Maybe look at it as a benefit... once the calls stop you'll know the payoff posted.