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Living Car Free Do you live car free or car light? Do you prefer to use alternative transportation (bicycles, walking, other human-powered or public transportation) for everyday activities whenever possible? Discuss your lifestyle here.

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Old 05-08-10, 11:05 AM   #1
BadBoy10
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Car Finance Company Woes! Car Free Soon

I have a car. Never late. Usually overpay. Recently, the company was sold. I received notification only because I logged on to the website and the company info changed. I made the payment and thought no more about it.

Three days ago, I received at least 10 calls. After work, I returned the call. It is the "new car company." Apparently, I owe $1800+ in car payments. For months someone else's car payments were made to my account. Those payments were rescinded. I have print statements from the company stating my next payment was not due until August and I was current. They are now accusing me of intentionally not making payments. Apparently, the error was just noticed within the last month. Noone called and the rescind of payments now has me grossly overdue. Even though I have been making payments all along. The bottom line: I dont have $1800. I have contacted my bank and have an appointment for them to do "research" on all of my payments. The new car company's contention is that I should have known I wasnt making the payments when the balance was decreasing and I should have called them.


Truthfully, I just pay the bill. I rarely look at the balance, or payment history. I never keep bank statements, or print them out, or get confirmation numbers, or keep records of payments. I am totally paperless in all of my bills. I do have a recent print statement from the new company stating I was current. When I pay my bills, I click the website, make the payment, see when the next payment is due and log off. When I went to the website, it would state--my next payment was not due for some time because of my consistent overpay.
My credit in has tanked from 700 to 510. I will never finance another car. I have no plans to ever own a home. I only have a checking account because my careers demand direct deposit.

Apparently, quite soon I will be car free because the car is going to be repossessed.

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Old 05-08-10, 12:04 PM   #2
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So are you complaining, celebrating or asking for advice about getting along without a car?

Seriously, this could be one of the best things that ever happened to you--you ditch your car and yoou learn to pay a little closer attention to your finances.
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Old 05-08-10, 12:19 PM   #3
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What do you think? Smart guy. Figure it out. Do you always have to be so rude oh yeah-- your name.
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Old 05-08-10, 12:27 PM   #4
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What do you think? Smart guy. Figure it out. Do you always have to be so rude oh yeah-- your name.
Sorry--I didn't mean to be smart or rude. I just wondered what kind of response you are looking for, since it wasn't clear to me from the OP. And I was perfectly serious when I said it could turn out to be a good thing for you. At least I hope it will turn out for the better, once you've had some time to deal with the shock.

And why do you have to be so bad all the time? Oh yeah....

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Old 05-08-10, 03:15 PM   #5
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The story is a bit confusing. If you have been making payments from your checking account to the car finance company, If someone was making payments to your account, it is likely you were paying off someone else's account.

Sounds like pretty bad accounting.

You bank should have records and this will help you if you need to take it to court.
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Old 05-08-10, 04:50 PM   #6
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LOL@Roody. you are forgiven--

Yes, I am confused. I was making payments. My payments were often overpayments. In the meantime, 3 payments were made totaling 1800. They were credited to my account but pulled from someone's else's checking account.

The car company wants me to pay the charges, interest, plus overdue payments and blame me.

I dont understand how 3 payments were made to the wrong account from the a different checking account in a 6 day time frame.

I do not have nor am I going to pay the money they are requesting. They can come get the car as far as I am concerned. Its their fault. I never noticed the error because my statements said I was way more than current and my next payment wasn't due until August. Since I overpay anyway, I thought nothing of it.

I just find it interesting how often banks and credit card companies have so many errors and when they find it they blame the consumer.
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Old 05-08-10, 06:42 PM   #7
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BadBoy, you probably can't afford a lawyer, which is another way finance companies get you--they have a thousand lawyers and they know most of their customers can't even afford one. but many lawyers will give you a free consultation, and they will write a letter for maybe $75 to $100. Or find a consumer protection organiztion. You would probably be covered by the new laws, but I don't think they've gone into effect yet.

Could you sell the car for more than you owe? Would that be an option?

Obviously I know very little about auto financing--I'm just trying to think of some options that you can research. Doing nothing might lose you a lot of money, and it might adversely affect your credit rating. Now, if you do lose the car--I (and many others here) can give lots of great advice about how to survive and even thrive.
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Old 05-08-10, 06:56 PM   #8
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I'm still confused. The OP made payments but where did the funds go?? I'm concerned because once the car is sold, he will have alot of money left to pay! The auto company is insured so they don't lose out. However, the collectors will forever be after the OP to pay the rest of the money

The dealer is claiming the OP did not pay a dime and the electronic funds were not extracted from his account but from someone else's? This is strange.
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Old 05-08-10, 06:59 PM   #9
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The OP gave all of us another reason why we need to remain car free. Over the years, millions have gone bankrupt because of car loans. Even though the OP has no intention of buying a car or a house, bad credit history can effect his abiltiy to find a new or better paying job!
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Old 05-08-10, 07:44 PM   #10
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I guess there are a dozen reasons why it's okay to use credit, but in my mind there's one big reason not to: borrowing money from other people gives them power over you.
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Old 05-08-10, 07:46 PM   #11
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Your bank will keep your electronic records for one year. If the problem happened within the last year and you made payments every month, just show the company your records. Tell them to straighten it out. In addition you must require that they post a note to the credit bureaus stating their mistake and that you did make all of your payments. If they refuse you can get a lawyer and sue them. A contingency lawyer might take the case if you can show him proof you made the payments. Lawyers won't take contingency cases unless they are sure they can win. Otherwise they charge an up front fee of several thousand dollars just to take the case.

The attorney can also get an injunction against any repossession orders.

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Old 05-08-10, 08:13 PM   #12
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BB10, set up camp at your bank -- their records will help you resolve this. Not only will they have the transaction records of when you made all these payments, they will have the canceled checks! So let the car company coma and get the car -- they'll also try to come and sue you for any shortfall, at which time you can countersue, bring all those records, and "become part owner" of the car company that's trying to screw you.
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Old 05-08-10, 08:46 PM   #13
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The OP gave all of us another reason why we need to remain car free. Over the years, millions have gone bankrupt because of car loans. Even though the OP has no intention of buying a car or a house, bad credit history can effect his abiltiy to find a new or better paying job!
Baloney. The reason people go bankrupt on car loans is because they are irresponsible right at the start, often over-extending themselves financially, or not plannning ahead enough to take into account contingencies because of changes in circumstances. Millions of people have successfully paid off their car loans and everyone is happy.

Your argument is like saying millions of people have gone bankrupt because of housing mortgages or business loans, and I bet you aren't advocating everyone use that as a reason to go house-free or never go into business.
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Old 05-09-10, 09:25 AM   #14
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I think that as long as you have documentation that you have been faithfully paying the amount specified originally in your contract, a talk with people of sufficient authority will resolve all.
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Old 05-09-10, 10:26 AM   #15
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I'm still confused. The OP made payments but where did the funds go?? I'm concerned because once the car is sold, he will have alot of money left to pay! The auto company is insured so they don't lose out. However, the collectors will forever be after the OP to pay the rest of the money

The dealer is claiming the OP did not pay a dime and the electronic funds were not extracted from his account but from someone else's? This is strange.
Very strange. My sense is that the OP is not telling everything or he is as confused as his payment history (or lack of such.)
"Truthfully, I just pay the bill. I rarely look at the balance, or payment history. I never keep bank statements, or print them out, or get confirmation numbers, or keep records of payments. I am totally paperless in all of my bills."

How/why exactly did an alleged college grad "just pay the bills" and have/keep no records of it? I smell an attempted scam outed by the finance company.

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Old 05-09-10, 03:51 PM   #16
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ILTB might be right here, unless this is the finance company is a total disaster. Does this finance company have a name?
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Old 05-10-10, 06:01 PM   #17
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Dear EVERYONE:

Thank you for your responses. Yes, I am faxing my final correspondence to them to day. I will be contacting an attorney. Please be careful with online banking especially with company's that store your checking account information.

Dear I Like To Bike:

You are wrong. There is no scam. I have not left anything out. I have told as much as I know. Frankly, the company has not revealed very much. I have no interest in screwing up my credit unnecessarily. In any event, apparently, you did not read my post. An error on their part --apparently is my fault. This is what I resent. This company called me kvetching quite nastily about something that is their fault. They have not acknowledged fault. Nor has anyone in management called to offer or an apology or explanation. They have demanded I pay $1800, $1600 etc.

AGAIN-RECAP

EVERY month I overpay. The payment is $369. I pay $400-700 depending. I click on Pay Bill. I make the payment (debited via my checking account) and I log out. Yes, I am a college graduate. I fail to see the relationship between this issue and my academic scholarship. No, I never bothered to view the payment history. As long as the balance was decreasing--and it did.

There apparently was a merger. I never received notification. I went to my old company's website and there was a new company logo prompting a log in. I logged in and paid what the stated payment for this month and clicked out. The new company is Santander Consumer. I NEVER had a problem with the other company. The other company was completely paperless. In three years. There was never an issue.

Last week, I received a call. The call contradicted the paper statement I recently received from the new company. Santander claims in a small time frame THREE separate payments were made to my account from someone else's checking account. Apparently, the person called in and the payments to my account were rescinded. In the meantime, I am now supposedly 52 days late.

The scam is this company hires village idiots to do their billing. I do not understand how someone can make the same mistake three times in such a small time frame. I also do not understand how they claim to now be paperless and cannot provide my three year payment history. I also am unclear how someone making payments to via their checking account provides my account number three times. Or vice versa, how does a customer service rep make the same mistake three times?

If they come and pick up the car. So be it. I am not paying via online banking ever again.
I am getting more lights put on my BadBoy Cannondale and preparing for the inevitable.

It is what it is.

This post was to really let consumers know to be careful of online bill pay and to reiterate the importance of paying cash. And to chronicle my advent into car freedom.

Not sure how your mind has developed scam because I am unclear why I would jeopardize my careers (teacher/librarian) to pay bills out of someone else's bank account. I guess it happens but I haven't the time or inclination to do such a thing.
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Old 05-10-10, 07:42 PM   #18
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If you paid the finance company from YOUR own checking account, electronically or by paper check, YOUR bank would be able to document such payments and who received the payment, electronic or otherwise. If YOUR bank has no record of YOUR alleged payments from YOUR account, there isn't anyone who is going to believe your story of on line payments discrepancies or your excuse that it must be somebody else's fault that you never (or are incapable) of keeping track of YOUR own checking account. If balancing/reconciling a checking account is too difficult I suggest you have somebody competent handle your finances.
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Old 05-11-10, 07:01 AM   #19
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One thing to note, you say ou log in to the loan company web site and pay, don't do it that way, always pay through your bank's bill pay, i.e. push the payment from your bank to them rather than let somone pull from you. If there is ever a problem your bank will be on your side and can send proof of payment to whomever you were paying. If you let the other company pull from your account its a lot harder to show proof since all you have then is the account register and those pulls are no differnet than any other pull such as from an ATM or resturaunt. Its also a lot easier for those companies to put in fine print allowing them to make recurring debits and such if you allow them to pull one.
Something I learned recently too, don't finance though a bank, go find a credit union. Banks looked ay my perfect credit score and approved me for Mercedes/Lexus loan numbers then when they found out I was buying an older used truck denied the loan. A credit union is usually non profit so they are happy to take just about anything.
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Old 05-11-10, 07:14 AM   #20
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*sigh* Dear Dear I Like to Bike: *sigh* Again, the post was really about the dangers of online banking, car finance companies (how in a company merger--billing problems can occur and the consumer is blamed). And if you are car free how blessed you are not to worry about such things. The post was not intended for you to use (as you usually do) this as an opportunity to kvetch about your perception of my financial acumen. I cant confuse you with the facts. I never said I made the payments. I said the payments were made in error and in the interim of the company merger my account became delinquent. But hereagagain, you insist on making this personal. But I have read many of your posts--you are typically critical and quite self-righteous and nasty. For no other reason than I guess because you can. I know you are perfect. So it is well. Like identity theft until it happens to you--it is quite easy to judge
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Old 05-11-10, 08:45 AM   #21
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Wait a minute,this isn't a danger of online banking, online banking is much safer than paper bills and checks being mailed. This is a danger of allowing another company access to pull from your checking account, this can be online or offline, via filling your account into into a piece of paper and mailing it. You can have the same issue with the electric company, gas company, etc. I had to fill out (offline paper) to allow my son's preschool to withdraw from my checking account so the same danger lurks there as well, which is why I prepaid next year so I'm not authorizing them to make a debit.
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Old 05-11-10, 09:47 AM   #22
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Wait a minute,this isn't a danger of online banking, online banking is much safer than paper bills and checks being mailed. This is a danger of allowing another company access to pull from your checking account, this can be online or offline, via filling your account into into a piece of paper and mailing it. You can have the same issue with the electric company, gas company, etc. I had to fill out (offline paper) to allow my son's preschool to withdraw from my checking account so the same danger lurks there as well, which is why I prepaid next year so I'm not authorizing them to make a debit.
I agree 100%
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Old 05-11-10, 03:20 PM   #23
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Paying bills online via your checking account IS online banking.
It is not 100% safe. Nothing involving online is 100% safe.
You are of course entitled to continue to think so but I ------

I do not agree.
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Old 05-11-10, 03:30 PM   #24
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What you did wasn't truly online banking, if you paid the bill via your bank it would be, i.e. push the payment from your bank to the car loan, going the other way isn't, its like hanging your checking account number to the person at mcdonalds. I'll agree that the method you used is unsafe.
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Old 05-11-10, 03:36 PM   #25
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Wait a minute,this isn't a danger of online banking, online banking is much safer than paper bills and checks being mailed. This is a danger of allowing another company access to pull from your checking account, this can be online or offline, via filling your account into into a piece of paper and mailing it.
No I think this "danger" was of a person thinking that mistaken payments made into his own account from someone else will never be corrected and getting bent out of shape when presented with the bill that he should have been paying all along.

No one stole the OP's identity, he was "borrowing" someone else's account/identity as long as their paymentswere mistakenly being credited to his account.

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