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I Have A Question About My Truck Loan

 
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Old 05-09-2012, 11:43 PM   #1
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I Have A Question About My Truck Loan


I called to make my usual almost late payment today. Made my payment and the lady told me to make sure I get my next payment in before the end of the month. I said I will try, but I'm not too worried about it. I only owe 750 bucks until it is paid off.

She then told me that June 5th is my "loan maturity date" and I should be up to date before it hits. Ok, I guess I get that, so I'll make my next payment, then I'll owe 500 bucks. Sounds normal.

Then she proceeds to tell me if I don't pay off the truck in total by June 5th, I will be charged a daily late fee until it is paid off. This I didn't get and proceeded to ask her why. She told me everyone does it that way. I asked if I make my May payment tomorrow, will I be totally up to date? She said yes.

I then asked her how I could be charged a late fee if I am as up to date as technically allowed? She told me that after "loan maturity" everyone charges a late fee because you agreed to pay off the loan by that date.

I figured that since I paid late every month maybe all the late fees accrued at the end? Nope, no late fees on my account. We went around and around until finally she just said.

"Well, go ahead and make May's payment and we will see what happens"

There was a slight language barrier, but is this normal? This means that I might never pay it off if I can't pay it off immediately.

I was with Fireside Finance and despite all the bad press they get/got, they always treated me very well. CPS bought them out and now they treat me like I have a long overdue debt that they are attempting to collect. I might have a few, but this ain't one of them.

Oh, and on top of that they called me earlier in the day to threaten me with repossession. I told them in my most kindest, sweetest voice, "I know you won't come and get it for the then 1,000 dollars left, so I am not worried". That always flusters them.

I've been in construction a long time, this ain't my first rodeo with a finance company.

Of course, I did make my payment today.

If you made it all the way to here, I apologize. Caffeine makes me type in long incoherent paragraphes.
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Old 05-10-2012, 07:27 AM   #2
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Re: I Have A Question About My Truck Loan


I have been dealing with Ally financial with my truck payments and i too am on my last payment. It was due April2nd but i just have not had the funds to pay the $511 that i owe. They call me every day, 5-7 times a day harassing me for money. Between my plow customers not paying me their final bill, not getting paid from my local municipality for a job i did so far, the phone not ringing and child support i am rather broke. They had the nerve to tell me i should ask friends or family for the money for my last payment. I go off on these people all the time that i try to pay my debts, i do not go ask for bailouts and i then harass them about when their company is going to pay back the US taxpayer all their bailout money!

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Old 05-10-2012, 08:12 AM   #3
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Re: I Have A Question About My Truck Loan


I wouldnt count on them not repoing, not in this day and age. In NM if you get a repo you have 10 days to pay the entire note due + repo fees (around $350)

As the lender if you do not pay they can then sell your vehicle.......that $ is theres and if there is a balance after that then they go after you in collections.


If you have a decent relationship with your bank you might try to get a loan to payoff the vehicle and do any repairs, put the title up. smaller payments monthly and helps the credit score alot more then the - of latepays or a repo.


Myself i got tired of the credit scam and started another checking act and use the debit card like a creditline. I have built it up almost triple initial amount in the last 3 years IE if I use $1000 in a slow time then I put back $1150 when things pick up or i finaly get paid on a job.
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Old 05-10-2012, 08:35 AM   #4
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Re: I Have A Question About My Truck Loan


Why don't you just pay it off today?
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Old 05-10-2012, 12:28 PM   #5
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Re: I Have A Question About My Truck Loan


I'm in the same boat as Woodchuck. It has been a very slow Winter. It is just now starting to pick up, but I need to keep some of what we have left, it isn't much, in order to operate until the cashflow picks up.

The frustrating part is that there is no way to not pay late fees unless I pay it off. I couldn't pay ahead unless I paid double payments, so how was I supposed to have it payed on time when their pay schedule puts it two months past the maturity date?

If it is a dollar a day late fee, I'll just live with it and pay it off next month when things pick up, but if it is 5 dollars a day, that would suck. On top of any credit dings it gives me. They can't tell me how much it is.
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Old 05-10-2012, 12:37 PM   #6
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Re: I Have A Question About My Truck Loan


I almost hate to bring this up but WHAT DOES YOUR CONTRACT SAY?
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Old 05-10-2012, 01:46 PM   #7
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Re: I Have A Question About My Truck Loan


VinylHanger,

If you have someone threatening to repo at the end, don't think they won't do it. I had a family member who had $500 left to pay it off. They repo'd it at 5am in the morning. They then had to pay the towing fee, storage fee, and you guessed it, the bank fee. You've already paid all the interest. It's their last dig.

If you don't pay them the fee's, they can then auction it off to pay off the balance and fees, and chances are your truck is worth more than $500, so guess who makes out?

That said I would definitely ask them to produce a document with your signature on it, that shows you agreed to it. FYI, if you intend to stay on the finance treadmill, make sure you initial and have them initial each page, and remember to get your copies. Without the initials, and if you don't have your copy to back it up, they can just print out whatever they want and attach the signature page to it.

Even if you have to get a PayDay loan to pay it off, do it... that fee is less than the repo and associated fees.

My biggest suggestion is to now take the money that you used for payments, and keep making payments into a separate savings account and keep doing it even if it hurts. When it come time to get a new truck, you have a trade-in and cash to do so. Buy the best truck you can with these and keep saving to your account. The best part is, you are now getting the interest from the bank instead of them getting it from you...

Best of luck... 8^)
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Old 05-10-2012, 06:07 PM   #8
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Re: I Have A Question About My Truck Loan


Quote:
Then she proceeds to tell me if I don't pay off the truck in total by June 5th, I will be charged a daily late fee until it is paid off. This I didn't get and proceeded to ask her why. She told me everyone does it that way.
I agree with Txgencon. Read your agreement. Saying that "everyone else does it" is not a substantial explanation.
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Old 05-10-2012, 06:20 PM   #9
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Re: I Have A Question About My Truck Loan


It's how they make their money from people that pay on time. Always pay more than the "minimum payment", otherwise they will screw you sideways and backwards...
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Old 05-10-2012, 07:04 PM   #10
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Re: I Have A Question About My Truck Loan


I had an issue with american general finance back in the late 90s on a truck, i paid on it for 3 years and wanted to get the lien off the title......they told me my balance was $4200. I went into LIVID mode, I bought the truck wholesale with a crate motor in the bed for $5800 paid 800 down and made 35 payments of $180 (6300) and should of only had 1 payment left according to my paperwork.

They had rewrote the contract and included all kinds of insurances Life, health, blah blah amounting to 75% of the payment going to ins......thing is I never signed for any of it AGF got sued for doing that stuff to alot of people

So it might be worth a look and make sure they didnt add anything to your contract after you signed it like fees, taxes, or ins.
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Old 05-10-2012, 07:12 PM   #11
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Re: I Have A Question About My Truck Loan


In glad I've already learned that loans are the devil, especially after these stories.
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Old 05-10-2012, 07:36 PM   #12
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Re: I Have A Question About My Truck Loan


Kinda had a similar situation when I paid off my first loan for a truck.

Times were good when I took the truck off the lot but kids, bills, ex wife(wife at the time), took a toll on my finances. The bank would send out coupons for skipping a payment for a month and I used the coupons twice in the life of the loan. It was my understanding that those "skipped payments" would move to the back of the loan and I would pay them then. Not the case!

When the maturity date came along the payments that were skipped were not moved but added to the last payment. So I had a last payment and two whole month payments to make before the loan was closed and they too were going to charge me if I did not make that huge final payment. It was over $1000.

I don't remember how but I got the money. I was very nervous. I thought I was going the be excited about paying off my first loan for a truck but instead I was freaking out.

So I guess the answer is yes, it is common........f**king banks!!
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Old 05-10-2012, 09:04 PM   #13
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Re: I Have A Question About My Truck Loan


I agree that if you can pay it do it, they do not have to give you the option of paying the tow bill and bank fee to get it back. If they choose to they can send your truck right to auction, keep the money themselves and send your final balance to collections. Things got tight for last spring same as this yr except last yr i had two truck payments. I got a call from Ally stating i had to make a payment or they were going to repo, i set up a payment for that day. The problem was they set me up, the woman asked me how much i wanted to pay and i stated my normal payment. She said fine and gave me my authorization number. That Sunday a tow truck backs in and hooks up. Things were real tense between the driver and i, he was a former Marine and i being a former Corrections Officer it was quite a sight to see us toe to toe in the street. I calmed down and handed over the keys but stated the truck was not to be driven and i wrote down the mileage. We later found out through conversation that we were both carrying our sidearms and that we both were big into diesels.

Anyway, i went and paid everything owed along with fee's after getting approval from Ally to "buy" my truck back. I went round and round with Ally and made them go through the phone records. Turns out from the tow truck driver Ally was playing a game by putting in the wrong payment so they would get their money, the vehicle would still get repoed due to lack of payment "full payment" and they would again make money off the consumer with extra bank fee's. The phone records showed i stated to make the normal monthly payment and the Ally rep ok'd it. But she in turn took a payment $40 short of the normal payment so it still showed me being late that monthly payment. Just another game the banks can play to get more money out of you and it is out of your control. I know they would love to get my truck back. I only owe $511 on a truck that still books for $20k.
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Old 05-10-2012, 10:40 PM   #14
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Re: I Have A Question About My Truck Loan


My truck is a 1996 Chevy crew cab dually with a funky transmission. If I didn't like it so much I might tell them to come get it just to call their bluff.

On a serious note, I should be getting a couple nice jobs signed in the next few days. After hearing your story... I will be paying it off before the jobs start. I may have to eat beans until they are done, but it looks like it will be worth it.

Of course, last time I payed off a work truck, it had a major break down the next day. I'm a bit paranoid.


"When the maturity date came along the payments that were skipped were not moved but added to the last payment. So I had a last payment and two whole month payments to make before the loan was closed and they too were going to charge me if I did not make that huge final payment. It was over $1000."

This must be what happened. Which is fine, but I wish they could explain it.
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Last edited by VinylHanger; 05-10-2012 at 10:43 PM.
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Old 05-11-2012, 01:08 PM   #15
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Re: I Have A Question About My Truck Loan


Several years ago, I called bank of america for the payoff on my work van. I was in the branch office at that time. I walked to the counter and paid the note off, early. Then I got a letter from b of a telling me I had a past due balance and interest and penalty charges would be added. I had the person wait while I got the copy of hte check and my notes, who I talked to, the receipt for the payment. Then we talked about my notes made in the bank lobby, the amount of the check I wrote and and why the even though the check was posted that day, why was the loan not credited for hte payment for several days. I won, they lost. Lying bass droppings.

At one time I serviced the fire extinguishers for 4 b of A offices. They were 60 to 90 late every time I got a check. I dropped them.
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Old 05-11-2012, 01:29 PM   #16
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Re: I Have A Question About My Truck Loan


I've got a brother in law who is a bank president, and his attitude is that everything that is financed by his bank belongs to HIM until it is paid for completely. Just about all the laws are in his favor. Nothing personal, all business. He doesn't owe any favors, and will start the repo first chance he gets.
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Old 05-16-2012, 08:38 PM   #17
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Re: I Have A Question About My Truck Loan


It makes sense I guess.
Think of it this way. You are contracted through your bank or finance company to fulfill your obligation to pay off your vehicle weather it be a 3,4, or 5 year loan. The loan is said to be paid off on a specific date. Although you are given a grace period it won't apply for a FINAL PAYMENT DATE.

I've never waited for a final payment for a vehicle loan so never experianced that before. My last truck was a 5 year loan and just made $3K payments every few months. When the ballance was down to $5K paid it off in full. That truck was paid off 2 years early.

No vehicle payments or credit card payments in over 2 years, it's a nice feeling! Now to get the primary house paid for (3 years in house less than 13 years left).
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Old 05-16-2012, 08:41 PM   #18
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Re: I Have A Question About My Truck Loan


Quote:
Originally Posted by fireguy View Post
Several years ago, I called bank of america for the payoff on my work van. I was in the branch office at that time. I walked to the counter and paid the note off, early. Then I got a letter from b of a telling me I had a past due balance and interest and penalty charges would be added. I had the person wait while I got the copy of hte check and my notes, who I talked to, the receipt for the payment. Then we talked about my notes made in the bank lobby, the amount of the check I wrote and and why the even though the check was posted that day, why was the loan not credited for hte payment for several days. I won, they lost. Lying bass droppings.

At one time I serviced the fire extinguishers for 4 b of A offices. They were 60 to 90 late every time I got a check. I dropped them.
After my original mortgage company got shut down by the feds the loan was forced upon bank of america. They lost a payment and performed collection calls several times a week for 8 months. In the meantime they were holding $8K in escrow funds on my house. Now it turns out there's a class action law suit for this very thing. Typicaly I don't jump on that band wagon for such a small payout but this one I'm going to for sure!!!

Not sure who's worse wells or boa???
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Old 05-17-2012, 12:18 AM   #19
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Re: I Have A Question About My Truck Loan


When wells took over 1st interstate many years back, my in-laws had an account there. Wells lost the account info which cost them 1,400 dollars. That was all they had and it was the mortgage, utilities and everything else.

They looked through their books and admitted that they made a mistake. They also said that there was nothing they could do to fix it and my in-laws would just have to be out 1,400 dollars.

Needless to say, we have never been back.
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Old 05-17-2012, 10:05 PM   #20
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Re: I Have A Question About My Truck Loan


Called Ally financial today, been getting harassed by 5-10 calls a day so i finally got enough money to make my last payment. 3 weeks ago my payoff was $511 and they threatened me that if i did not pay it right away that they were going to add another $120 late charge. I said whatever at the time, if your broke your broke, threats do not put money in your account. So today i play a smuck on the phone being a total jerk since i am tired of dealing with these people, i ask for my payoff amount and it is now $480. Hmmm, i ask why it dropped and the camel jockey had no clue of why so i authorized my payment. I asked again if this was the total owed and if the account would be paid in full clear of any debt and he stated yes. So now my truck is finally paid off and one less headache every month. Now i will be calling them 5-10 times a day looking for my lien release.

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