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Chase Auto Finance / overdrafts, payoff

1 United States Review updated:

I purchased a Chevy Equinox in September of 2006. The loan company is Chase Auto Finance. Each month I had an automatic debit from my checking account for the payment which was on the thirteenth of the month. On November 12, 2007, I called Chase Auto Finance to ask them what the amount would be for a payoff. I told them that I had the check in my possession and that I would send it promptly. The check was for more than was owed and they would have to refund me money. I received two notices from my bank that they had tried to take the money out of the account and they overdrafted my account not once, but twice. I immediately called Chase and they told me that my car was payed off. I told them I knew that, because I had sent the check and that I had received the return sheet from the post office that they had received it. The check for the payoff was written out for the thirteenth of November and they received the payoff on the 18th of November, they charged me 9 dollars for each day that it was supposedly late also the payment for the month, plus a overdraft fee for them plus the two overdrafts to my account. The payoff was not posted by them until the 27th of November, I asked her why it took them over a week and she promptly told me that there was a holiday and that the dept. that handles that might have been closed. I asked her, this is a major bank and you are telling me that a whole dept. closed for an entire week because of a holiday? , and her reply was they might have been. Now they want me to fax them my bank statements showing that they had overdrawn my account and that this will take about 7 business days to complete. So in final draft, they owe me the money for the overdrafts, they owe me the 9 dollars for each day they claim I was late, and they owe me the money for the over amount which I sent them.

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  • Le
      4th of May, 2008
    0 Votes

    Well first off, seeing as though “Thanksgiving” is a major American holiday (not sure what country your from) and most, if not all financial institutions are closed on national holidays. So yes, I can understand the WHOLE department being closed because of a holiday, that most Americans enjoy spending time with their families on (you seem a little heartless). Now, you mentioned earlier that you were set up on automatic payments and that its deduction was every 13th of the month. Keep in mind that nowhere in your complaint did you mention you requesting the auto debit to be cancelled because you were paying the vehicle off. So if the auto debit continued to withdraw from your account and the fund weren’t available, then yes you would be charged overdraft fees from your bank and NSF fee from Chase bank as well. Now as for the $9 a day charges, I would imagine that is the per diem for your auto loan, it’s considered a standard among auto loans, and would be stated in your contact agreement. It usually accrues daily once your payment becomes late, so if you were mailing the payoff check to Chase (after your payment due date) you should of thought of the time it would take for a mailed payment to post, especially considering its an American HOLIDAY SEASON, and the BUSIEST TIME of the year for mail services. As my closing remark to you complainers, you shot yourself in the foot with that one.

  • An
      29th of Oct, 2008
    0 Votes

    I completely understand and relate to how all of you feel about Chase Auto, as I to have been swindled. Pleas ehelp me if you can. My story is that, on 7/11/06, I purchased a 2004 Mitsubushi through Chase Auto Finance which included a vehicle Vehicle Service Contract [ for $2000]that was subsequently cancelled on 7/12/06 because I learned my car was still under factory warranty. I was told by the dealer, Quirk Pre- Owned [ who are also full of **it. ]at the time of cancellation that the contract it self would not change however an adjustment would be made by the lien holder, Chase Auto Finance.
    Prior to making my first payment in 8/06, I had received a statement indicating that I had been credited the $2000. bringing my principle balance to 15, 505. I took their worf fro it and really never looked into it. Upon recent review of my Contract with Chase and my payment history, I discovered that I am still paying interest on the entire loan of 17, 505. I contacted Chase and they assure me that I am only paying interest on 15, 505, which I admantly refute. Now, I am no math genius however I can add. I am currently paying a 14.54% interest rate on the loan, [initially the interest rate was set at 15.29% but was adjusted shorly thereafter]. My payments are $415 per month for 60 months, which comes to 24, 900. [The interest adjustment comes to a mere $7 per month or $420 after 60 months. ] Now please correct me if I am wrong, If I am paying interest on a principle of 15, 505 for 60 months, I would be paying around 22, 500 at payment end, not 24, 900. Chase reps have continually been giving me the run around [ while harrassing me for payment of course] about money due me. What should I do, I have considered Arbitration.. any suggestions or advice.
    AG.. Massachusetts

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