Santander Consumer / wanting more payment car paid off

FL, United States Review updated:

I paid my loan off on my 2001 nissan that was first financed through triad finance. I received a notice that santander was taking over and that my payments would be made to this company. Fine, I was on auto-payment and was not to concerned until... I paid the last payment in march 2010, and was expecting my title at least within 6 weeks of last payment. But, no, I get a phone call stating that I still owed $188.00, and I asked why. Stated that there was just a half of a payment made, and I reminded them that I was on auto-pay, so how could that happen. Was told they would look into it, it has been over two week, and received call, still stating I owed the money. I informed them that I was told someone was looking into the situation and would call me back. Yeah, right. I sent a letter over a month ago, asking about this, but no reply and after reading all the other complaints against this company I can see why. I sure hope this mess gets straightened out for everyone concerned as it is a real headache.

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      28th of Apr, 2010

    The reason you owe more than the scheduled payment is because of Simple Interest Financing. Your payments were calculated on being received ON or BEFORE the due date. If your payments were made after the due date … then additional interest would have accrued on your account. Plug your numbers into an amortization table. You will see how the payments would have been applied if you made all the payments on time. If ONE payment is paid later … then it throws off the whole table.
    I would suggest that you pay it ASAP .. as interest is still accruing. I my days of working in auto collections .. I have seen people who owed much more at the end of the loan.

    Hope this Helps

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