Auto Loans

[GrowingCredit]

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jimbo831 wrote:

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pizzadude wrote:

Was the payoff check mailed to a specific person, or just to an address like "payoff dept", or something similar ?

I'm guessing that maybe they have had issues with USPS delivery requiring someone other that the mailroom staff to sign ??  It seems like FedEX/UPS are a bit more lenient about who actually signs; usually as long as someone signs they are OK.

I really don't think that they are trying to scam you ~ I would just blame it on dealing with a very, very large company. 

Also is there any way that you could send the payoff electronically ?

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I sent it to "Payment Processing".  I called and was told this was the adderss I absolutely had to send payoffs too.  When I called, I stated I would be sending a payoff via USPS overnight shipping and wanted to know what address to send to, this is what I was given.  I was advised not to make this payoff electronically due to the amount.  I'm not sure why the USPS wouldn't let the mailroom sign for a letter at a place where they receive letters for payments on a regularl basis.  Here at my work, the mailroom signs and then they hold it until the right person picks it up.  If this is on USPS, that is pretty terrible.  I got the imrpession from my phone call with GM Financial though that they simply didn't have anyone there that was willing to sign.

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Strange.....

[Caliche]

I initiated the refinance process last Thursday with Wells Fargo. They gave me a check for $33,000 and my payoff quote on that day with CapOne was $32,200. I mailed the check thru USPS the next day(Friday) and it was received and processed on Monday. I called CapOne and they informed me that my overpayment of $800 will be mailed to me. I was surprised how painless the process turned out to be.

[jimbo831]

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my25reasons wrote:

Payoff quotes are usually good for a week or two. Did you ask them how long that amount applies? Don't stop making payments until your check clears and the account is updated. Would hate to see you get a late payment in the process. Also, can't you pay off electronically? That might be easier than dealing with the delivery of the check and processing time.

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An electronic funds transfer is not guaranteed like a cashier's check, so there would be a longer waiting time for the funds to clear.

As for payoff quotes, ours was good for 10 days.  However, that doesn't mean you pay that full amount.  If you pay it in 1 day, instead of 10, you pay for 9 days less interest.  My interest is ~$7 per day, so that adds up in a hurry.  I will be expecting a refund with my title, which is why I paid to overnight it.  Also, this company charges you to make any payment except a mailed payment, including online electronic payments, which they process through Western Union, so that would cost me a fortunte.