Pay Off FedEx'ed to Santander - here's to hoping they don't screw it up!

[0REDSOX7]

Finally, I was able to refinance my auto loan I got with Santander Consumer USA at an 18.99% rates five days post BK back in February of this year.

My local credit union gave me 2.69% (.5% rate reduction for auto draft).

I paid to FedEx the payoff overnight - so it should (keyword, should) be posted to my account my Friday.

I cancelled my auto-pay from them, and my payment is due on the 16th (next Tuesday).

Anyone have a successful payoff story from Santander?  All I've read is horror stories.

[SamsungHDTV]

I've heard horror stories about santander too. 

1. Call on Friday to see if they have processed payoff. If yes, you're done. If not, follow step 2.

2. Call on Monday to see if they have processed payoff. If yes, you're done. If not, go to step 3.

3. Call on Tuesday to see if they have processed payoff. If yes, you're done. If not, proceed to step 4.

4. Make a regular payment. Call on Wednesday and each day after that until they have processed payoff. Once payoff is paid, request refund for overpayment.

[0REDSOX7]

Thanks!

That's my plan. I turned off my auto-pay today, so, will see if they still try to draft it in Tuesday.

I've never had any issues out of them personally, outside of the 18.99% rate...but I had no choice.

Will keep you all posted.

[anca21bi]

I did a refi back in January with them, and I still paid my monthly bill just to be sure everything was going to be good. They ended up mailing me a check since I didn't need to pay. They were a great stepping stone, as long as you pay.

[0REDSOX7]

Did they post it the day they got it?

[pizzadude]

I had a payoff to Salamander a few years back, actually didn't have any issues at all.   My new CU mailed the payoff to them, it was accepted and processed fairly quickly if I recall.

A month or so afterword I received a check from Salamander for a few hundred dollars overpayment.

Hope yours will go well too.

[coterotie]

I did a refi of my Santander with Cap1.  Was approved for the cap1 loan at 11am on Thursday.  Did the paperwork electronically.  By 10 am Friday (the next day) the Santander loan was paid off and confirmed through their website by saying the loan no longer existed.  Cap 1 sent me a check for the overpayment to Santander that Santander refunded to them.  Actual physical ex change of paperwork didn't happen until the following week.  But by then the Santander loan was paid off.

[0REDSOX7]

Well - I am glad you all came to post these positive experiences.  Again, I've never had any issue with them and they have always been helpful when calling.

I figure with a FedEx tracking number, they can't say they never received it (with signature confirmation) vs sending a check that large via regular mail.

[jim44]

I'm amazed the CU didn't make the payoff themselves which is usually the case. Did you make your payoff with a CC or MO?  They may wait up to 30 days to release their lien on the title. Your CU won't be able to record your new lien on your title until Santander's is satisfied on your paper title or with the state's DMV if their lien is electronic. Some states require the lienholder to send the title to a county clerk of courts office to be satisfied.

There are a lot of variables, however it doesn't hurt to call them up and inquire!

[0REDSOX7]

Oh, sorry.

They did send an official bank check via FedEx.

I didn't do it, I just have the tracking number.  Turns out they sent it Express Saver (will be there tomorrow).

She said she does payoffs with them all the time and they go through okay, though some have issues (late fees, etc).