Stander Financial / HSBC Auto / Drive Financial

[Anonymous]

They can eat crap and go out of business. They have such horrible customer service. I made a payment of $3900 towards principal only. They split the payment into 2 and charged me $10.95 x 2 for a payment processing fee. The thing with that is the CRS said I would only be charged $10.95, NOT $20.90. Then only 1 of the $1950 payments went towards principal only. The other $1950 payment went towards principal and interest. So now Im out $20.90 for their fee to pay them, and then I'm out another $88.94 in interest charges for no reason. And all their CRS's have to say is the account is closed there is nothing they can do. what BS this company is!

[ngerasimatos]

When you pay more than is owed on a loan, it is always best to communicate to the lender that you want the additional payment amount to be applied toward the principal in order to save money on the interest.

For those of you who are particularly fastidious, I suggest you send in two checks, one for the regular payment and the other for the extra, clearly marked that it is to be applied to principal.

This can clarify your wishes beyond a doubt.

Please note, however, that your loan may have a prepayment clause that prevents you from being able to reduce the interest paid. You will have to examine your loan documents to determine if that is the case.

[Anonymous]

I made a payment over the phone with the CSR directly. How much clearer do I need to be? Is there another language I should have spoken to state the whole payment should have gone to principal only? She got it half right when she split the payment into 2. One payment was all principal, the other was posted as a normal payment.

[ngerasimatos]

Words get lost in translation, but if you sent the item via mail you would have copies to provide evidence.