topic Re: What are my options? in Auto Loans

What are my options?

Anonymous — Mon, 28 Aug 2017 18:57:31 GMT

On August 17, 2017 a payment of $xxx.xx from an insurance cancellation was applied to my account. I printed out a copy of my account summary that showed my next billing date was 12/24/2017 for the amount of $xxx.xx.

On 8/22/2017, I made a payment so my next due date would be 1/24/2018. My account summary continued to reflect a 12/24/2017 due date up until 8/23/2017. The due date was changed on 8/23 /2017 one day before 8/24/2017 showing I have a payment due on 8/24/2017 for $xxx.xx. I have paperless billing and never received any notification.

I contacted customer service and the representative wasn't able to help. She only offered an extension which would have cost me more in interest. I didn't need an extension. Had the system not showed my next payment wasn't due until 12/24/2017, I would have continued to make the payments on time like I have done for the past 2 years.

I understand most lenders apply funds to the Principle Balance first. According to the Sale Contract, the lender has the choice to apply funds where they choose. They chose to apply the funds to my monthly payments which prompted my next payment not due until 12/24/17. That was their choice and I have the account summary showing the 12/24/17 due date.

Are they able to change how they apply funds after the fact? On 8/23/17 they repplied the funds and set my due date back to 8/24/17 asking for the monthly payment balance $x.xx on 8/24/17. But in the computer they put the payments was repplied on 8/17/17. Is this legal? I've paid the balance. But what if I didn't have the money. This doesn't seem fair.

Re: What are my options?

Anonymous — Tue, 29 Aug 2017 05:14:54 GMT

I don't think anyone here is going to be able to give you a straight answer because short of having your contract in front of us I don't think we can know this. I would suggest calling calming and pleasently and asking for a manager to assist you. Tell them you need their help and explain what the situation is, they will likley do all their policy and the contract allows them to do. If they say they cannot help ask if that is language in the contract or the lenders policy. My guess is they will help you but you will probably need a manager to help out.

Re: What are my options?

Anonymous — Tue, 29 Aug 2017 12:29:49 GMT

Thanks for your reply. The 3rd person that called me over the past week from the excecutive office got a manager to review it. The funds are being reapplied to my monthly payments just as they did the first time. I am waiting to receive everything in writing when they respond to my BBB and CFPB complaints. Too bad I had already sent the complaint to the Attorney General's office before they called me. But if they violated the TILA the AG office need to know.