I had taken a loan out with American General Finance and was surprised to have been told that there would be no other way to make payments for this loan other than the mail, or dropping the payment off in person! I have given my payments 9 to 10 days to arrive in the same State-Ohio, but each month I am showing that the payment is being processed on the day after the payment is due; thus, giving me a $10 late fee!
The first fee they waived, but the second fee they will not. The payment receipt shows a default address of PO Box 742536, Cincinnati, Ohio 45274-2536, so once we place the receipt in the envelope in the window it automatically sends the payment to the Cincinnati. Even though, 9 to 10 days to arrive and process in the same state is ridiculous.
Payments are due on the 1st, but we have until the 11th before a late payment is due. I was told that was why they had a grace period and that payments were really due on the 1st. What a bunch of garbage and a fantastic way to get late payments out of people—they hold back the payments while it sets on someone's desk, not allow you to pay it any other way—online-over the phone—etc and then they make more money out of you.
I would consider checking into another finance company in the future before going with them again. I'm not happy with this process and I'm expecting to pay a great deal of money by the time this loan is finished.
0 comments