I have an auto loan with Wachovia, for several years and have always paid on time. My son was in an accident and the car was totaled. The same day it was determined it was totaled my insurance company received a pay-off quote from WDS which was good for 15 days. My insurance company faxed the required paperwork to WDS on the same day, the 10th of the month, and has confirmation that WDS received the paperwork. They need a "letter of quarantee" and a copy of the car title from WDS, so they could issue a check and pay off the loan. No response from WDS, a second request was faxed on the 18th to them, still no response.
It is now the 29th of the month and the 15-day pay off quote time-frame came and went without any response from WDS (I just found this out). When I called them to find out the hold-up, one person claimed they did not receive the first request, another stated it was received but they don't know when, they only know it was starting to be processed on the 12th or the 13th. But, customer service reps (two of them) and the supervisor, stated that because the insurance company did not pay off the loan within the 15-day time limit, that I would now be charged almost another $100 for the daily interest above the original pay-off quote. And, they had no idea when the copy of the title was going to be issued because it is in another state, there is a new scanning process, and they are backed up with requests. So not only are they trying to charge me extra interest, they don't know if a new pay-off quote will be any good because the copy of the title may not be issued before the next 15 days is up, thus adding more interest I would owe.
I am upset that businesses are allowed to operate in this manner. They are charging customers additional interest because they can't get the paperwork my insurance needs to process a pay-off check to them. Worse yet, they are benefiting by ignoring the requests of insurance companies. That is unacceptable, I am working to get the extra interest written off by WDS. I called the President's office @1-877-250-2265 and hope that they will see that the only reason why the loan was not paid off within the 15-day limit was because they made it impossible to do so and the consumer should not be liable and penalized because of their failures to process the paperwork timely. I will never do business with this company again.
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