Our car loan was transferred from a company in California to Peak5 and when my check got lost in the mail, I called them and made the late payment, complete with late fee and service fee ($10.00 to pay by phone!). I called my bank and put a stop payment on the check I'd mailed Peak5 to avoid making two payments in one month. Unbeknownst to me, the paper check had arrived at Peak5 that same day and even though I asked them if they'd received it, they said it hadn't. How do I know this?
That evening, around midnight, both my payment-by-phone and the check I mailed them were processed. How did they manage this, when I'd stopped payment on it? When they tried to process the check as it stood (with the check number) and it was denied, they authorized themselves an electronic check and processed it as Check #0. I never authorized any electronic drafts! So I filed a claim and asked for a refund, I even faxed in my bank statement to prove I'd paid twice on the same day. It was denied.
Now I'm playing cat-and-mouse with them to get my money back; their self-payment from my checking account has left us over $600.00 in the red with our bank because of overdraft fees we shouldn't have incurred. These people are conniving, rude, sneaky and performing out-and-out illegal activities. We'll be refinancing a.S.A.P. Do NOT take a loan out with this company!
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