I have an auto loan through Wells Fargo and wanted to pay it off as soon as I could. I talked my husband into using our tax refund check for paying off the loan. We paid 2500 dollars in cash. The bank then said I still owed only 750.00 to finish off the loan but could make payments on that part. The 2500 should have paid the loan through September. It was paid in Feburary of 2003. Leaving me with just 3 payments left.
In April I recieved a phone call at work saying I was 40 days late on the loan! I almost fell out of the chair I was sitting in. I asked if they had recieved my payment of 2500 cash. They said yes, it was posted to the account and they didn't understand why I was behind so they would do an invetigation to figure out why and call me back.
When they called me back, I was told I could not pay that much on the loan at one time without prior approval from the bank, so with my permission they filled out the papers asking for the approval. I thought surely it would go through because they had accepted my money already.
When they called me back I was told the papers did not go through. I said Well if I can't pay that much on the loan can I have my money back and continue to make monthly payments on it? I was told they could not do that. I got very upset and told them how ridiculous this business was, and if I were a smart person I would have deposited the check into my savings account I had with another bank and made monthly payments on the loan using the intrest off the check.
They then said they would send me papers to defer my payments for two months. Two weeks later I still have not recieved the papers and They called me wanting to know why I had not sent the papers back! I told them I had not recieved the papers, and they replied that they would send them again.
Two more weeks later they called and said that they would not send the papers until they recieved a payment from me. They called it a show of trust. I was furiuos! They already recieved 2500 from me and then wanted me to show them that THEY COULD TRUST ME! I said they would have to wait another two weeks for a payment because all my money already went to bills.
The next two weeks I paid an additional 500.00 cash. Then they called me and wanted an additional 299.00 on the loan! I told them I was out of money and could do no more until next month.
No one ever told me I could not pay that much on my account nor did they say I was going to have trouble when they gladly accepted my cash. Now they have reported me to a credit agency for being late on my loan, continue to harass me at work for more money and there seems to be nothing I can do to them about this!
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