I had an auto loan with another bank when i purchased my vehicle the intrest rate was 18% I was ok with this loan and had been paying on time for 2 years.in june I recieved a letter from Wachovia dealer services saying they wanted to refinance my auto loan they were offering 14%.
I contacted them to get actual figures and found out I could cut 12 months off my current loan and the payment was only $6 more a month from what i was paying.
This was good I could save alot of money and have the vehicle paid off earlier. I was emailed all the loan documents filled them out had a couple notorized and fed ex'd them 1 day later.
I contacted them to make sure they recieved them and was told yes. I contacted my current bank and told them what i was doing and gave them all the contact information.
I asked wachovia what i was suppose to do with the upcoming payment in 15 days. Was told they have payoff balance and it was good for 10 days everthing would be switched over in the next couple days.
I contacted my bank and asked them the same thing they confirmed that wachovia had all the information my next bill would come from wachovia.
On the 15th of july I recieved a call from my original bank saying they had not recieved payoff from wachovia. I contacted wacovia and was told they were missing a form so they put loan on hold.
I recieved a copy of that form filled it out again and had it faxed to them on the 16th. I called to confirm they recieved it was told yes everything all set now.
On the 20th I recieved a bill from wachovia and a bill from my previous bank. I called my original bank was told wachovia has not paid them yet. I contacted wachovia and was told they were still missing that form that i faxed so i refaxed it again on the 20th and called to confirm.
On aug 1st i recived a call from my original bank that i was past due. I contated wachovia and was told my loan was denied because I was past due on my current loan.
I told wachovia It was because you have not paid them. After a week of constant calls to both banks wachovia finally sent the first bank the payoff on aug 29th. On sept. 8th i recieve a bill from wachovia payment is $30 more than what the contract had on sept 10th I recive a letter from wachovia that they are adding an additional $782 to my loan to cover the additional payoff amount. Which will make my payments approx $30 more per month.
I contacted them again and was told nothing i could do that was payoff and that is what i had to pay. I then found out that my previous bank had reported me as 60 days late on my loan I also found out that wachovia had the title transfered back in july. I paid the first payment and was contacted by wachovia saying that i was late (on the bill they sent me in july).
I have been going round and round with them since then. I have been sending my payments and contacting them every month to try and correct this.
In june employment went south for a couple weeks money was tight fell a payment behind. Wachovia said now i was 2 payments behind. Again went round and round with them.
Set up payment with them via phone they processed payment before the date i agreed my bank paid it which caused an overdraft (i dont have overdraft protection) causing my account to go -$792 between overdraft fees and returned items becuase bank paid car payment first.
I contacted wachovia was told pretty much to bad nothing i could do talked to my bank was told that they can pay items even itf it causes an overdraft. Wachovia then tells me i have to pay all the payments plus the additional charges to bring my account current if not they will "take contactual options" simple they intend to reposses the vehicle.
On july 27th 0900 i contacted them to try and work out an agreement they offered to refinance at a lower rate. I told them ok lets work out the numbers that night they repossed the vehicle i contacted them as to what was going on and was told the agent made a mistake the vehicle was returned to me the next morning.
Was contatced by wachovia next day gave them all the information they asked for on this "hardship refinance" is what they called it. On aug 3rd was contacted by wachovia told ok this refinance is all set I need to "wire" them $486 "today" they will then send me the new loan documents.
This didi not sit right with me so the next day I called them and asked them to give me documentation as to what we are doing was told they would not send documentation untill i "wired" the money.
Told them I would be more than happy to get certified check and send to them if i could get some documentation. No repsonse from them at all.
I then get an email saying that because i did not "wire" them the money that the refinance is declined. All i wanted was some protection that i was not giving them $500 plus the vehicle. These people are twisted and I truly belive that right now there is nothing i can do short of "wiring" them the total payoff that "they" are saying but i still feel even doing this they will take the vehicle anyway. This company has some serious issues.
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