I make all of my cr payments onliine to Lexus Financal Services. Last month I logged in to make a payment, which was due the next day. When I went to check the day I wanted the payment to post, it wouldn't allow me to choose the following day... Only the day after. On top of that, it gave me a stern, RED warning that my payment would be late and is subject to service charges. Before making the payment, I called LFS to let them know I was trying to make the payment online, but it wouldn't allow me to post it by the due date. The clerk told me it took two days for a payment to post online, but I wouldn't be charged a late charge nor would it go against my credit. But, when I asked about the interest charge, he told me I would be charged another day interest, even though I was making the payment that day. Of course, to make the payment via the phone would incur a $10 service charge.
While the interest for the day was only $3 and change, the point I want to make is that LFS probably has thousands of people making online payments who don't realize they're being charged a few dollars interest for the extra day it takes them to post the payment. Over 36,48 or 60 months, times the number of customers, Lexus is making a nice little profit without the consumer knowing.
I wrote them to tell them I felt their practices were unfair. Their response was a form type letter explaining to me that it takes a day for online payments to post. I wrote back, telling them to read my complaint before sending a response that is inappropriate. No response from them.
This may seem trivial, but look at the money they're making each month from unsuspecting customers. Poor business practices!
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