Delta98 Posted January 15, 2009 Report Share Posted January 15, 2009 Can the bank ( Wachovia Dealer Financial Services) change a late fee into a regular payment and say that I am behind in my "payments" because I owe them a late fee of $45? This is driving me crazy. Every time I talk to them they tell me they changed the status of the late fee to a payment to assure they would get paid. They are reporting the late fee as a 30 day late payment. I don't think this is right. Help!!!Thanks for your input Link to comment Share on other sites More sharing options...
gator944 Posted January 15, 2009 Report Share Posted January 15, 2009 I think you'll find in your contract that it says when any monthly payment is made, it will be applied to outstanding fees (such as late payment fees) first. Then the rest will be applied to interest and principle.If your payment is $350.00 and you have a $45.00 late fee, they will pay the late fee first, leaving $305.00 counted as your next payment and the, now missing, $45.00 as late. This will incur another $45.00 late fee. Now with your next payment, they will apply $45.00 to the new late fee, then $45.00 to the prior months payment, leaving only $260.00 counting as your scheduled monthly payment.You can see how it can stack up quickly. Your best solution is to bite the bullet and get it caught up. I know that often times, it's easier said than done, but feeling a small pinch today is better than dealing with a deep cut tomorrow.It's bad enough to be paying 50% more for a vehicle than it actually sold for with the interest calculated in. It is purely agonizing to be paying all these extra fees on top of that. Best of luck to you with this. Link to comment Share on other sites More sharing options...
Delta98 Posted January 15, 2009 Author Report Share Posted January 15, 2009 Thankyou for your help Gator 944, That wasn't what I hoped to hear but I should have known that the bank was doing what was in the contract and that I was and am in the wrong. I will send them the money and take the hit on my credit. I was hoping that I could get them to remove those 30 day lates but I will as you say bite the bullet and go on from here. Link to comment Share on other sites More sharing options...
gator944 Posted January 15, 2009 Report Share Posted January 15, 2009 All is not lost. By all means, pay what you need to to get it straight. Then call them and explain how you got caught up in the vicious cycle of chasing the late fees. Let them know that you were naive to the ways of the banking world, but have been well schooled now and have learned your lesson. You won't be late again. Then ask if they could find it in their hearts to forgive the late payments this time and take them off your credit report.Since it won't cost them anything, they might surprise you. Best of luck. Link to comment Share on other sites More sharing options...
Delta98 Posted January 29, 2009 Author Report Share Posted January 29, 2009 I just had to let you all know what happened when I called Wachovia Dealer Services about my car loan and this payment issue. I called customer service to request a 2 month extention on my loan to allow me to get everything straightened out. customer service said "no problem, we can do that for you". The very pleasant csr asked for my account number and when I gave it to her she pulled up my account and asked " why do you need an extention? Your account is paid ahead until October of 2010." There was a payment posted to my account on 1/27/2009 of get this.... $10,363.73. Now I know this is an error, I didn't make that payment but my point is; if they can make a $10,363.71 error in my favor isn't it just as possible that they made an error back in August of 2006 and credited my payment to someone elses account? I think they owe me not only an apology for the crap they have put me through but they need to return the late fees and penalties they have charged me. Thanks for listening Link to comment Share on other sites More sharing options...
Aerovette Posted January 29, 2009 Report Share Posted January 29, 2009 I just had to let you all know what happened when I called Wachovia Dealer Services about my car loan and this payment issue. I called customer service to request a 2 month extention on my loan to allow me to get everything straightened out. customer service said "no problem, we can do that for you". The very pleasant csr asked for my account number and when I gave it to her she pulled up my account and asked " why do you need an extention? Your account is paid ahead until October of 2010." There was a payment posted to my account on 1/27/2009 of get this.... $10,363.73. Now I know this is an error, I didn't make that payment but my point is; if they can make a $10,363.71 error in my favor isn't it just as possible that they made an error back in August of 2006 and credited my payment to someone elses account? I think they owe me not only an apology for the crap they have put me through but they need to return the late fees and penalties they have charged me. Thanks for listening Shhhhhhhhhhhh, let the baby sleep....... Link to comment Share on other sites More sharing options...
willingtocope Posted January 29, 2009 Report Share Posted January 29, 2009 You KNOW they're going to catch this...and back it out...and figure out someway to charge you a penalty for it happening. Call them back, and get it straigthened out NOW. Link to comment Share on other sites More sharing options...
Delta98 Posted January 29, 2009 Author Report Share Posted January 29, 2009 I'm sure they would try that and more! I have them investigating this matter and the fact that the $1500. payment I did make is not posted to my account but in its place is this huge $10,363 payment! They are just so idiotic to deal with. They will not admit to making a mistake on my Aug. 2006 payment, after all the bank doesn't make mistakes but how are they going to explain this one Link to comment Share on other sites More sharing options...
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