Bank tells me they don't want my money

[SQ Stang]

Yes that's right, I just got a letter from Capital One saying that I can't have my car (dd) paid off more than 3 months ahead of schedule. Apparently they will not take my money if I pay more than what's on my bill.

Anybody ever hear of a bank saying this??

 

[firemanmike]

Send it to me, i'll take care of everything!!!

 

[My Cobra]

they want to make the % on it. Read the fine print.

 

[SQ Stang]

they want to make the % on it. Read the fine print.

Oh I know that, but previously they had it where you can pay it off before the due date by an unlimited # of months. Now all of a sudden they are not allowing it?

 

[s_x_i]

Texas has no penalties for early payment, pay all you like, there's nothing they can do.

 

[Quicktime_GT]

wtf? I didn't know they could do this

 

[Blackness03]

go to the bank and tell them if they dont take it your not making any more payments and see what they say

 

[Camaro_94]

go to the bank and tell them if they dont take it your not making any more payments and see what they say

+1!

 

[FordMustangLove]

go to the bank and tell them if they dont take it your not making any more payments and see what they say

repo

 

[Riddla]

^^They really dont want to do that

 

[SNCBOOM]

:shrug: contact the bank. Why are you bitching to us?

 

[My Cobra]

I thought only real high risk people got deals like that. They would loan the money but not let them pay it off early and have some stupid high % rate on it. What happens if ya sell it? Most of them have a early pay out fee. Check in to that. If not make all the payments and wait it out.

 

[wvmystichrome]

Make sure your contract does not have "Penalty for paying off early." AKA Prepayment penalty. I know here in WV we can't do that. Check with your state's division of banking. They can tell you yes or no.

 

[ModularFan]

Make sure your contract does not have "Penalty for paying off early." AKA Prepayment penalty. I know here in WV we can't do that. Check with your state's division of banking. They can tell you yes or no.

qft/ I would definitely look into that OP.

 

[James Snover]

sxi is right, in the state of Texas a lender cannot prevent you from paying off early, and they cannot penalize you for it.

SQ Stang, call them and ask them what is going on, tell them what the law is, and find a lawyer and see what they have to say about it. Be ready for them to swear that they can so penalize you, and keep feeding you the same line of BS. Odds are they just have some kid right out of high school, and this is what they told him and he doesn't know any better.

Capitol One is the worst of the worst, they push the limits as far as you let them, if you let them. I know, because I they are my bank, too. I was banking with Hibernia, and Capitol One bought them. Changing banks is a huge hassle for us, but we're dropping them as soon as we can.

Jim Snover

 

[DSG04Lightning]

are you talking about making your monthly payments for 3 months at one time? or a payoff 3 months early.

i know some banks will not take 3 months payment before they are due they will take the large sum of money and apply it to that single montly payment and your bill will still be due next month.

if its a payoff they will charge you if you make the loan payoff early, no matter how much is left on the balance. thats why they only "quote" a payoff amount thats good for about 14 days or so.

 

[Nvr_Spds]

Capitol One is the worst of the worst, they push the limits as far as you let them, if you let them. I know, because I they are my bank, too. I was banking with Hibernia, and Capitol One bought them. Changing banks is a huge hassle for us, but we're dropping them as soon as we can.

Jim Snover

I have to agree here.. Chase had terrible service, and they did stupid shit.

 

[Troyz R Us]

What that letter is probably saying is that you cannot be paid ahead more than 3 months (due date). Basically, you can make all the payments you want, but your due date will never be more than 3 months ahead. Your loan balance is still going down as it normally would every time you make a payment. So you could walk in there and make 12 payments today, but that doesn't mean your next payment is due October 2010. Your next payment is probably due in 3 months. Not really a big deal...I don't think they are saying they won't take your money.

 

[MonkeysL]

so they're pretty much saying u cannot sell the car to someone else during the loan term either? which would also be an early pay off

 

[PureSound15]

Take your business to a credit union





Yes. I work for one and am a bit biased.