My friend is having some car payment issues... - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

*Mindz* · 12-23-2008, 10:18 PM

So I'm talking to my friend from Alabama and she says her car payment isn't due for another 2 days. The car payment was withdrawn from her account today while she's a few hundred dollars in the red.

Is this legal? How does she go about fixing this (she put money in her account via check, but it takes a day to clear).

Will this affect her future payments/credit or what?

Thanks in advance.

Inspector 17 · 12-23-2008, 10:45 PM

Wow Mindz. There are a lot of unknowns there to make any firm comments. Is it an automatic payment through the holder of the car loan or her bank? Does she have any overdraft protection? When did she deposit the check (time will be important, before or after 2 pm)? I would tell her to go to the bank first thing tomorrow and tell them what happened. They may be able to credit her account and allow the payment to process without any issues. I would also call the loan holder and ask what happened. It shouldn't affect the future payments/credit as long as it get corrected right away.

Mr_Draco · 12-23-2008, 10:48 PM

Quote:

Originally Posted by Mindz

So I'm talking to my friend from Alabama and she says her car payment isn't due for another 2 days. The car payment was withdrawn from her account today while she's a few hundred dollars in the red.

Is this legal? How does she go about fixing this (she put money in her account via check, but it takes a day to clear).

Will this affect her future payments/credit or what?

Thanks in advance.

You're forgetting it's the holidays. Ask her to go though the fine print. Most payment contracts have a clause that talks about if they are closed on the day payment is due (in this case Christmas). Some do it on the next work day but some require payment on the work day before. Depending on how it's done up it can be perfectly legal.

*Mindz* · 12-23-2008, 10:50 PM

Thanks for the quick answer camaropete. I'm not sure as I'm only going on what she told me. now I've found out that she had some money, but the payment put her in the red. I've given her the response and seeing what she says.

her response: its auto draft and I dont put checks in.. the bank handles the account and loan.

Inspector 17 · 12-23-2008, 10:51 PM

Let us know what happens. If she talks nice to the bank and has the money, they should make it right.

Wm Holden · 12-23-2008, 10:59 PM

They will.

*Mindz* · 12-23-2008, 11:34 PM

ok, an update. Her paycheck comes in on the 25th which is the day that her payment is automatically taken out. So she'll have money in on the 25th which is when the payment should have been taken out. Do you think they took it out before the 25th, but will charge her if money isn't put into the account by the 25th/26th(in case they close on xmas)?

stovt001 · 12-24-2008, 03:47 PM

Quote:

Originally Posted by Mr_Draco

You're forgetting it's the holidays. Ask her to go though the fine print. Most payment contracts have a clause that talks about if they are closed on the day payment is due (in this case Christmas). Some do it on the next work day but some require payment on the work day before. Depending on how it's done up it can be perfectly legal.

Good response. My paycheck comes in early if the day it normally comes in is a holiday, and my car payment (automatic payments) is taken out the next business day if the usual date is a weekend or holiday, so I'm fortunate (though I always leave enough cash in anyways. I never live paycheck to paycheck, yikes). The small print should detail what happens if the payment date is a weekend or holiday.

MerF · 12-24-2008, 04:24 PM

Nsvy Fed used to pull this crap with me all the time. It's annoying as hell but not much that can be done when it's the bank's loan...they know how to get the money when they want it.

12-23-2008, 10:18 PM	#1
Mindz E.B.A.H. Drives: you wild... Join Date: Mar 2007 Location: In the happy padded room wearing a jacket that makes me hug myself... Posts: 18,420	My friend is having some car payment issues... So I'm talking to my friend from Alabama and she says her car payment isn't due for another 2 days. The car payment was withdrawn from her account today while she's a few hundred dollars in the red. Is this legal? How does she go about fixing this (she put money in her account via check, but it takes a day to clear). Will this affect her future payments/credit or what? Thanks in advance. __________________ Blue Rush, 2010 SS [Car of the Week 3/22/2010] Traded in on...ZLZBUBB, 2013 ZL1

12-23-2008, 10:50 PM	#4
Mindz E.B.A.H. Drives: you wild... Join Date: Mar 2007 Location: In the happy padded room wearing a jacket that makes me hug myself... Posts: 18,420	Thanks for the quick answer camaropete. I'm not sure as I'm only going on what she told me. now I've found out that she had some money, but the payment put her in the red. I've given her the response and seeing what she says. her response: its auto draft and I dont put checks in.. the bank handles the account and loan. __________________ Blue Rush, 2010 SS [Car of the Week 3/22/2010] Traded in on...ZLZBUBB, 2013 ZL1

12-23-2008, 10:59 PM	#6
Wm Holden Yes, that's my real name. Drives: 2005 LS2 600hp GTO Join Date: Jul 2008 Location: Ventura, ca. Posts: 770	They will. __________________ Magnuson 112HH supercharger at 7.5 psi (Virtual 9.0 liter) 600hp 1 of 2 torrid/red int /A4/05 555r 275/40/R17's Nitto Extreme Drags 1.7 60 ft Car runs high 11's No other mods. I got the first 112HH Magnuson blower ported for a GTO. Now it appears it was also one of the last.... http://www.ribbonprinting.com http://www.personalizedawarenessribbons.com

12-23-2008, 11:34 PM	#7
Mindz E.B.A.H. Drives: you wild... Join Date: Mar 2007 Location: In the happy padded room wearing a jacket that makes me hug myself... Posts: 18,420	ok, an update. Her paycheck comes in on the 25th which is the day that her payment is automatically taken out. So she'll have money in on the 25th which is when the payment should have been taken out. Do you think they took it out before the 25th, but will charge her if money isn't put into the account by the 25th/26th(in case they close on xmas)? __________________ Blue Rush, 2010 SS [Car of the Week 3/22/2010] Traded in on...ZLZBUBB, 2013 ZL1

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12-23-2008, 10:45 PM	#2
Inspector 17 I love crepes Drives: 2017 ZL1 NGM A10 Join Date: Oct 2008 Location: Maryland Posts: 4,955 View My Garage	Wow Mindz. There are a lot of unknowns there to make any firm comments. Is it an automatic payment through the holder of the car loan or her bank? Does she have any overdraft protection? When did she deposit the check (time will be important, before or after 2 pm)? I would tell her to go to the bank first thing tomorrow and tell them what happened. They may be able to credit her account and allow the payment to process without any issues. I would also call the loan holder and ask what happened. It shouldn't affect the future payments/credit as long as it get corrected right away.

12-23-2008, 10:51 PM	#5
Inspector 17 I love crepes Drives: 2017 ZL1 NGM A10 Join Date: Oct 2008 Location: Maryland Posts: 4,955 View My Garage	Let us know what happens. If she talks nice to the bank and has the money, they should make it right.

12-24-2008, 04:24 PM	#9
MerF Go Rays! Drives: 03 Trailblazer Join Date: May 2007 Location: St Pete, Florida Posts: 2,532	Nsvy Fed used to pull this crap with me all the time. It's annoying as hell but not much that can be done when it's the bank's loan...they know how to get the money when they want it.