Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums - Camaro5.com
 
Jason 98 TA
Go Back   Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums - Camaro5.com > Members Area > General Automotive + Other Cars Discussion


Reply
 
Thread Tools
Old 12-23-2008, 09:18 PM   #1
Mindz
E.B.A.H.
 
Mindz's Avatar
 
Drives: you wild...
Join Date: Mar 2007
Location: In the happy padded room wearing a jacket that makes me hug myself...
Posts: 18,394
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 The car payment was withdrawn from her account today while she's a few hundred dollars in the red.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
Mindz is online now   Reply With Quote
Old 12-23-2008, 09:45 PM   #2
Inspector 17
I love crepes
 
Inspector 17's Avatar
 
Drives: 2017 ZL1 NGM A10
Join Date: Oct 2008
Location: Maryland
Posts: 4,929
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.
Inspector 17 is offline   Reply With Quote
Old 12-23-2008, 09:48 PM   #3
Mr_Draco


 
Mr_Draco's Avatar
 
Drives: 2SS/RS
Join Date: Sep 2008
Location: Western North Carolina
Posts: 6,783
Quote:
Originally Posted by Mindz View Post
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 The car payment was withdrawn from her account today while she's a few hundred dollars in the red.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.
Mr_Draco is offline   Reply With Quote
Old 12-23-2008, 09:50 PM   #4
Mindz
E.B.A.H.
 
Mindz's Avatar
 
Drives: you wild...
Join Date: Mar 2007
Location: In the happy padded room wearing a jacket that makes me hug myself...
Posts: 18,394
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
Mindz is online now   Reply With Quote
Old 12-23-2008, 09:51 PM   #5
Inspector 17
I love crepes
 
Inspector 17's Avatar
 
Drives: 2017 ZL1 NGM A10
Join Date: Oct 2008
Location: Maryland
Posts: 4,929
Let us know what happens. If she talks nice to the bank and has the money, they should make it right.
Inspector 17 is offline   Reply With Quote
Old 12-23-2008, 09:59 PM   #6
Wm Holden
Yes, that's my real name.
 
Wm Holden's Avatar
 
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
Wm Holden is offline   Reply With Quote
Old 12-23-2008, 10:34 PM   #7
Mindz
E.B.A.H.
 
Mindz's Avatar
 
Drives: you wild...
Join Date: Mar 2007
Location: In the happy padded room wearing a jacket that makes me hug myself...
Posts: 18,394
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
Mindz is online now   Reply With Quote
Old 12-24-2008, 02:47 PM   #8
stovt001


 
stovt001's Avatar
 
Drives: 2006 Cobalt, 2004 Taurus wagon
Join Date: Oct 2007
Location: California
Posts: 3,812
Quote:
Originally Posted by Mr_Draco View Post
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.
__________________
"It's kind of fun to do the impossible" - Walt Disney

There's a great big beautiful tomorrow
shining at the end of every day
There's a great big beautiful tomorrow
Just a dream away
stovt001 is offline   Reply With Quote
Old 12-24-2008, 03:24 PM   #9
MerF
Go Rays!
 
MerF's Avatar
 
Drives: 03 Trailblazer
Join Date: May 2007
Location: St Pete, Florida
Posts: 2,533
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.
MerF is offline   Reply With Quote
Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
Forget the Z28...get straight to the ZL1 1_2Many Camaro ZL1 Forum - ZL1 Specific Topics 108 09-07-2015 12:33 PM
Lets make fun of ricers. TonytheTiger Off-topic Discussions 466 09-05-2011 12:20 AM
The best, worst and weirdest car names KILLER74Z28 General Automotive + Other Cars Discussion 19 07-09-2009 05:14 AM
GM out done by Hyundai unkbd Camaro V8 LS3 / L99 Engine, Exhaust, and Bolt-Ons 38 09-24-2008 05:45 PM
Edmunds hangs with a Challenger SRT-8 for the weekend Scotsman General Automotive + Other Cars Discussion 11 04-21-2008 12:04 PM


All times are GMT -5. The time now is 01:58 PM.


Powered by vBulletin® Version 3.8.9 Beta 4
Copyright ©2000 - 2018, vBulletin Solutions, Inc.