Prime Acceptance Corp Prime Auto Loan What bank lender does not accept a bank wire for a payoff on a car??? Just to get more $$$$ Salt Lake City Utah
Why is it that Prime Acceptance Corp does not allow you to pay off your car loan by bank wire? Every other car loan I have ever had you can pay off by bank wire if you wish. They will not allow you to pay off your loan the same day because they are making $19.70 off my account for each day that goes by in interest. So go buy a cashiers check, even if you fed ex it over night you still are paying an extra $19.70 for the extra day! This place is a rip off! I don't care how desprate you are to get a auto loan. Learn from my mistake and others! STAY AWAY from this finance company! You will regret it! This place is a joke and I hope they get shut down!
3 Updates & Rebuttals
FloridaNative
Palm Beach Gardens,Florida,
A wire is much more reliable than a cashiers check
#4Consumer Comment
Sun, August 11, 2013
Jim, I normally agree with you and your assessment of the situation. Your statements in general are true, a little harshly said, but true. However, I have to disagree here.
In this case, it seems very weird that the lender would not accept a wire. At least with a wire there is no chance that the funds are not there when wired. With a cashiers check there is still a clearing time and the possibilty of a fake cashiers check.
So, why would a lender not accept a wire? It can only be to collect the per diem interest on the loan until the payoff is received.
ssingvr
Henderson,Nevada,
That is a BS response
#4Author of original report
Fri, August 09, 2013
That is the biggest BS response I have ever heard. Any reputable lender will allow a pay off by bank wire! BOFA, WELLS FARGO, CHASE, NAVY FED, US BANK, GMAC!
And to say a sub prime borrower is not as likely to pay off the loan in a lump sum. Well I have news for you! This guy just did! At the expense of another days interest, a chasiers check and the fee to overnight the cashiers check!
Just becuase people borrow at a higher interest rate does not mean they are less likely to pay off the loan in a lump sum!
Jim
Florida,Its a Matter of TRUST!
#4Consumer Comment
Thu, August 08, 2013
Everyday they deal with people who lie to them. They deal with people who have a history of NOT paying their bills. The likelihood of a subprime borrower paying off a car in a lump sum is slim. They will take whatever action they need to take to protect themselves from people who lie to them and are likely to commit fraud. Using a cashiers check is not an answer either. There are plenty of bogus cashier check cases out there.