I have not received a bill from my car loan company since I moved. They have my new address and this has been clarrified since I have called numerous times and sent certified letters trying to get them to send a bill. I pay off of my last check amount before they stopped sending me my bill and I dont even know if that is accurate. Each time I call they say they will send one but I dont get one. Is this legal? Can a loan company not send a statement or a bill. I have no clue what my pay off is so I cant refinance with another company and they wont fax that info or email it they say they can only send it by mail, which they are not doing. The worse part is that they are a reputable HUGE financial company. Help!
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I think you unfortunately need to find a lawyer and pay them to deal with this issue for you.
I have never heard of a car loan company sending monthly payment statements. Typically you buy the auto, your payment is xxxx dollars a month, and you pay it every month without receiving monthly statements. As this is a large company, you are ruining your credit as we speak. Keep sending the monthly payment you started sending until you get this resolved. If you dont, your next purchase (interest rate) will be higher
Yes, it is legal, but depending on what state you live in, you normally have the right to request a paper bill. Do they have a website where the bill is posted to? My cable company doesn’t send paper bills, they use this stupid web site. In my experience, I have sometimes chosen to receive only electronic bills to cut down on paper, but normally that happens only if I CHOOSE it.
I would suggest to keep calling because it will probably cost too much to get a lawyer (although that may be worth it in the end). When you call, keep asking to speak to a supervisor until you get someone who will not only send a bill, but will overnight it as well as fax it.
You may be able to get a loan elsewhere and pay this loan off. Loan companies (especially mortgage) hate it when you "re-finance".
I work for a large financial company in the Auto division. I can say that is is legal that we don’t send a bill. You signed a contract when you purchased your vehicle stating that you own the responsibility of making your payments on time every month. The issue may be with the post office. When you submit an address change with the post office, all major companies generally have access to this database, and cross check the validity of the addresses of their customers. If the company has not been able to verify your address with the post office, your address may auto-revert back to the old address, based on the post-offices database.. This is really annoying for us employees and customers. It may not be your fault. I would call your auto company every month until this is resolved, because eventually they will be in tune with the post office, and it won’t "auto-correct" itself. You may want to submit another "change of address" form with the post office. I’ve seen alot of weird things happen
I dont have the best of credit, well in fact its kinda bad, but I was able to get car loan since I do have a job which is mainly what this place cared most about for me. They are one of these places that have multiple sources and they say like 99 percent approved. So I would give this site a try….
http://auto.deal4-you.com
Good luck.