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When I made the decision to pay off my car loan, I didn't expect the process to go as smoothly as it did. I'd had problems in the past with regular monthly payments not being credited in time or not at all. My first payment took about 3 weeks to get credited to my loan account even though the check was sent two weeks before the due date and had already cleared my bank. I faxed them several copies of the cleared check and after several frustrating phone calls, the payment finally posted. They charged me a late fee but agreed to waive it. The would not recalculate and credit the additional interest charged on my account. On the final phone call, they finally admitted that yes they had received the money but they didn't know where they put it so until they found it, they couldn't credit the funds to my account.
I must say that Chase Auto Finance handled the payoff of my account with speed and accuracy.
- May 19, 2008 - Mailed check to payoff department via regular mail. I chose not to use overnight mail since I overestimated the payoff to give the check plenty of time to arrive and my next monthly payment wasn't due for another three weeks.
- May 21, 2008 - Checked my account online and saw that the payment had been received and credited to my account.
- May 26, 2008 - Received overpayment refund of $69.97
- June 2, 2008 - Received car title from Chase.