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  1. #1
    Join Date
    Jan 2009

    My Bank Won't Give Me A Payoff Amount

    What is the name of your state (only U.S. law)? DELAWARE, I've been trying to obtain a payoff amount on my autoloan for over 3 months and to this day still haven't recieved it. It started when I went into my local branch to verify how much was left on my loan knowing im on my final year judging by the last payment booklett they sent me only to be told that they wouldn't be able to give me even a ball park amount, at one point the agent made a suggestion that I may be owed money but no amount was given only that I would have to show proof of my insurance to drop the forced place insurrance they issued to obtain it.

    After three attempts, each time being told it was in the mail only finally to told corrections in the lien holder and adress had to made on my policy my bank still hasn't been able to give me a quote on paper or verbally. After two months my payments never even went down with showing proof of insurance, I made it clear that I can only make half of what they were requesting on my payments and was told some is better than none.

    Now three months go by I havent received no information or help from my bank and haven't been able to make a full payment since, they repo my auto. Now when I spoke the claims dept. there explaing that if i dont pay the full amount within a month my car will be auctioned off. Here's the main problem, the difference of what my payment booklet adds up too and what they tell me my full payoff is $10000, I've been paying $1000 a month on a $333 (est.) payment plan for well over a year and can no longer afford that. My Bank claims with intrest increase and back due forced place insurrance that my payments wont go down even if i do have insurance and instead of paying $3,200 my payoff would be $13000.

    The insurance commissioners office turned me twords the banking commissionsers office due to banking regulations are out of there jurisdiction. It could take two weeks Im told for the banking commissioners to get a response from my bank. So in the meantime I also contact the BBB which is clearing up a false credit card debt HSBC sold four years ago that may have helped ruin my credit that they are repairing and the attorney generals has still to get back to me.

    Now to make things even more perplexing the banks agents that handled my loan for FIVE years now dont have no help to offer other than get a $13ooo loan from another bank to buy my car back before it is auctioned. I spoke to these people for months and never did they inform me I was in jepordy of loosing my car.

    I wish to settle this without having to obtain a lawer and proceed to court but it may take a couple of weeks to even know if that would be neccesary, untill then I'm seeking as much advice as possible in hopes to prepare myself for what there responce will be if they even give one, any advice is highly appreciated and if there is anyone in the same situation please feel free to share......BAIL OUT OR SELL OUT?

    Last edited by NWOWONTOWNME; 01-30-2009 at 07:39 PM.
  2. #2
    Join Date
    Jan 2004
    First of all, edit that post and include paragraphs. That huge block of text is hard to read.

    Secondly, did the finance company get insurance on the vehicle since you failed to get insurance?

  3. #3
    Join Date
    Jan 2009
    Sorry about the type, yes they forplace insurance on me for mayby two years and explained that proof of insurance is needed to show an amount for payoff. Three seperate attempts to prove my insurance with my agent on the phone and they still were unable to come up with a figure but there has been some new light on this case. This morning I open my mail to find a signed and certified/notarized letter from the same woman in the collections branch whom I've been dealing with for years stating I have untill Feb. 2 2009 to pay $3751.99 or my car would be repossed, incase your lost this letter was delivered the day my car was taken.

    I took this letter to a close friend that works in the bank as finacial advisor and never mention anything about the case. He reviewed the letter, open my account file and contacted the agent in collections the letter was from. After a bunch of ok's and yeahs he ask her about the letter only to excuse himself to another office to continue the conversation. Few minutes later he returned and explained that the letter stands and what ever she told me was not to be taken in account and the sooner I payed the amount shown in writting I would be given my car back and he would look deeper into my account history to see why there was such a high payment requested and do his best to lower it. Still no explanation on the forced placed insurance and a $10000 difference was given or even understood.


    as I requested my payment booklett back and letter he was hesitant, than I told him to make a copy but I need that letter back and he strongly sugested with body language that I DO NEED THIS LETTER. At this moment I asked if it was a good idea to talk to a lawer before making this payment and he was silent. I understand he was protecting his job and wouldn't clearly put out there was a mistake but the emotion in the room made it feel that way.

    As far as my insurance goes I have no idea who I initially had in 2003 up untill 2005, they forced placed and not untill october of 2008 had they even begun to explain that it was best for me to have my own insurance not the banks. So after then I tried to do some research and see how long they have been acruing the insurance and nowhere can I find an insurance history. The bank claims for on and off for 2 years but wont supply me with any paper work.

    I have contacted a Consumer Lawer on the matter and will meet with him monday morning. Is there anything else I should be looking into to bring with me to present him that may help resolve this issue? Im not one to sue for money I just want to pay off my car and move on with my life.

  4. #4
    Join Date
    Dec 2001
    You don't remember who you had insurance with a couple of years ago? Sounds like you didn't have any.

  5. #5
    Join Date
    Jan 2009
    When I first obtained the vehicle(2003) I cannot find out who I was insured with, my prior insurance company I switched from after a flood claim tried to screw me and had settled in an arbritration and grabed a new company for this new auto. After a lapse in Insurance I kept the banks forced place insurance in 2005 for it was cheaper and I wasn't driving the car and nor was it registered.

    Only after a year (2006) did I notice an increase ($150) believeing it was due to interest rate increase from my credit score being unjustly ruined which is currently being repaired. But two years later (2008) I noticed a significant difference ($600), hence when i tried to figure out how or why my payments were so high all I was told was insurance they had placed. When I showed my own proof of insurance again in 2008 my payments never changed. This is when I got suspicious to where my money was going. Any Inqury Lead to more and more confusion that all I know is I owe Insurance that I have already been paying for in the sum of $10000. If I was paying Insurance and i kept rising how and where did $10000 not get paid if they were instilled into my payments ..$300 to $10000 a month is a BIG difference.

    Last edited by NWOWONTOWNME; 01-30-2009 at 07:33 PM.
  6. #6
    Join Date
    Jan 2009

    Plot thickens

    So today I went and seeked legal advise from a consumer lawer and he urged I first payoff the past due as long as the bank returns my car since it shouldn't have been towed in the first place. Secondly he told me to request a payment history in writing.

    Biggest waste of time since when I left his office at 3:00 pm and called the bank to transfer the money they stated the buisness day had ended at 3o pm and I was too late. I'm now well beyond seeking any help from anyone at this point all I've received is bad advice.

    So I contact the Banking Commissioners Office and replayed what occured over the last few days and they took note and requested everything I have on paper to be faxed to them:

    Proof of auto insurance for last 4 months
    Letters of request on insurance proof from bank
    Letter of acknowledgment from Insurance company on proof of insurance
    Last payment booklet showing near $330 of monthly payment due

    It kills me to say this but I have know idea who to trust anymore, and without trust there is no one to believe in. This ordeal has brought me down so much I can no longer trust myself. So I set my deadline untill Friday the 13th of 2009 for my judgment day. By then the banking commissioners office should have there responce from the bank and will inform me on what I can do to restore the sittuation with the bank.

    Nor money, bank, gov, friend, family, or sadly myself have helped....all hope is lost. TRUST NOTHING

  7. #7
    Join Date
    Jul 2005
    Quote Originally Posted by NWOWONTOWNME View Post
    ...ignorant twaddle ...
    You have done nothing right. You failed to follow the terms of your loan on multiple issues.

    Now Try this:
    1. When you failed to make your insurance payments, the bank took out insurance for you. That insurance wasn't cheap.
    2. Every payment you made first went to insurance and what was left was applied to your loan. Chances are it didn't pay the interest, much less work to retiring the loan.
    3. Every month you failed to provide insurance and you failed to make the full payment due, you incurred fees. And your interest rate should have shot up to a default rate.
    4. Your car is gone. You need to worry about the balance you owe.


    Last edited by m martin; 02-03-2009 at 02:50 PM.
  8. #8
    Join Date
    Jan 2009
    yea as you state I due owe....even today nobody will put it on paper ownly verbal I'm trying to pay full amount of not just what is past due but on principal with cash and nobody can give me a figure on paper so I write down what they tell me myself. Once I show this to a branch manager I am given a printout and on it shows my car isn't even on reposseion...Im also told I have ten days to have made the past due that would make the Fifth of Feb. my deadline.... not what collections claimed on the phone or even in the letter...
    ....either it be one individuals mistake or several I dont care.... miscalculations or misprints dont change anything....
    POINT IS THERE IS NO TRUST. It's not hard to see how much people have been screwed out there homes and people in debt going crazy and wipe'n out there whole family....were's the trust in that? Goverment assitance is more trust worthy so dont think I putting the blame on the system or myself for lack of information.... I'm proving that the banks intrest is the only intrest they trust.. In God We Trust.. there is no god

    Last edited by m martin; 02-03-2009 at 02:51 PM.
  9. #9
    Join Date
    Feb 2006
    I can easily understand how you misconstrued information and instructions from your bank since you seem focused on blaming someone else for your actions/inactions.

    Debtcollector made some excellent observations which you chose to attack with a tantrum.

    There's nothing more to be said on this topic.

    Last edited by m martin; 02-03-2009 at 02:51 PM.
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