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I was very past due on the car payment- 71 days and finally paid my past due balance in full on 2/22/10 through my online banking account. My bank shows a posted transaction payment to my auto credit company on 2/25/10. At 12:30am on 2/26/10 they repossessed my car. I called the credit company at 8am the same day of the repo and they said they did not receive payment. I called my bank and they said that the credit company has received payment which cleared on the 2/25- a day before the repo. When I called the credit company again they said that they did not see the transaction prior to the repo and it showed payment was received on 2/25/10. The credit company then continued to say that because I paid with online banking as an electronic check they do not consider it a form of legible payment because I could cancel the transaction with my bank at any moment (ie "made payment to wrong company") they want a payment through something like Western Union. My major question to this information is can the credit company still request that I’m responsible to pay the repo fees, towing and storage fees even though my past due balance was paid on and cleared to the credit company before they actually repossessed of my car? Is this legal in the state of WA? The credit company keeps telling me that I need to cancel my payment through my bank and send them a payment through their ok’d payment options (ie western union). Please help!! I’m not sure if the credit company is trying to pull one over me because they messed up on a repossession notice that technically should not have happened had they seen my payment before the tow truck came to my home.

3 Comments »

1. 

   I think you need to speak with an attorney.

   You may not be able to cancel the echeck since the bank has already processed the transaction…too late to put a stop payment on it. And any echeck transaction may take up to 5 business days to post. I am not a lawyer, so this is just an opinion, but I’m pretty sure you’re going to have to eat those repo fees.

   Comment by Larkie — March 8, 2010 @ 11:26 pm

2. 

   Their online bank objections are BS. They have the money. Online transactions clear faster than a paper check thru the mail. Ask your bank for assistance in confirming that the creditor has ALREADY received the payment.

   However, you are responsible for the repo fees. You defaulted and they processed paperwork to put the repo in motion. You cut making the payment too close paying the day before the actual repo. It would be different if you paid and they repo’d a week later.

   Comment by bdancer222 — March 8, 2010 @ 11:26 pm

3. 

   It doesn’t sound like you are in a good enough financial position to sit down with an attorney. Try sending the credit company a certified letter, threatening legal action if your car isn’t returned. After all, they do have your money.

   One thing you need to remember in situations like this is that the tow truck guy must have a court order, signed by a judge, or you can send him away without your car.

   Comment by nw_curt — March 8, 2010 @ 11:26 pm

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