I have car loan settlement from bank in writing. I already sent the amount to them. Is it over at this point?

February 10th, 2010

They accepted money. Is there anything else they can get me for? I ma waiting on title to arrive now.

When a bank gives you a pay-off amount, they also provide you a date that amount is valid through. As long as you sent the money by that date, and they accepted the money by that date, all is done and you should receive a title in the mail in a couple of weeks.

The only "catch" is that if you paid by personal check and the bank "holds" the check until the transfer clears their bank, which could take several days. If the check clears after the deadline date, you could be liable for the additional interest accrued because the loan was still active after the deadline date. Yeah, I know it sucks, but you’re dealing with a bank… not your mother! They are in the business to make money any way they can. Hopefully you paid it off at least 5-days before the deadline to avoid this type of grey-accounting…

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4 Responses to “I have car loan settlement from bank in writing. I already sent the amount to them. Is it over at this point?”

  1. Comment by Bill M

    If the check clears, and it’s the amount they said is due, you should be okay.
    References :

  2. Comment by Bill

    When a bank gives you a pay-off amount, they also provide you a date that amount is valid through. As long as you sent the money by that date, and they accepted the money by that date, all is done and you should receive a title in the mail in a couple of weeks.

    The only "catch" is that if you paid by personal check and the bank "holds" the check until the transfer clears their bank, which could take several days. If the check clears after the deadline date, you could be liable for the additional interest accrued because the loan was still active after the deadline date. Yeah, I know it sucks, but you’re dealing with a bank… not your mother! They are in the business to make money any way they can. Hopefully you paid it off at least 5-days before the deadline to avoid this type of grey-accounting…
    References :

  3. Comment by Lizzy Jones

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