I’ve been overpaying my car to get it paid off fully by the end of this year. So far on track. A few grand left with some minor over payments it’ll be done by pay day December. Or so I thought… four emails today from the finance company saying I have new messages on the online account portal. When I looked… dated as if they came in over the last four months. But they certainly didn’t… I must log in around twice a week always looking for the updated settlement figure which takes ages to update.
The messages each say “your overpayment must be at least your normal monthly payment, do you want to increase your recent payment to this or have a refund?” Obviously, they only reached me today so if they did send these when they allege, they had no response for me and didn’t attempt to call, write a letter or anything. They’ve just been holding on to my money.
52 minutes of hold on the phone, I got through to someone. Told them I wasn’t happy at the lack of communication or falsifying the messages to appear that they were sent over the recent months. Simply not the case. Asked them to show me exactly where in the agreement I signed it says there’s a minimum. Much more waiting on hold for them to find it… they pointed to a clause about how early repayments are allowed, without penalty but at their discretion. Which is how they are telling me now it must be at least the monthly payment amount or more.
Essentially… they figured out I’m planning to pay it off so much earlier and they’re losing interest from it so they make it more difficult in an attempt to drag it out.
However, I figured out how to one up them. It’ll only save me around £120 on top of the multiple thousands I’m already saving by paying it off by the end of the year - not much - but something. Whilst giving me full flexibility to pay it off in the next 9 months… sooner or later at 0% in the form of a 20 month credit card. My application got approved at an absolutely stupidly high figure - any wonder people rack up debt they can’t manage.
So in a week or two, I’ll technically have the car paid off. A certain worlds largest car makers finance division, I’ll have washed my hands of and will have lost even more interest income from me. And I’ll have full flexibility to get myself rid of finance as I see fit, on time.
Mark my words, when this is all done with I’ll never finance anything again until it’s time to buy a house. Never missed a payment in my life, usually end up over paying. Other than cars, haven’t paid a penny of interest. I must be quite the nuisance to these finance companies
Frustrating afternoon sorting that, but happy ending at least.