Financing woes

[wtom]

So my first payment was due August 21st. Nothing was ever debitted from my account. I checked for about two weeks for any activity in my account but nothing. No phone call from my loan account representative either.

September 2nd, I try to call my rep to find out what\'s going on. No answer (as always). I leave a voice msg, detailed. She calls back, hits my voice mail, brief answer stating I can check my loan account online from their system. WTF... I asked her why payment has not been debit yet from my account (because i know the plicks will tag on late fees now).

I call her back, no answer, I\'m not leaving voice mail. I call the main line and start talking to a lady, nice and helpful. She tells me the void cheque I gave them is from my Line of Credit account (because that\'s what TD gave me when I first opened my account with them, they never asked me if I wanted the cheques for chequing account or for the LoC) which is not valid for pre-authorized withdrawals (i had no idea about this, no one told me, not even my damn rep). So she asks me to fax her a self-written letter requesting the account info be updated to my chequing account. Done same day.

Now, September 16th, still no activity from my account for the payment amount. ****. I call in. The lady above is on holidays, so I briefly describe my situation to the new lady. Now she tells me my account did not show a transit number for TD. ****. So I read it out to her and she says she will push the payment today. GREAT. Next week is 21st and that\'s when my second payment is due. She tells me late fees will be added at the end of the loan. ****. I told her I should not be tagged with late fees because it\'s the reps responsibility to contact me if there are any problems with my account and she never did, not once, contact me about ANY of the problems I\'ve encountered.

end rant...

[Dr Butcher]

Repo Men: Stealin\' for a livin\' :D I heard Big ***** is making a show in Toronto this week. ;)

That sucks man, once you finally get the payments sorted out I\'m sure you\'ll be able to get the late charges dropped. They should be on top of payments, not you.....

I had a mini freakout when my first payment was due as well. I was told it\'d come out of my account every month on the 26th, the 26th rolled around and nothing happened. I checked every day until the 31 when the payment finally came out. 2 days later I checked my balance again and they\'d taken out another half month\'s payment (presumably it was for the time I\'d owned the car at the end of July without making a payment). I had the cash to cover it, I just wish someone would have told me another payment was coming out.

Thanks for the tip on Line of credit account direct withdrawal issue. I had run out of Line of credit cheques the week before I took ownership of the car and had to use actual chequing account cheques. If that hadn\'t happened I\'d be in the same boat as you right now.

[Big__M]

Hey wtom,

I have a solution for you. Go into the Scotia branch that you set your loan up with. Request to speak with the branch manager. Tell the greater or whatever they have there, that you must talk to him regading a complaint. Even if you have to make an appointment, make sure you meet with the manager. Tell the manager what happened. Tell him that the rep you were dealing with doesn\'t reply to her msg\'s. Be persistent. Also, when they said they can\'t take payment from your loc? thats BS. I am a financial advisor with TD, and I know for a fact, many people pay direct from their line. I also know that if you deal directly with the maneger, 9/10 times you will be refunded your lates fees etc. Just make sure you blame the rep and you\'ll be fine ;)

Mike.

[civiclad]

Originally posted by Big__M


Hey wtom,

I have a solution for you. Go into the Scotia branch that you set your loan up with. Request to speak with the branch manager. Tell the greater or whatever they have there, that you must talk to him regading a complaint. Even if you have to make an appointment, make sure you meet with the manager. Tell the manager what happened. Tell him that the rep you were dealing with doesn\'t reply to her msg\'s. Be persistent. Also, when they said they can\'t take payment from your loc? thats BS. I am a financial advisor with TD, and I know for a fact, many people pay direct from their line. I also know that if you deal directly with the maneger, 9/10 times you will be refunded your lates fees etc. Just make sure you blame the rep and you\'ll be fine ;)

Mike.


I agree with Mike, you should speak to the manager as you the consumer should not have to pay for a Bank\'s incompetence.

[wtom]

Oops thought I had replied here already. Thanks to above three for your input and advice. Definitely \"stealin\' for a livin\'\" as Dr B put it. :) I\'m definitely going to put the blame on my rep, I get the feeling she brushes aside my loan since I am still a young male. Who knows...

[Big__M]

Age would have nothing to do with it. She already generated her sales revenue from your loan (Which wouldn\'t have been much, banks generate most of the SR on MTGs and secured Line\'s of credit), so any maintainence wouldn\'t generate anything for her. Thats what sucks about workin for a bank :(

[eguiyab]

Yeah not to happy with SCOTIA BANK myself. I was sort of in the same boat. I too, as it so happens picked up my car at Markham Mazda, so I dont know if who\'s fault it was. But here goes.... picked up my car Jan 7. 04. At that time my payments were due out on the 4th of every month. Since I got a promo... I didn\'t have to pay till 90 days. So I had until April to see the first payment come out. April 4 comes around and no withdrawal from the bank for my payment... April 10 - nothing - April 15 - nothing. So I call Markham Mazda... get the run around... finally Vincent the Business manager Says \"its probably just a delay since its the first payment, I\'ll take care of it\" April 20 - Nothing.... call again and again... same deal... get the run around. NOW... its May 1st and guess who calls.... SCOTIA BANK\'s Collection division. \"MR. GUIYAB.... YOU DIDN\"T MAKE A PAYMENT!\" I was so furious..... I had been waiting and waiting and following up about the situation and now I was at fault. Bad part was, now my 2nd months payment was due also.. they wanted double the amount... Granted I had the money set aside anyway... but the fact that I had been actually looking into the problem and someone dropped the ball..... Now the blame was on me. Hell they shoulda given me that month free.... I didn\'t screw up and not take the dough... it was there fault..
rant done...

[wtom]

Hey equiyab, so what happened after? Late fees waived? As for me, now that my 3 is a write-off, insurance states the claim money will go to the bank first and THEN any remaining funds are made out to me in cheque form. I better contact the bank ASAP cuz otherwise they\'re gonna \"steal\" money from my claim (the late fees)... Thx for the update... and hope you saw my many rants about your dealership... I HATE them with passion.

[eguiyab]

Well wtom... luckily the collection division put me in contact with a personal banker at the Scotica branch nearest to my house. I got in contact with them on the phone and explained the situation. I was pretty pissed... but the girl didn\'t seem to really care. She was like \"You cant deny you owe the payment\" - She got me there but still taking double is a damn big chunk... what she did do however was back date my payment for my first month. I was bitchin that it wasn\'t my fault and that the money was there, they didn\'t take it... or they didn\'t set it up properly. Thus the backdating... you should get them to do that for you. Since then payments come out on a fairly steady timeline... usually 1 or 2 days late... but generally in the same area.
Sorry to hear about your MZ3..... you know I was driving down kennedy the other day and saw your car at the collision centre - this before I joined the board. I distinctly remember thinking POOR MZ3... BAD Crash... I hope the person is okay. Then I join... read a few post and BAM it was your blue MZ3... that puppy looked so bad... but glad to hear your okay... thats the main part. Good luck with the new MZ3 you choose.

[wtom]

Thanks for the good words eguiyab, yup that\'s my 3 and the Accord two cars over is my parents. :(

I will definitely be complaining to someone at ScotiaBank as soon as someone there answers the damn phone (no I wasn\'t trying to call at this hour, 12am). :)

[Levitated]

I had the same problem with Scotia bank too.

my first payment didn\'t come out, and the reason they gae me was that the incorrect account number was entered in. They told me that I gave them the wrong info.....what a croc that is. How much more info can you give when you give them what they ask for....A VOID CHEQUE!!

A few months later I noticed that my payment didn\'t come oout when it was supposed to which is the 6th of the month. I called the bank and they said that the payment could comeout on the 5th or the 6th or even the 7th. The can decide when to do it. I jsut about lost it but kept cool. I told them that my contract says the 6th, if they try to debit my account on a different day and the funds are not cleared then I can not be at fault. I have never experianced this kind f a problem with a bank in my life!!

Then they ask me to put my morgage through them...yeah right!!!!

[wtom]

Oh God... looks like I\'ll be shouting for the branch manager...