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Linx04

Tidewater says we owe more than finances.

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Hi all.

 

My SO and I are having an issue with Tidewater Finance.  SO purchased a car on 4/28/18 and it was financed through Tidewater.  We made the three payments that were due every month.

 

Just recently SO refinanced the auto loan through her credit union at a MUCH MUCH better rate.  Tidewater is saying that the payoff is $462.00 more than we financed!

 

The three payments that we made were $489.00 each.  And it is a simple interest loan.  Plus she was required to get GAP for them to finance the loan.  Ally won’t refund it until Tidewater says that they are paid in full.  Which ally said is about 8 weeks.

 

But if we financed let’s say $18500 and they are saying that the payoff is $18950, yet me made the payments ON TIME.  How in the world can we owe more than what was financed?

 

Ive requested account history etc... They keep stonewalling and saying that it is what it is.  But something isn’t right...

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Did you pay TTL separately or was it rolled into the loan?  Too many people roll it because they don't want to pay that nut up front.  If rolled into the note, then it absolutely makes sense (even when going through a third-tier toilet) that very little of the first three payments went to the vehicle itself. 

 

Yet another example of why reputable lenders should be sought out and why one ALWAYS wants to pay more than the 'minimum' due. 

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21 minutes ago, centex said:

Did you pay TTL separately or was it rolled into the loan?  Too many people roll it because they don't want to pay that nut up front.  If rolled into the note, then it absolutely makes sense (even when going through a third-tier toilet) that very little of the first three payments went to the vehicle itself. 

 

Yet another example of why reputable lenders should be sought out and why one ALWAYS wants to pay more than the 'minimum' due. 

 

If you read the post, GAP was REQUIRED for financing.  So yes, of course it was rolled into the loan.  Otherwise, there would have been no loan according to the lender.

 

Further, not everyone has a choice and must use a “third tier toilet” as you put it.  Nevertheless, that third tier toilet was thrown to the curb 3 months later.  And, notwithstanding, no other options were available to SO at said time.  Which brings me full circle to my original post.  

 

Lastly, paying more than the “minimum due” would not have negated the fact that they still claim that MORE IS OWED than what was financed originally.  With a simple interest loan, with all payments made on time, this should not be an issue, yet I digress.  If I were to use your logic, one should just throw more money than is owed because of shady lenders, but most likely be out that money.

 

If people had other options, didn’t make mistakes in the past and could pay more than a minimum due, then this board would not be here.

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Linx - this makes no sense.  I'd request an accounting for the loan.  If they refuse file a complaint with CFPB.  Sounds like something underhanded going on.  

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Linx,  on a simple interest loan, the 1st payment was likely set to 45 days from the actual signing date. (you can choose from 30-45).  As such interest accrues from the date of signature, from that point the payoff is actually more than the amount financed.

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And I think within 90 days if the GAP is canceled, then the refund should be 100% less a very small admin fee of say $25.00

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2 hours ago, Linx04 said:

 

If you read the post, GAP was REQUIRED for financing.  So yes, of course it was rolled into the loan.  Otherwise, there would have been no loan according to the lender.

 

Further, not everyone has a choice and must use a “third tier toilet” as you put it.  Nevertheless, that third tier toilet was thrown to the curb 3 months later.  And, notwithstanding, no other options were available to SO at said time.  Which brings me full circle to my original post.  

 

Lastly, paying more than the “minimum due” would not have negated the fact that they still claim that MORE IS OWED than what was financed originally.  With a simple interest loan, with all payments made on time, this should not be an issue, yet I digress.  If I were to use your logic, one should just throw more money than is owed because of shady lenders, but most likely be out that money.

 

If people had other options, didn’t make mistakes in the past and could pay more than a minimum due, then this board would not be here.

TTL is Tax Title License...and EVERY vehicle I have every purchased (there have been MANY) and elected to finance (fewer in number) has afforded me the option to pay tax, title and license separate and distinct just as other add-on's can be paid for separately (I never get GAP).  So there is ZERO presumption to have known you rolled everything into the note. 

 

A larger amount rolled in beyond the vehicle and the window of time before most people get around to making the first payment makes it REAL EASY for numbers to be higher than the original amount.  The clock began ticking on interest before you even rolled off the lot. 

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Test before you guess.

 

Get an accounting of the loan.

 

Although if I was a betting man, I think MarvBear got it right.

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1 hour ago, MarvBear said:

Linx,  on a simple interest loan, the 1st payment was likely set to 45 days from the actual signing date. (you can choose from 30-45).  As such interest accrues from the date of signature, from that point the payoff is actually more than the amount financed.

 

That is exactly what happened Marv.  The first payment was due 45 days later.  We didn’t ask for that, they just said “it’s due 45 days from now”.    The CU actually sent them a check for about $600 more than we financed.  That was 13 days ago.  Of course Tidewater says that they haven’t received it yet.

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7 minutes ago, hoapres said:

Test before you guess.

 

Get an accounting of the loan.

 

Although if I was a betting man, I think MarvBear got it right.

 

The way Marv explained it makes sense.  I am 99% sure that he is correct!

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LInx,   look up MI UCC title 9 secured transactions

 

send a letter requesting a full accounting with the appropriated statute #    

 

there are penalties for not complying , i'm sure 

 

 

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