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They're often very ill-equipped to deal with it and honestly it can hurt OR help you. My car loan processor accidentally double charged my $5k loan payoff (and
by sam0x17 5y ago
They're often very ill-equipped to deal with it and honestly it can hurt OR help you.
My car loan processor accidentally double charged my $5k loan payoff (and it didn't bounce). Customer support told me the only way to get back my money quickly would be to report fraud through my bank on the 2nd charge, which I did and the 2nd charge was returned within 2 business days. Then several weeks later I get snail-mail confirmation that my loan had been paid off and a certificate indicating this, along with a check for $5k from the lender. I called their customer support but they told me they are sorry but unfortunately since the account was already marked as paid out and those funds disbursed, I would "have" to keep it, so I gladly cashed the $5k check thereby getting my final $5k payoff of my vehicle for free thanks to the lender's mistakes.
- radicaldreamer 5y agoThis is like the mattress startup equivalent where if you try to return a mattress within their very generous trial period, you're often told to "keep it" and your purchase price is refunded.
- sam0x17 5y agoYeah, they literally told me if I didn't cash it their system was just going to keep sending checks every 90 days so I might as well cash it now.
- jonny_eh 5y agoWhy not wait a year and cash all the checks at once?
- krallja 5y agoBecause that is fraud and you will go to prison.
- patch_cable 5y agoThe checks would probably just bounce.
- sam0x17 5y agoall but the latest would bounce