I got a letter in the mail today stating this, "We are unable to process your loan payment for the following reason:

ACCOUNT HAS A ZERO BALANCE"

Thats exactly how it is written. They returned the check I wrote for the car payment so I called and no one knew what happened to the account. I was transfered to 4 different people till' they hung up on me.

Any ideas on whats going on? Is my car paid off by mistake?!? That would be awesome

 

Lucky!!

 

Holy ****... Who's your loan through? I need me one of those!!

 

If they send you the title, which I doubt will happen, then it would be paid off. Must be a computer malfunction, nobody just pays your loan off, LOL, if they do, I'll finance my next car through them.

 

hmmm, thats odd. I have had the weirdest thing happen to my account at BOA over the last 4 years. I have had credit cards on my account that dont exists. Business cards on my account that dont exist. Random deposits in my savings account that i haven't touched and neither had the bank for the last couple years. So i would just leave it until they call you.

-Sean

 

Right?? The bank I did my loan with is Sovereign Bank. Any ideas on what I should do

 

Its possible that someone else's payoff was applied to your account. It may take awhile for the bank to figure it out. Usually, if someone has traded their car in, the dealer sends in a payoff check and that loan account is paid off and closed, with the title sent to the dealer. So, if thats the case, the dealer will be on top of it pretty quick once they realize they can't get the title for the car they now own. So, they would contact the bank to research what happened and more than likely they will find the mis-posting. Of course then, you'll have to continue making your payments. At least thats how it works at the bank I work for. It's odd that no one was able to tell you what happened with your account. Of course someone is probably going to tell you that since you got the letter stating your loan is paidoff that you should get the title. But @ the bank we would require proof that the payoff amount is from you or someone that you authorized to payoff the loan before you could actually get the title.

 

haha +1. Play stupid for a while. Call them and tell them you have recieved the letter stating the car is paid off and you are wondering where the title is.

-Sean

 

gosh, I wish this would happen to my mortgages.

Maybe your GF or wife paid it off.

 

at this point you have done what is in your power to resolve the case. Leave your loan payment in your acct and don't spend the money (assuming you have every pennny divied up for something). Then 2 months down the road if nothing happens you are in the clear.

As someone else said wait for the title

 

So if I get the title then its final right?
And when and if they do find out... will I be charged a late fee or continue my payments as schedualed?
Apparently that bank doesnt know whats wrong so I shall ask the G35 people for advice

 

Nismo,

I'm a big fan of "doing the right thing".

Call your lender and tell them that they may have made a mistake. This is karma testing you.

It's the right thing to do.

~G-girl

 

You will most likely continue your payments as schedualed. As long as you keep the peice of paper that says "paid off" or whatever then you are going to be in the clear in terms of "trying to screw the bank over". This way they can't say that you just stopped paying on the car. I would just leave it for a couple months and see what happens. If you nothing happens hell call them and ask them for the title of your car. You have nothing to loose.

Also, make sure its the right account on the peice of paper they sent you.

-Sean

EDIT: save your bank payments for a couple months and go FI and then tell them that they screwed up!

 

how much was left on your loan?

 

Same thing happened to my friend here at work... and he got the title in the mail. After a couple months the bank finally figured it out and asked for the title back, and tried to charge him late fees and interest on the months he didn't pay. I know he ended up sending the title back to avoid any problems.

Turned out someone elses payoff went to his account by mistake. They'll figure it out eventually.