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GM Financial would have caught this right?


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So I get a letter from GM Financial that says "congratulations! as of X date your account has been paid off" and "GM Financial has released its security interest in the vehicle". I don't need to get into specifics but I am still paying on that loan, know my balance and I didn't pay it off.

 

-So I login to GM Financial and balance is zero and last payment was very large- like someone refinanced and the new bank fat fingered the VIN or account number on that check.

-So I call and was initially greeted with another congrats and was told the over-payment was coming back to me in the mail. I had to interrupt and state that this wasn't the case.

 

After a few long holds and a few "huh, you mean you didn't pay this?" Turns out my suspicion was correct and they applied a refi payment to my account on accident and I am just too honest of a person. They said this will all be corrected in 7-10 business days and I can resume autopay and all of that fun stuff. I am curious- is there a point of no return on a lien release? The letter and rep. implied that both the release and over-payment refund were in the mail, so will this get messy when I do actually in fact pay off my loan? I assume they need to redact this release? I'm more worried about a sticky situation for title and release. I fully plan to pay this off and have a clean title in my hand.

 

Last question- they would have caught this even without my phone call, right? Just to make me feel better about calling and correcting that ~30k over-payment. :sigh:

 

 

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yes this would have came back to bit you in the ass. It is fraud if it is reasonable for a person to know there was a error and took advantage of it to become falsely enriched. that said if the check shows up open mail and HOLD the check do not destroy or mail back. Hold as evidence with the letter of release. The title work shouldn't change unless a request is issued, so your good. I would only worry about your credit score, good to pay off debt bad when it is reversed and shows increase in debt and new account line limit. So you can file a claim to fix it but still that is all I would worry about.  

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6 minutes ago, 1SLOW1500 said:

yes this would have came back to bit you in the ass. It is fraud if it is reasonable for a person to know there was a error and took advantage of it to become falsely enriched. that said if the check shows up open mail and HOLD the check do not destroy or mail back. Hold as evidence with the letter of release. The title work shouldn't change unless a request is issued, so your good. I would only worry about your credit score, good to pay off debt bad when it is reversed and shows increase in debt and new account line limit. So you can file a claim to fix it but still that is all I would worry about.  

My buddy already joked with me that "I will regret speaking up with every truck payment". Never crossed my mind to think I could keep the money, heck or that check even clearing, my friends think otherwise though.

 

The whole credit and payoff mess is what annoys me, mistakes happen though.

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1 minute ago, aseibel said:

I'm pretty sure whoever refinanced and lost their money would have been on the phone to get it fixed if you didn't beat him to it.

I would be pissed! Good point. Good point.

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Knowing me, I would have just kept making my payments for the next couple of months to see how things panned out (while keeping track of all of my documentation).  I would hold the check too.

 

Not on me to research their mistake. Can't nail me for anything if I continue to make payments and do not cash the check.

 

Once a title was in my hand, then I talk to a lawyer, though everything would likely be cleared up before that time. 

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2 hours ago, tstodda said:

My buddy already joked with me that "I will regret speaking up with every truck payment". Never crossed my mind to think I could keep the money, heck or that check even clearing, my friends think otherwise though.

 

The whole credit and payoff mess is what annoys me, mistakes happen though.

Sometimes what people say they would do, when they are ribbing you, is different from what they would do if they were in your shoes....

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Only in the Monopoly games does the "Bank errors in your favor" :-)

I started getting someones paycheck in my checking account once. I didn't notice it, but the bank did; and adjusted my balance without a warning or call of explanation. Legally, they can fix these issue without your permission or knowledge.

So, my guess is, if you had received the check, and cashed it, and spent it; that the bank would re-adjust everyone's balances, and you would now owe that money, or have a big fat negative balance. Same with the title. Possession of the title paper doesn't really mean anything as far as I can tell. Its just what the state's records show, and those can be fixed to correct errors.

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1 hour ago, ftwhite said:

Only in the Monopoly games does the "Bank errors in your favor" :-)

It does happen.  The rental property I sold last year had a split mortgage - one which sold to another lender during my closing process.  I knew the payoff and had it from the previous lender, which looked right based on the payments I had been making and watching my balance go down.  The new payoff was similar number.  Close on house, lenders get paid and I got a little over 1k check from that lender a month later. :)  It was their error but a year and a half later and I've never heard a word from them...

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In a local bank buy out a friend had just financed some new equitment and owned the bank about $250,000 and had made one payment.  The big bank bought out the little one and so he made the second payment, a week later he gets his check back in the mail the new bank said "The loan is paid in full", so he say you what one day they will figure this out and come for all of the back payments so he opens another account and pays the monthly payment into it, that was 7 years ago and they have never found it or tried to collect it from him.  He told me he talked to a lawyer about it and he said that if they don't correct it within 7 years they can't do anything.  :jester:

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