Cautionary tale for anyone out there.
I bought my motorcycle three years ago and the loan matured a few days ago. After the final payment went through, I called to make sure my account had a $0 balance. Turns out it did not.
There was a $0.05 balance. When I called and asked for a loan payoff amount and why my loan even had a balance, the customer service rep said it was some sort of interest error. He removed the charge and said I should get my loan closing paperwork in a few weeks. (LPT: always be nice to CSRs, it's rarely their fault that your account has an issue.)
I'll definitely check again in a few days to make sure the balance is finally actually $0. I don't even want to think what would have happened if I didn't catch this and they tried to send $0.05 to collections. The most likely outcome was it would have been paid next month on my autopay... or maybe not because the loan matured already?
Regardless of how it would have played out, the lesson here is to double check your accounts, even when you think they're paid off.
Submitted January 13, 2021 at 10:40PM by jri84irj2838 https://ift.tt/2LJET6G
