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  • Report: #1074124

Complaint Review: Prime Acceptance Corp

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  • Submitted: Thu, August 08, 2013
  • Updated: Thu, August 08, 2013

  • Reported By: ssingvr — Henderson Nevada
Prime Acceptance Corp
PO BOX 571680 Salt Lake City, Utah USA

Prime Acceptance Corp Prime Auto Loan What bank lender does not accept a bank wire for a payoff on a car??? Just to get more $$$$ Salt Lake City Utah

*Consumer Comment: A wire is much more reliable than a cashiers check

*Author of original report: That is a BS response

*Consumer Comment: Its a Matter of TRUST!

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Why is it that Prime Acceptance Corp does not allow you to pay off your car loan by bank wire? Every other car loan I have ever had you can pay off by bank wire if you wish. They will not allow you to pay off your loan the same day because they are making $19.70 off my account for each day that goes by in interest. So go buy a cashiers check, even if you fed ex it over night you still are paying an extra $19.70 for the extra day! This place is a rip off! I don't care how desprate you are to get a auto loan. Learn from my mistake and others! STAY AWAY from this finance company! You will regret it! This place is a joke and I hope they get shut down!


This report was posted on Ripoff Report on 08/08/2013 09:15 AM and is a permanent record located here: http://www.ripoffreport.com/r/Prime-Acceptance-Corp/Salt-Lake-City-Utah-84157/Prime-Acceptance-Corp-Prime-Auto-Loan-What-bank-lender-does-not-accept-a-bank-wire-for-a-1074124. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
1Author 2Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

A wire is much more reliable than a cashiers check

AUTHOR: FloridaNative - ()

 Jim, I normally agree with you and your assessment of the situation. Your statements in general are true, a little harshly said, but true. However, I have to disagree here.

 In this case, it seems very weird that the lender would not accept a wire. At least with a wire there is no chance that the funds are not there when wired. With a cashiers check there is still a clearing time and the possibilty of a fake cashiers check.

So, why would a lender not accept a wire? It can only be to collect the per diem interest on the loan until the payoff is received.

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#2 Author of original report

That is a BS response

AUTHOR: ssingvr - ()

That is the biggest BS response I have ever heard. Any reputable lender will allow a pay off by bank wire! BOFA, WELLS FARGO, CHASE, NAVY FED, US BANK, GMAC!

And to say a sub prime borrower is not as likely to pay off the loan in a lump sum. Well I have news for you! This guy just did! At the expense of another days interest, a chasiers check and the fee to overnight the cashiers check!

Just becuase people borrow at a higher interest rate does not mean they are less likely to pay off the loan in a lump sum!

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#3 Consumer Comment

Its a Matter of TRUST!

AUTHOR: Jim - ()

Everyday they deal with people who lie to them.  They deal with people who have a history of NOT paying their bills.  The likelihood of a subprime borrower paying off a car in a lump sum is slim.  They will take whatever action they need to take to protect themselves from people who lie to them and are likely to commit fraud.  Using a cashiers check is not an answer either.  There are plenty of bogus cashier check cases out there.

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