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

 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.

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!

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.