ED Magedson – Founder
Lexus Financial ServicesInternet United States of America
I make all of my cr payments onliine to Lexus Financal Services. Last month I logged in to make a payment, which was due the next day. When I went to check the day I wanted the payment to post, it wouldn't allow me to choose the following day...only the day after. On top of that, it gave me a stern, RED warning that my payment would be late and is subject to service charges. Before making the payment, I called LFS to let them know I was trying to make the payment online, but it wouldn't allow me to post it by the due date. The clerk told me it took two days for a payment to post online, but I wouldn't be charged a late charge nor would it go against my credit. But, when I asked about the interest charge, he told me I would be charged another day interest, even though I was making the payment that day. Of course, to make the payment via the phone would incur a $10 service charge.
While the interest for the day was only $3 and change, the point I want to make is that LFS probably has thousands of people making online payments who don't realize they're being charged a few dollars interest for the extra day it takes them to post the payment. Over 36, 48 or 60 months, times the number of customers, Lexus is making a nice little profit without the consumer knowing.
I wrote them to tell them I felt their practices were unfair. Their response was a form type letter explaining to me that it takes a day for online payments to post. I wrote back, telling them to read my complaint before sending a response that is inappropriate. No response from them.
This may seem trivial, but look at the money they're making each month from unsuspecting customers. Poor business practices!
This report was posted on Ripoff Report on 05/13/2010 02:26 PM and is a permanent record located here: http://www.ripoffreport.com/reports/lexus-financial-services/internet/lexus-financial-services-lfs-amount-of-time-to-post-online-payments-internet-603020. 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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