Report: #1074124

Complaint Review: Prime Acceptance Corp

  • 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!

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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/reports/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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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

#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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