I want to retain council. My husband and I went through a bankruptcy. After the process we both obtained vehicles to help rebuild our credit. We both received approvals from the same company. Tidewater Motor Credit. We had extremely high interest rates - cost of financing to us. We both traded in our cars to get significantly lower interest rates.
The Toyota dealer that I traded in my car at called to get the payoff and was given a number greater then our balance. We were told that this was because they charge an extra 30 days of interest and I would get the money refunded if it was processes. However, it can take them 30-45 days to process the payoff. So, Obviously, I am not getting a refund. When I signed my contract I was told that there was no prepayment penalty. Two weeks later I called Tidewater to make sure everything went okay and they said they had been holding onto the dealer's check because the amount was not the same as the payoff. That the payoff was actually $118 higher. I paid the $118 over the phone and the girl said they would now process the payment.
My husband is now going through the same thing! This does not seem like it should be legal. We asked if we could wire the money and they said they could not give us the wire information right now.
What are our options. This has been such a hassle.
The Toyota dealer that I traded in my car at called to get the payoff and was given a number greater then our balance. We were told that this was because they charge an extra 30 days of interest and I would get the money refunded if it was processes. However, it can take them 30-45 days to process the payoff. So, Obviously, I am not getting a refund. When I signed my contract I was told that there was no prepayment penalty. Two weeks later I called Tidewater to make sure everything went okay and they said they had been holding onto the dealer's check because the amount was not the same as the payoff. That the payoff was actually $118 higher. I paid the $118 over the phone and the girl said they would now process the payment.
My husband is now going through the same thing! This does not seem like it should be legal. We asked if we could wire the money and they said they could not give us the wire information right now.
What are our options. This has been such a hassle.
