So I'm trying payoff the loan on my truck so I can sell it to pay off my STBX wife :|
I have the money in my account, and I call E*Trade last week to get the payoff amount & wire transfer information.
At that time I am told that they do not accept wire transfers for loan payoff!?!
Ok, fine. So I get a certified check, from an out of state bank, and call again to verify the overnight mailing addrerss, and find out how long it will take to get my title after they get the check.
Now they tell me that they have to hold a certified check for at least 10 business days after they receive it, before they tell their title dept. to send out the title (which will take another 3 to 5 business days). At some point in this conversation I'm transfered to the title dept. to find out how long they take.
(paraphrased)
title dept.: "Why don't you do a wire-transfer, it's alot faster, you won't have to wait that 10 days."
me: "Your loan service dept. says you don't accept wire transfers for loan payoff."
title dept.: "I'm sure we do, let me check with my supervisor."
(checks)
"Yes, actually it's our preferred way of doing it."
me (getting frustrated): "Can you transfer me back to the loan dept.?"
loan dept: "Yes, we accept wire transfers, no problem. It's better for you because it's guarenteed funds and gets posted immediately."
Ok, sounds good. So I redeposit the cashiers check, so I can so the faster wire transfer. Call back today to get the wire transfer information, and current payoff.
loan dept: "We don't reccomend a wire transfer"
me: "Why not!?!"
loan dept: "It's slower to get posted to your account. You'd be better off sending the check."
me (frustration definitely showing): "A week ago you told me you don't accept wire transfers, earlier this week you told me it was the preferred way of doing it. Now you're telling me it's not reccomended and will take longer then a check?!!"
loan dept: "Would you like to talk to my supervisor?"
me: "Yes."
super: "Can I help you?"
(explain whole story to him)
So now he tells me that it's actually slower because the wire transfer has to get posted to a "general ledger account". From there, it will take 3-5 business days to post it to my loan account. At that point, they still need to wait 10 business days before telling the title company to start their process because "wire transfers can be reversed, so we have to make sure it clears" What?!?! A wire transfer is guarenteed funds. I've never heard that before.
So even if I wire the money today, it's going to be 3 to 4 weeks before they even mail the title out. WTF??
Does this sound reasonable to anybody else?
BTW, I have previously paid off a car loan with a wire transfer ... wasn't nearly this much hassle.
I have the money in my account, and I call E*Trade last week to get the payoff amount & wire transfer information.
At that time I am told that they do not accept wire transfers for loan payoff!?!
Ok, fine. So I get a certified check, from an out of state bank, and call again to verify the overnight mailing addrerss, and find out how long it will take to get my title after they get the check.
Now they tell me that they have to hold a certified check for at least 10 business days after they receive it, before they tell their title dept. to send out the title (which will take another 3 to 5 business days). At some point in this conversation I'm transfered to the title dept. to find out how long they take.
(paraphrased)
title dept.: "Why don't you do a wire-transfer, it's alot faster, you won't have to wait that 10 days."
me: "Your loan service dept. says you don't accept wire transfers for loan payoff."
title dept.: "I'm sure we do, let me check with my supervisor."
(checks)
"Yes, actually it's our preferred way of doing it."
me (getting frustrated): "Can you transfer me back to the loan dept.?"
loan dept: "Yes, we accept wire transfers, no problem. It's better for you because it's guarenteed funds and gets posted immediately."
Ok, sounds good. So I redeposit the cashiers check, so I can so the faster wire transfer. Call back today to get the wire transfer information, and current payoff.
loan dept: "We don't reccomend a wire transfer"
me: "Why not!?!"
loan dept: "It's slower to get posted to your account. You'd be better off sending the check."
me (frustration definitely showing): "A week ago you told me you don't accept wire transfers, earlier this week you told me it was the preferred way of doing it. Now you're telling me it's not reccomended and will take longer then a check?!!"
loan dept: "Would you like to talk to my supervisor?"
me: "Yes."
super: "Can I help you?"
(explain whole story to him)
So now he tells me that it's actually slower because the wire transfer has to get posted to a "general ledger account". From there, it will take 3-5 business days to post it to my loan account. At that point, they still need to wait 10 business days before telling the title company to start their process because "wire transfers can be reversed, so we have to make sure it clears" What?!?! A wire transfer is guarenteed funds. I've never heard that before.
So even if I wire the money today, it's going to be 3 to 4 weeks before they even mail the title out. WTF??
Does this sound reasonable to anybody else?
BTW, I have previously paid off a car loan with a wire transfer ... wasn't nearly this much hassle.
