When I bought my car four years ago, I got a 60 month loan at $280 per month. I got a payment book at the beginning of each year and mailed the coupon in with my check. Shortly after I got the loan, I made an additional payment of just over $300. About a year ago, the loan was transferred to Bank of America. They don't use the payment books with coupons. They send me a bill each month. It always shows $0 due this month. I assumed it was a software glitch and sent my payment in each month. I am really short on cash this month. I got the normal bill showing $0 due this month. I called customer service, and the automated phone service says the next payment is due OCTOBER 22, not September 22. It finally hit me. The extra $300 payment at the beginning of the loan must mean I am one payment ahead. I want to skip a payment this month and it appears I can. But, I just wanted to solicit your imput before I screw something up. Am I right? The statement does not show when the next payment is due. It just says $0 due this month. I have not been able to get through to a live person. Everything is automated.
Actually I had tried calling before posting but gave up when I could not get through to a live person. Press 1 for English, press 2 for Spanish, press three for Russian, ..., press 97 for Hebrew, Press ... I called back. Was able to get a real person in only 13 minutes. She said I was paid up and did not need to make a payemnt until October 22. So, I will skip this payment and use to money to pay other stuff. Press 1 if you like cats, press two if you like dogs, press 3 if you hate pressing buttons and would like to talk to a live person.
B of A right? You forgot the choice of "press nothing for some other misc. outragious charge" Actually they are cool until you go and assume something that isn' t true. Good thing you called!
You are exactly right, you're one month ahead. I know for a fact because I had my 1998 Jeep Cherokee loan with them. It was originally with NationsBank, but when they changed I started recieving invoices as well. It was a five year loan at $403 per month, but I paid $486.04 to pay it off a year early. (Last time I ever buy a brand new car with no money down) At the first of this year, I still owed 5k on my car loan and 5k in credit cards and since I was paid in advance on the car, and it was a lower interest rate, I paid off the credit card first, then I went back to the car and finished paying it off this month. I went seven months without making a payment, still got my invoices with zero due. After I got the credit card wiped off, I paid the Jeep off. No late charges or anything, but I wanted a convertible for fun so I have a new car payment now. Got the title for my Jeep yesterday, bought a 2000 Sebring convertible three weeks ago. I'll keep the Jeep since it only has 36k miles, but I just wanted a "fun" car. (Got a smokin deal on it too, 3k under retail price out the door)
