Premier Auto Finance - Auto Loan Overpaid

Premier Auto Finance - Auto Loan Overpaid

Auto Loan Overpaid

I took out an auto loan that began on February 46, 1999 through Premier Auto Finance for my 1998 BMW 525i automobile. I paid my loan payments on time and even paid more than the minimum due each month. If I ever had a problem making a payment I always notified my lender and did on about 4 occasions request a deferral which were granted, after which time I paid more than minimum due to make up for deferred payments. My monthly payment was scheduled on my lease to be $492.56, but my average monthly payment thru 2004 was $524.81.

My lease final payment according to my simple interest motor vehicle contract and security agreement signed on 12/30/98 was January 13, 2004.

For some unknown reason and without my knowledge or consent Premier Auto Finance transferred or sold (?) my auto loan to a company called SST, Systems & Securities Technologies in December 2003. At this time they transferred over an incorrect balance on my account, a balance much higher than my balance due.

I was never informed by letter or otherwise that my loan was now being serviced by a completely different company, I just began receiving letters and calls from this unknown company, SST in February 2004 stating that I still owed them $850.00 on my loan that had matured in January 2003. They continued to leave me numerous threatening calls and letters demanding this money or they would begin collection processes and possibly repossession throughout February and March 2004. After informing them in April 2004 that they were incorrect on this balance owing and that I disputed this debt in writing, I demanded an itemized list of all my payments all the way to the beginning of my loan in 2/99 to present and gave the representative 2 different fax numbers to fax me this list. He told me he would do so in about 2-3 hours.

After several weeks, he finally mailed this internal transaction history report dated 5/28/04 which is extremely difficult to translate unless you are an employee of SST as it has their internal codes and does not show any running balance, and is 3 pages long. After auditing this report several times myself I verified that I did INDEED overpay my loan by $1466.35 over the principal amount of loan.

I wrote a letter stating all the facts of my account, and made copies showing how my loan is paid off and has been since January 2003 and demanded my title, as well as my refund of $1466.35 on July 10, 2004 and sent it certified mail. Since then nobody from SST will contact me or assist me in resolving this dispute. It was not until August 2004 that anyone got back to me on my requests, at which time a lady named Amy S. phoned me, 800-392-8308 Ext. 2809.

Unfortunately she was only calling me from their credit reporting department to tell me where to go to get a copy of my credit report, something of which I NEVER ASKED FOR AT ALL!! She then transferred me to a TRS department (?) representative named Terry whom told me that he would go thru my transaction payment history just as I did and see if I overpaid on my account and get back to me by the following Tuesday as this was Friday when we spoke and he said it would take some time to go thru all payments accurately as I did.

Not only did Terry NEVER call me back, but now I cannot even get a hold of him to follow up. Ever since I informed this company of their error and demanded my refund and title they stopped calling, writing and will not respond to my demands in writing. I am at a total loss as to what to do at this point. I need my overpaid moneys refunded as I cannot afford this as a single mother, and I need the title to my car as well as any negative marks on my credit report to stop.

This problem has gone on for over 5 months now and I cannot get any actions resolved on my own. Please help me!!!

Sincerely,

Amber S. E

San Ramon, CA 94583

St. Joseph, MI Click this link to e-mail the above consumer: //

Comment On This

So, did you ever stop to consider the idea that you would have paid over and above the principle in the first place? you did say this was a loan correct? that means that you paid interest! Also, the deferrments that you did w/Premier cost you extra interest. Of course, i'm sure that they did not inform you of this because i did not find out myself until my account was transferred to SST. it sounds to me like if they stopped calling you or assisting you its because you are clueless and its not worth the money you owe them.

Comment On This

I too have had the same problem with their vagueness. My loan was also sold/transfered with no notice. I never received any statements and I requested a copy of my payment history but it was anything but clear. I felt the loan was structured that way intentionally. I was sure I had overpaid on my loan but was unable to find it as you did.