Chrysler Capital - Paid extra toward the principle with my 1st payment but Chrysler didn't apply toward principle
Chrysler Capital does not apply the extra payment toward the principle, rather they just hold onto your money (they earn the interest on it) and then reduce the next month's payment. Basically screwing their customers.
I was told that to pay extra toward the principle by mail that I would need to submit two checks - one for the amount of the payment and then another check to go toward the principle. But then you need to contact them a week after you have mailed the checks to inform them that the extra payment is to go toward the principle. If you pay online - then you need to wait until the payments have posted to notify them that your extra payment is to go toward principle..... you have to do this every month that you want to pay extra toward the principle.
I have never seen such blatant thievery against customers by any business before. Has anyone considered a class action lawsuit against Chrysler Capital?
This is extremely bad banking practices. I have gone over the contract and have found nothing that indicates that this is their standard practice.
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Thanks for the heads up. I just bought a Chrysler and it is financed thru these guys.
Not a happy thought.
I wanted to pay extra - like I always do - but after hearing how they treat this type of payment, I'll just open a savings account and pay the extra there - then one lump sum to payoff. And I get to keep the interest!
Chrysler capital is Santander bank..so what you expect good banking lol..research before you sign ***
Same thing is happening to me! I initially asked them to fix this issue WEEKS AGO and now they have my account completely messed up. WORST COMPANY EVER to deal with.
same exact thing has happened to me. I suggest we report it to the Better Business Bureau in Dallas Texas.