CNH Capital problems AGAIN (A Warning to All)

[Dargo]

That is...problems with payments made, but no credit to our accounts.

Well, not to be picky, but credit for the payment was made to the account. It appears as if it were made against remaining balance, therefore reducing the amount of money that interest is charged on daily, which is the industry standard in banking unless otherwise clearly notified. The banking business took several lawsuits and bad press when they automatically applied the 2nd payment to the loan as a payment. When they did so, they applied the 2nd payment off the last payment due on the loan. That way, the debtor basically saved no interest on their loan. From what I've read, it is a misunderstanding, not any wrongdoing.

 

[johnnylight]

am using the auto pay --no problems so far

 

[mathey]

we just made our first payment to CNH...the wife used online bill pay through our bank...we just got a letter from CNH stating that since we didn't write our account number on the check (which we can't since we don't write the checks!) they assumed that we wanted to make a payment on our loan ("no, it's just a gift since you're such nice people, go buy yourself something nice"...duh)

 

[dknarnd]

we just made our first payment to CNH...the wife used online bill pay through our bank...we just got a letter from CNH stating that since we didn't write our account number on the check (which we can't since we don't write the checks!) they assumed that we wanted to make a payment on our loan ("no, it's just a gift since you're such nice people, go buy yourself something nice"...duh)

Is CNH recognized as an electronic payment or does your band (service) have to send a manual check to them? Mose online bill pay systems allow for the addition of the account number on either electronic or paper checks. Check your bank.

 

[mathey]

actually i think they sent a paper check this time until they can do it electronically...I don't handle this department, so the CFO is investigating.

 

[richtidebruin]

Not sure how they handle their checks...could be a 3rd party processes the checks and not CNH. I notice there's a PO box (or lockbox) where payments are sent. If CNH is given the wrong information by a 3rd party...well, time to let CNH know they have a problem.

Again...the 3rd party processing is only conjecture on my part. It would be interesting to find out.

Chuck,

I have 1st hand experience with that PO Box in Carol Stream, IL and can verify with a strong level of confidence this is a 3rd party processor. I worked for Toyota's captive finance company in the early 90's that probably used the same party (same PO BOX). As you may know they get paid on a per check basis for payment posting. Spent more than my fair share of time unscrewing up customer's accounts on behalf of our "service". Thankfully they appear to have improved significantly, but I still make sure I write all account numbers legibly and specify where to put what. Can't ever take all the excuses away, but try to help dummy-proof payment posting on ALL the bills...

Rich
Rich

 

[AndyMA]

I paid my loan to CNH electronically. CNH cannot accept electronic payments so each tiime my payer cut them a check. I don't understand the lack of a loan number since that info was printed on each check by my bill payer.

Andy

 

[pdub]

part of the problem is the bureaucracy of corporations. I have had problems with Citi Bank and Chase credit in the past year. Citi said that I bought $1000 worth of furniture and hadn't paid for a year (I never financed any furniture obviously)... and subsequently sent a collection agency after me. The thing is, I never received a BILL, just a letter from a collection agency. So my credit took a huge dive and my attempts to fix have been futile.

Since it was Citi's fault that my credit score took a nose dive, shouldn't they be liable for any increased interest payments I have to make? Obviously this would never happen since corporations have no liability in these types of cases.

Chase started putting charges onto my account from a fella over in Manchester England that went by the same name as me. I have no idea how this could ever happen since we have different socials and everything. This again took many hours of my time to fix.

Corporations are the downfall of our great country!!! Every person I know who works at a big corporation absolutely hates their job and are always stressed out to the max. Its no way to live.

 

[Doc_Bob]

Corporations are the downfall of our great country!!! Every person I know who works at a big corporation absolutely hates their job and are always stressed out to the max. Its no way to live.

I work for the worst of Corporations, County government.
Bob

 

[MikePA]

Corporations are the downfall of our great country!!! Every person I know who works at a big corporation absolutely hates their job and are always stressed out to the max. Its no way to live.

Let's see, all the people you know who work at a big corporation hate their jobs therefore corporations are the downfall of our great country. Interesting logic. At what point (# of employees?) does a company become a corporation and transition from helping our great country to causing its downfall?

Companies, corporations, businesses are made up of people. Some people do their jobs, some do not. Some people care about providing good service, some do not. Some people enjoy their jobs, some do not. Both kinds of people are found in businesses of all sizes, not just corporations.