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| *Loan,banking and credit>>>auto loan |
How can I find out the pay-off of my auto loan held by GMAC? |
Loan is held by GMAC Call GMAC, give them your account info and ask them for the pay-off amount. Contact GMAC and have your account number at hand. Also, the very last payment that you made. Ask GMAC the following question: "What is my total payoff as of this date, including any interest. When does GMAC have to have the exact funds to credit my account." Interest is compounded on a daily basis on many Loans or Credit cards. Many times, you need to make two payments...One for the Payoff amount for that time period and one payment to close the account.....i.e any additional interest that accrued after the initial "Final payment." Billy is on the right track. Only GMAC can give you a payoff amount, and the amount is only correct for the date specified. You need to ask "What is my payoff amount if the payment is received on x?" (supply a date for x) Also ask "What is the daily accrual rate?" That is the amount of interest added to the payoff amount each day. Unless you can personally deliver your final payment, I recommend adding a few days interest. Also, be sure to ask where to send the final payment. It may not be the same address that your monthly payment goes to. Bank employee. I don't deal with loans, but I've seen the manual. |
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