Man wanting to refinance car ends up with costly problemPosted: Updated:
CHANDLER -- A Chandler man says he is having a heck of a time refinancing his car and you won't believe why.
It was supposed to be a simple transaction. A Chandler man was trying to refinance his auto loan so his interest rate would go from 15 percent down to 7 percent. But simple refinancing turned into a huge problem.
Troy Beeter loves his new Mitsubishi Galant that he bought just five months ago. What he doesn't like, though, are the payments.
"I don't really regret getting it, I just wish it was easier," he said.
What he wishes was easier is refinancing his loan.
Beeter's current auto loan is with Capital One for $24,000, but by transferring his loan over to Wells Fargo, which has a lower interest rate, Beeter's monthly car payment would drop by a hundred bucks.
"I was nothing but happy because who doesn't want an extra $100 a month for really doing nothing?" he said.
Wells Fargo gave Beeter a cashier's check for $24,000 and it was made out to Capital One. Beeter sent that check to Capital One by registered mail and a Capital One representative signed for it. But somehow Capital One misplaced the check, meaning his loan with them was not paid off, after all.
So, why won't Wells Fargo just put a stop payment on the check and issue another one?
"They told me they can't," Beeter said. "They can't stop the check because it was a cashier's check and they don't expire."
As a result, Beeter has two $24,000 loans -- one to Capital One and a second to Wells Fargo -- and Beeter says both institutions won't help him resolve the issue.
"Every time I try to resolve it, they all promise, 'Oh, we think we have figured it out,' but two weeks later they say, 'Oh, let's try something else,' and it's going nowhere," Beeter said.
The good news is Wells Fargo looked into the matter and they have decided to stop payment on the lost cashier's check and they have issued Beeter another $24,000 check.
As for Capital One, they have assured me that Beeter will not be assessed any penalty or other fees because the payoff check is so late.
In a nutshell, this case is resolved and Beeter says he is happy it is all over.