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Discussion Starter #1 (Edited)
So, I set up my first payment to GE capital for May 7th at the dealer. Then I set up automatic payment through my bank. It says 5 business days to send it. So I set it up for May 1st. Payment goes out fine, account number set up fine. I called on the 7th through the automatic BS GE phone number and they said they got the payment on the 7th. All is good. Right?

Nope. I just got a letter saying they didn't get the payment. :headbang:


AAAAHHHHGGGGG!! I had faith in the system that this would work fine.

More calls tomorrow. :argue:
 

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Got nervous when I saw your post. Financed through Sheffield. Checked and confirmed first payment was made...phew!

Sorry things are not starting off on the right foot for you.
 

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Discussion Starter #4
Part 2

OK, I call the collections agency today, and they VERIFY that it was recieved on the 7th of May. :yesnod: I actually get real live person to talk to!

Now I have to call the automated GE customer service BS again tomorrow and get this BS $40 late fee removed.
 

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1st to the 7th is too close. You might have the payment sent earlier. In some cases it might arrive on the appointed day, but too late in the day to meet the time they close the books for that day.
 

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Discussion Starter #6
I'll find out tomorrow.

Since it was the first payment, it says 5 business days instead of the usual 2 days. So I sent it out 6 days in advance. The weekend may have F'd up my timing.
 

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I have my mortgage (my only debt) set up for recurring online bill pay. I time it so that even over a weekend delay it should be paid a full week before being late. Still I have observed that occasionally the payment is posted on the day before it would be counted as late, but I have not bothered to question that. The point is to allow a few days for delays. Even if it is not your fault, you still don't want the hassle of a payment counted as late.
 

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This is why I went through my local credit union, auto-draft 1st of every month and it instantly credits to the balance. You probably got a good finance rate going through GE though. Mine was slightly higher than I preferred but I was more comfortable going through the CU since they financed my truck also.
 

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Discussion Starter #10
Who Hoo! :hurray:

Called GE customer service and she said there is no reason I should have got the collections letter and no late fees! Man, what a PITA, but my account is in good standing and NO BS late fee to be paid.
 

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This is why I went through my local credit union, auto-draft 1st of every month and it instantly credits to the balance. You probably got a good finance rate going through GE though. Mine was slightly higher than I preferred but I was more comfortable going through the CU since they financed my truck also.
I agree that auto-draft gets you off the hook for making the payment on time, only I don't like granting access to my checking account to anyone. I once had to close a checking account due to unauthorized ebay service charges. I prefer online bill pay, where I am in total control.
 
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