I have been making my payments faithfully each month to HD Credit Corp. One month later this year, I hope to make a lump sum payment and pay my bike off early (if I have a good year financially speaking). Have you noticed on the monthly statement that the due date for the payoff amount is usually about three days after you get the bill. For example, I got a statement in the mail on Tuesday. The due date for the payoff amount was Thursday. Even if the bill had come on Monday (a postal holiday), that would still give only three days for it to arrive at the credit corp, to avoid additional interest. The due date for the monthly payment was about two weeks out. I smell a rat. Do you?

 

Don't you have a log in to their website? I can log in to it and make a payment anytime you want through the site, but I have mine setup with auto pay. Each day the final pay off balance will change so you want the most current day for the day you are going to pay it off. I don't see a scam of any sorts, get with the modern age and go paperless billing

 

You can request what the payoff amount is on any day. You don't have to wait for your bill to arrive in the mail. I believe the total amount stated is just so you know what that amount currently is. But if you were to call them on the day you want to send the payment they should be able to tell you exactly how much it should be which should be relatively close to what was stated on your most recent bill

 

Whenever you pay a loan in full, they usually calculate down to the day, or will give you a figure that is good for about 3 days at the most. That date would be the last date you could pay without adding extra days into the equation. Ever call a bank or CC co for a payoff amount? They will always say the amount given is only good up to a certain date.
nothing fishy going on here, it is standard practice on full payoffs..

 

paid mine off and got a $6 check back for over payment.

 

Call them, get the $ amount and the last day it can be received. Done deal

 

Maybe calling it a scam is a bit harsh. However, I do recall paying four wheelers off early, and the due date was the same as for the monthly payment. Oh well.

 

Have you ever paid off something before? Your payoff balance is always good for 10 days from when you inquire. Before you make a payment you have to call and get a 10 day payoff amount. It's because of interest and has always been this way?

 

And I know why. I have my payments automatically coming out of our account. Saves on the hassle of writing a check, and trying to get it in there by the due date.

But, it costs me $6 extra each time. I'm thinking about collecting the statements, and when I get two or three, start mailing it in and just changing the date on the statements to the current date.

 

You can't overpay the payoff. Any money in excess of the payoff will be refunded to you, it happens all the time. There's no scam there.