They are a bunch of idiots, and I could go into great detail, but I don't think it matters anymore since National City has closed their Marine finance division. If you decide to business with them, be forwarned!
Dean

What happened? They have the note on my boat, and 3-4 friends as well. I have had good luck with them.

Mine, too. Please enlighten us...

I have my Cig through them for the last 3+ years. No issues, no hassles, easy transactions.

Fill us in, Dean.

20 years with them and they still treat me like I have money.

they cover my 35 fountain also, no problems with them at all

Well guys,
It comes down to that we were paying extra $$ every month towards our principle on our note, and to find out, it was being applied towards interest, instead of the principle!!! Principle only payments go to a seperate address, in a different city, and different state, (Cleveland Ohio). Regular payments go to Louisville KY. It was not clearly spelled out IN THEIR PAPERWORK, and I called them up and tried EVERYTHING to get it resolved, and I was told it was my fault for not calling and verifing the SEPERATE principle only mailing address at the beginning of the loan. In all the years that I've have had consumer loans, I NEVER HAD TO SEND PRINCIPLE ONLY PAYMENTS to a different state/city.


Live and learn, we will paying off this loan this spring when we get our tax return back!! We just closed our MMA in Harbor Federal Savings, because they were acquired by National City!
Dean

Sorry to hear, Dean! I can see why you'd be pissed.

My student loans were set up the same way. Extra Principal had to be on a different check and mailed to a different department.

It's deceptive, but a frequent practice.

Dean,

Pull out your note and see what it says under the payment section. Does it address what is done when the payment is in excess of a regular payment or does it state that extra principal must be mailed to a different address. Does it state that extra payments will be applied to next months payment or paid to additioanl interest? Do you pay by payment book? If so does the cupon have a space for additional principal.

The note is the contract between you and the bank and spells out what is done with payments. If it states that you have to send principal to another place then you don't have much leverage, but if not then you have a legitimate beef. Also talking to a front line CSR is usually a complete waste of time. You need to talk to someone with Assistant Vice President of above in their title usually to discuss problems and get a resolution.

If you paid ahead interest, then when you pay off the extra interest is credited to your payoff. Not quite the same as getting extra principal (and thereby reducing overall interest) but the bank can't keep the paid ahead interest either. Usually it isn't applied as paid ahead interest, rather as additional regular payments, therefore advancing your due dates. The paid ahead interest is the side effect of having your loan paid ahead 6 months, a year or whatever.

Absolutely right. "policy" doesn't mean $hit. It's only what's on your contract that counts. Hope it works in your favor.