Yamaha Financing Refuses To Accept Principal only Payments

[Hector Leiva]

Approximately 4 months ago Yamaha Corporation relieved Synchrony Bank Of all Yamaha loan managing responsibilities and began to manage their own Loans. WhIke my loan was being managed by synchrony I would make quarterly principal payments in order to minimize finance charges. The process was seamless. Ever since Yamaha took over I have not been able to make a principal only payment. Regardless of the request I make that the payment be applied towards principal only, it is ignored and the money is applied towards a scheduled payment. I have also requested on more than a half dozen occasions that a supervisor contact me and these request are also ignored. As I understand the law all finance companies are required to allow customers to make payments towards principal. Yamaha appears to not care and ignore the customer. Has anyone else encountered this problem or now of a way to resolve.

 

[jgourlie]

Wow this is concerning, I am curious how this ends up getting resolved?

 

[Julian]

Approximately 4 months ago Yamaha Corporation relieved Synchrony Bank Of all Yamaha loan managing responsibilities and began to manage their own Loans. WhIke my loan was being managed by synchrony I would make quarterly principal payments in order to minimize finance charges. The process was seamless. Ever since Yamaha took over I have not been able to make a principal only payment. Regardless of the request I make that the payment be applied towards principal only, it is ignored and the money is applied towards a scheduled payment. I have also requested on more than a half dozen occasions that a supervisor contact me and these request are also ignored. As I understand the law all finance companies are required to allow customers to make payments towards principal. Yamaha appears to not care and ignore the customer. Has anyone else encountered this problem or now of a way to resolve.

I'm pretty sure they have to have a number you can call to actually talk to someone......no?

 

[Hector Leiva]

I have spoke to their representatives on numerous occasions. The problem is that they disregard my instructions verbally and or written and their is no one in a management position that I am able to speak with.

 

[Beachbummer]

Complain to cfpb. Submit a written complaint to them too.

 

[Hector Leiva]

What is the cfpb

 

[Gym]

You can also file a complaint with your state's consumer complaints division of the attorney's general office.

 

[jlcj7]

I have had the same problem. They processed as regular payment to the point my payment isn’t due for quite a while. They used to send bills with a $0 balance, now they stopped sending bills...

 

[Hector Leiva]

I have had the same problem. They processed as regular payment to the point my payment isn’t due for quite a while. They used to send bills with a $0 balance, now they stopped sending bills...

Got extremely lucky and one of the reps put me through to a supervisor After waiting on phone for over an hour. Supervisor got their main office to apply the latest amount towards principal only. I also discovered by accident that if you send a payment that is more than your regular payment but less than a second payment the extra amount will be applied to principal Without specifying that It be applied towards principal

 

[Maccam26]

Got extremely lucky and one of the reps put me through to a supervisor After waiting on phone for over an hour. Supervisor got their main office to apply the latest amount towards principal only. I also discovered by accident that if you send a payment that is more than your regular payment but less than a second payment the extra amount will be applied to principal Without specifying that It be applied towards principal

Yes I noticed this by accident as well, their system is pretty antiquated I suppose.

 

[ShesCrafty]

My comment adds little value on the specific issue... but the transition from Synchrony to Yamaha Financial has been a nightmare. Poorly planned and horribly executed. As though no one has ANY experience managing Accounts Receivable.

A few months have passed since transition and it STILL takes forever to get someone to answer the phone, much less follow through on requests. I’m hopeful they will eventually get their shit together. The spike in new financing requests (Springtime, virus) surely hasn’t helped.

 

[j_shoe99]

I paid off my boat recently, and still haven't received any sort of lien release, or clean title. I've sent a couple emails with no response. It's not that big of a deal, so I don't want to spend hours on the phone waiting to talk to a rep. <sigh>

 

[F.M.]

Does your state title boats? Some states don't. You may only get a letter stating that you paid it off.

 

[j_shoe99]

I'm not quite sure. This is my first boat. I figured I'd get something mailed to me like a lien release, saying it's a clear title?....then I could sell outright, or trade-in if need be.

 

[MidnightRider]

Yeah not sure in WI but next door in MN boats are not titled only registered. However the trailer is titled so that would require a release of some sort, at least in MN.