Hi I recently purchased a new car. My car payment is through Regions bank. I am not very happy with the fact that I am not able to make an online payment to pay my car. The only way i can make a payment online is if I was to open a checking and savings account with a bank I would never bank with. I am looking for anyone who has this bank and their experience with having to make a payment by phone with them or in person. this bank isn't close to my home and i would have to make this payment over the phone and being a single mom who works a lot and needing to budget out. And split my payment in 2 payments. This just seems more difficult and Regions bank isn't very accommodating. So any feed back would be greatly Appreciated! Thank you!!
Thank you all for your feed back! Im sorry if my question sounded confusing to some. I traded my old car in and I only owed $4,500 on it. I got an even trade and had no bad equity rolled over. When I purchased my new car from ford the people who picked up my loan which i would make my car payments through end up being Regions bank. I called the customer service 3 different times and got a ton of different answers. I called them today and got a lady who was helpful. In order to pay any kind of bill online through Regions you have to open a checking and savings account through them to make a payment. Other wise I can set up Bill Pay through my Bank. Which I didn't know I had. I pay all my bills online But like electric and Frontier etc those bills already have an account and are easy to pay online with your debit card. So once i went to my bank and asked them some question and the Lady on the phone was helpful I got it all worked out. I didn't bite off more then I could Chew. I wouldn't purchase something I couldn't afford I have 0 debit!! What I meant by splitting the payment was buy taking what my car payment is and dividing it by 2 and paying half the payment at one time and the other half before its due. I do what works best for my budget as a single mom. Thank you all for your feed back I appreciate it. Have a Blessed day!
You could also go to the bank where you do have an account and see if you qualify for a loan there. Use that loan to pay off your car loan and then make payments through your bank.
Glad you got it figured out with your own bank. That makes sense that you set up to pay from your current bank to pay for this monthly or bi-monthly bill from Regions. You may have helped others with this question/answer.
Also, in the future you can stand up to the car dealer and let them know you already have a credit union or lender. You need to get pre approved by them before. This way you can take some control away from the car dealer and feel free to shop elsewhere.
I know sometimes you go with which ever bank will give you a loan. I know we went through Wells Fargo when we had our car notes and it was easy to pay online. If we get another one I am going to try to go through USAA though.
Ugh, we ended up with a truck loan with BMO (which has no local branches for us) and then our loan was SOLD to CSC Logic 9 months later - it was a real nightmare getting payments set up at both places! BMO also would only allow us to make online payments if we had a checking or savings account with them - which I wasn't keen on at all. However, what we ended up doing was having the funds for the checking account we set up deducted from my husband's paycheck every two weeks and then had auto pay set up so that once a month the money was transferred from the checking at BMO to the loan at BMO. Once the loan was sold, we closed the BMO account. The new place did let us set up auto pay right from our regular checking that we have always had, but we had to move heaven and earth to do it.
I know you don't want to open an account at Regions - it sucks when you feel "forced" to do this, but what we did ended up being quite painless after it was up and running. We never had to worry about forgetting to make the payment on time because the deduction came from my husband's paycheck. Usually your employer/payroll will allow you to have your pay deposited in up to two or three different accounts for direct deposit.
There are also services out there that will take bi-weekly payments from your checking and send it to a lender for you, also allowing you to get your loan paid off sooner (since at bi-weekly payments, you make one extra payment a year), but they do charge a small fee to do it. Some may find it practical, others (like me) hate the thought of spending one extra penny I don't have to.
We didn't have a choice with BMO to begin with - I shopped our truck loan to the lowest available interest rate - and they were the absolute lowest we could find at under 3% on a used vehicle (I think we got 1.9%). Again, I hate the thought of spending one extra penny - and in fact we are making extra payments to get it paid off as soon as possible because I detest the idea of throwing my money away on interest!
Good luck!
ETA: Yes you have debt. You have a car payment - that means you have debt.
Why did you get a loan through a bank you wouldn't do business with? That doesn't make sense to me.
I have never personally dealt with Regions. I don't think we have them here in DC. I use USAA and Navy Federal CU.
Why not get the loan through your bank and call it a day?
I don't understand why you did not use the bank you have your accounts with and a relationship with by being a standing customer.
That said, you should be able to set this bank up as a pay to account with your online banking from your account and just set up your drafts to them.
Maybe you need to have your bank issue a loan and get rid of the Regions loan. How did you get a loan to start with if you already can't make the monthly payment? I've never heard of splitting payments on a loan. It sounds like you bit off more than you can chew and you over spent. Sell the car and buy something you can afford. Debt is evil.
Our mortgage is with Regions, but we do not bank there. We pay our house note over the phone and have never had a problem with doing so.
Your car loan is through this bank but you have no other accounts with them?
What ever bank or credit union you do have accounts with should have an online bill pay that you can use to make car payments to Regions bank.
