Post by expectantsteelerfan on Jan 30, 2022 20:11:56 GMT -5
When we were getting our house ready to list this past summer, we failed a sewer line scope and had to have some extensive work done before we could sell. We were buying at the same time, and although we could have paid for it outright, they offered 0% financing for 12 months, so we decided to do that since we were bleeding money with stuff for both houses for a few months. I think the term of the loan was for 3 years, and if we only made the minimum payments, it wouldn't have been paid off in a year and all the interest they waived for the first 12 months would then be applied, but we planned to pay it off in 3 payments so we weren't worried about that.
The financing was through Ally bank, and we did in fact pay it off in 3 large payments. When I made the last payment, there was no option to click 'pay off in full' or anything, I just submitted the amount it showed as the balance. But the past 2 months, we have continued to get statements from Ally showing a $0 balance. Do I need to call and speak to someone about closing out the loan? I had assumed just paying the balance would be all I needed to do to close out the account, but we have never financed anything like this before so I am confused as to why I keep getting statements.