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Can I get a refund if I accidentally paid my car loan twice in the same month?
I added auto-pay to my account for my car loan, but it didn't take the money out on the day that I thought it did. As a result, I paid manually. Two days later, the auto-pay kicked in and it paid the car note for a second time. Can I get a refund?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
It’s unlikely you can get a refund, but the money you paid will still go toward paying off your loan in the future.
There are three options for you here.
- You really need the money: In this case, your best bet is to call your lender. While most lenders won’t refund the payment, yours might if you have a good relationship with them.
- You can apply the payment toward your next month: The payment will be applied twice, which means you won’t have to pay for two months. (So if you paid twice in April, that covers April and May, which means your next payment is in June.)
- You can apply the payment toward the principal: Call your lender and ask for the extra payment to be applied to the principal. This is probably the smarter move, as it will help youpay off your loan fasterand lower theamount of interestyou pay over the life of thecar loan. However, you’ll still be on the hook for making the payment next month.
Hope this helps!
View full answer
- Gregory R.
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