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?
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Answered on Apr 27, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
“If you really need the money, your best bet is to call your lender. While most lenders won’t refund the money, yours might if you have a good relationship with them.
If you can’t get the money back, you have two options.
First, you can let it go. 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.)
Second, you can call your lender and ask for the extra payment to be applied to the principal. This is probably the smarter move, as it will reduce your overall principal and lower the amount of interest you pay over the life of the loan. However, you’ll still be on the hook for making the payment next month.”
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