Is it possible to setup an automatic principal only loan payment?

Mikeki7
Contributor

At the moment I have a scheduled automatic minimum payment each month to my car loan. I would like to know if its possible to setup another automatic payment but towards the principal only? If so is it possible to for example pay it daily? or do I have to do all of this manually?

 

Thanks!

5 REPLIES

Mikeki7, Great Question. You can also set up automatic principal payments by completing a payment authorization form. To get the form, follow these steps:

  1. Go to your My Tools tab, and under the Documents & Forms heading, select "Get Forms."
  2. Under Banking, select "Loans."
  3. Select the "Set Up Recurring Payments to the Principal Amount of Loan" form.  When you send in extra payments, it simply takes away from the automatic payment amount, instead of applying to principle balance.

This would make it easier to have principle payments done to your loan, all from our webpage. Please let us know if you have any other questions. ~Jen

Does submitting this form apply to USAA loans?

wfm, yes, this is for USAA loans only.  Let me know if you have any other concerns. ~Jen

If this question was asked back in June of 2017 and USAA went to all the trouble of making a form specifically for this purpose, why is this not already an option for your customers to set up on the USAA website?  I don't want to have to snail mail anything and I haven't seen a fax machine in at least five years, so why are we relying on outdated technologies and services when USAA has a website dedicated to do {almost} anything that a customer could want to do with their account?  You already have a bill pay section on the site and this could be easily implemented as an option inside of that bill pay section.  I shouldn't have to fill out a form, and hunt down a stamp or fax machine to make an EXTRA payment to my bank.  If USAA doesn't want to implement the payment option on the site, at least allow for the upload of the form via the member communication portal once a member is signed into the site.  It's the same thing as a fax and it would make it easier for your customers, providing faster and more reliable service than any post office or fax machine I have ever dealt with, and it will likely be easier for your CSRs to handle a PDF upload than having to handle a piece of paper that they then have to scan in so it becomes a part of the member's digital account.

@demagent, I can understand the frustration.  However, principal APP payments cannot be set up on usaa.com; however, you can access the document on usaa.com under My Tools>Get Forms>Banking>Loans.   Once this is completed, you can upload this back to us by clicking on My tools > Send Documents to USAA.  We will pass along your feedback regarding this procedure and appreciate your input.