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Instead of you sending a check to your lender each month, the electronically debits your checking or savings account one-half your regular automobile payment every two weeks. These biweekly debits add up to 26 half payments – the equivalent of 13 full payments – over the course of the year. The two “extra” debits occur approximately every six months, and are forwarded to your lender to be applied against the principal portion of your auto loan. This reduces your loan balance and all future interest payments.
Sounds Smart... But Is It Safe?
Economic Advantages Program was formed in 1989, after prepayment
penalties on residential mortgages were lifted. We discovered the
benefits to all Americans. Successfully helping people means success for
our company. Therefore, the most stringent guidelines were put in place
to accomplish this goal.
All client funds are transferred through the Automated Clearing House
(ACH) under the strict regulation of the Federal Reserve. Unlike other
similar services, Equity Savings Program funds are deposited into a
non-discretionary, federally insured escrow account by Fleet Bank, N.A.
Fleet Bank is owned by Fleet Financial Group, a 484 billion diversified
services company. This account is maintained at Fleet Bank solely for
the purpose of making client mortgage and principal payments.
Economic Advantages Program uses the state-of-the-art computer
technologies to track the entire process from electronic debit through
disbursement. This ensures accurate and timely transfer of our client’s
payments to their lending institutions. We also audit the additional
payments made against the principal balance of our clients’ loans, which
provide the significant savings generated by the Equity Savings Program.
SmartNote will no longer allow
your lender to collect mostly interest over the first 23 years of your
30 year loan.
(For Texas customers only) After first contacting SmartNote, if you still have an unresolved complaint regarding the company’s money transmission or currency exchange activity, please direct your complaints to: Texas Department of Banking, 2601 North Lamar Boulevard, Austin, Texas 78705, 1-877-276-5554 (toll free), www.dob.texas.gov
Copyright © 2011 The SmartGroup, L.P.