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Interest/loan question

bloodshed

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Kilo Klub Member
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Sep 24, 2008
Messages
1,184
To put a long story short, I was looking into a payoff on my car loan today and I noticed something was way off. I knew I was getting myself into a bad loan when I got it, but due to financial reasons and other external reasons I was very limited.

Anyways to get to the point, on a $6000 3 year loan with a 24.99 interest rate(I know), my total payoff is $11,577.60 (not to mention $180 on fees to be allowed to pay my loan). Obviously these numbers don't make sense. Even if they weren't amortizing the interest over the 3 years the payoff would still
Be $10500. Now, my loaner did charge me a fee to take out the loan, which I recall to be in the $1800 or so range. The only thing that makes any sense to me is that they are charging interest on the fee they added on to take out a loan. For those that know more than I, are these legal business practices? I understand the fee and have no issue paying that, and I understand my interest is garbage and I have no qualm with paying that. However, I feel this is excessive and I was not made aware of paying interest on the fee I was charged.

On another note, I have paid 21 payments on this loan totalling $6700, and were I to pay it off today ($4800 or so) they are telling me I will owe them an additional $81 in interest. Something seems very, very off here and I'm wondering if all of this is even legal. Or do they think they can get away with it because only people in strong need will take out a loan with them?
 
You need to check with your State's Usury Laws. They may not cover car loans. I'm also surprised there isn't a prepayment penalty. You have to do the math (online calculators) and if your numbers don't match theirs, ask for a written explanation. I don't feel like doing amortization math right now, sorry.

But I am happy that you are in a position to pay off your loan.
 
What is your principal balance? TC is right, there may be a payoff penalty, but that should still save you money. My wife and I are getting ready to pay off our car loan and we won't be paying the interest left, only the principal, which is what you should be paying off. I take it your credit was poor when you took the loan. Regardless of that, you shouldn't have to pay the interest that's left if you are going to pay off early
 
My principal balance is at 44xx. I've done so many possible calculations and the only thing that makes sense is that I'm paying interest on a fee they charged me on my loan as well as paying off the Interest before the principal so I pay interest on the original balance of $6000 through the entire loan, instead of being amortized to my current balance, which I was not made aware of when I took this loan.

I am just angry that if I pay this $6000 loan off today, 15 months early, I would have ended up paying about $11,200
 
Yeah, something sounds fishy about it. If you pay off the principal you shouldn't have to pay the "remaining interest"
 
Finiancing 6000. at 24.99% for 36 months payment would be 253.13 and total payback 9112.68.Sounds like a life,gap,or warrenty has been added in.Most video transaction in case of problems and know what to say and ask you questions that you answer to cover their butt.I manage a new cardealership and we don't use these tatics,bust many do.
 
Finiancing 6000. at 24.99% for 36 months payment would be 253.13 and total payback 9112.68.Sounds like a life,gap,or warrenty has been added in.Most video transaction in case of problems and know what to say and ask you questions that you answer to cover their butt.I manage a new cardealership and we don't use these tatics,bust many do.

Definitely no warranty. It is through westlake financial if that helps. They did add on a fee just to take a loan with them, I recall being between $1800-$2200. But even with that the numbers are off by around $1000.

I understood the interest rate and fee when I took out this loan and have no problem paying those because that's what I agreed to, but something seems very off right now.
 
Go back to the dealership and talk to your salesperson.He should send you to f & i office there tell them to show how the numbers are working out.
 
I've done the math, I made a couple mistakes in my Initial math and forgot about tax and licensing fees, which puts the numbers correct if I pay it off at the end of 3 years, however were I to pay it off today I would be overcharged by around $1000 because they will be charging interest for the life of The loan, opposed to what's been accrued so far. That's something I will have to discuss with them when the time comes
 
To improve your credit score so in future you don't have to deal with cutthroats,use automatic payment deduction,that way credit score will go up because you are always on time.
 

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