About 1 1/2 years ago the car I had financed through houshold was totaled in an accident. The insureance would not cover the payoff amount and I had to refinance the remaining amount $2,417.46. A few weeks ago I noticed on a bill I still owe $2,417.46 and called to ask the payoff amount, and was told the same amount. I asked how this is possible and they said I am paying on the intrest of the loan, so I asked what the intrest is and he could not give me an answer, just that intrest varies daily. I looked on all the bills I could find and conviently every payment goes directly to intrest and none goes towards the actual loan. So I looked at the bills where I paid differing amounts and it was still all going to the intrest. So no matter what I pay less/extra it all goes towards what they call "intrest" so in theory this bill will never be paid off.
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