After I got my truck loan in late I began making large monthly payments, or when ever I had extra money. After making the large payment, the next monthly statement said no payment was needed for that month, so I calculated my payments in advance to March of this year, when I was to receive a large sum of money, and planned to pay the vehicle off at that time. I make a lump sum payment in july that should have taken me to march. I regularly checked the payoff on the truck after each payment and it had dropped to $7379 and stayed that way for months., but in january I received a statment saying I had to make a payment or have it reported to the credit agency. I couldn, t make the payment so they deferred two payments till march, after asking me if I was going to pay the loan off when I got my large sum, which I said probably.in march I made a standard payment, but when I checked the payoff, it had gone up $800, and when I questioned them about it, they said it was a simple interest loan. I don't understand how a loan can increase when you make regular and large payments to get the loan DOWN. Can you please help, as I can't get a straight answer from Americredit.
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