I got my loan five years ago for about 8,000 dollars. Didn't want a big monthly payment. Over the years I have missed a few payments here and there but never to the point where they would repo my car. But the calls would never end until payment was done even after having made payment arrangements.
I lost my job a few months ago and got behind again on my payments. I found out recently that I am going to get a nice sum of money from other sources and I thought about paying off the car as soon as I get the money next month. I checked my account to see what was the payoff amount and it shows to be almost 5,000 dollars. I admit I have been behind a few times but over the course of the five years I have paid over 12,000 dollars to this company and only 3,000 have gone to principal!
I only have a few payments left, and the sum of my remaining payments is less than the payoff amount by 2500 dollars and this is assuming that all the money goes to principal and none to interest. How is this possible?! I remember that in my loan papers it stated that the total amount that I would have to pay was 14,000 dollars.
I have payed over 12,000 already with a remaining balance of 4700 of principal this itself amounts to about 17000 dollars plus whatever interest they charge me for the remaining payments. The whole thing is absurd! I got ripped off! I was just a kid then, I didn't know any better.
0 comments