I purchased a 2000 Dodge Dakota Sport in sept payments of $ 472.12 per month at 23%, because of bad credit. I never relized it was a simpile intrest loan. Yesterday 3-24-03 I called for a payoff. To find out that is what kind of loan I had. I believe I have made 27 payments of $ 472.13 with totals $ 12,747.51. I purchased the vehical I believe for a little over $ 19000.00.
The payoff I recieved yesterday by phone was
$ 13,303.78. When I pay off this loan before 4-03-03 I will have paid Household Auto $26051.29 for my truck. If I pay payments to the end of I believe 60 months I will pay $ 28327.80.
I fill that I sould get some intrest credit back for paying it off early. Alot of people like me have to pay the high intrest, # 1 i'm not highly educated like alot of people to understand what simple intrest means. It is not explained buy the car dealers, all they tell you is what your credit is and thats why your intrest is high. Sure you can read all the papers that they put in front of you. But how many of us understand what we are reading. Alot of us want a brand new vehical to be able to go to work, or what ever we want, just to have reliable transportation.
0 comments