Stewart
Dallas,#2UPDATE Employee
Mon, June 30, 2008
you live in washington...state max on a new car would be 25%..you said the car was worth 18,500. at that interest rate @ 72 months your payment would be 490 not 377. even if your rate was 18% the payment is 421. what was sales price, rate & term? ill tell you how much you would owe after 4 years IF YOU WERE NEVER LATE.
Nikki
Coconut Creek,#3Consumer Comment
Fri, June 27, 2008
Go online and find an amortization schedule. Fill in the blanks with your intial loan amt, interest rate and length of term. You will get a schedule that will show where you should be. The bulk of the interest is paid in the early years of the loan. The amortization schedule is only correct for an auto loan if you have paid ontime every month and have never deferred any payments. If you have deferred payments or been late (even 1 day) you are subject to additional interest being tacked on. Another thing you can do is fill in the amortization schedule with your remaining balance, remaining term length and interest rate. You will get the payment you should make to pay off your car in the time that's left.
Been There Done That
Ashburn,#4Consumer Comment
Thu, June 26, 2008
I wouldnt be as brutal as the previous comment and since the signature is "Paul" doubt that HE got pregnant but either way IT HAPPENED you had another commitment. BTW if you listed your parents on the app as a reference they will call them. PERIOD! I had drive for a car loan too and given the fact that you are likely at 24 or 25% interest and they tacked on fees etc its certainly possible thats the balance...Did u ever question why they cannot or will not send an amortization schedule? Thats why! It will never be accurate with them. I am sorry to say this tho and that is there will NEVER be a lawsuit against this company otherwise it would have been initiated by now. What happened was, collectively, "you" all were approved for loans you could not handle. Noone runs a budget or accounts for "what ifs" all they see is the car and as long as the approval is done noone cares UNTIL the payments are due. The company is taking a HUGE risk in granting the loan therefore its "dogs are out barking" all the time to get their $ back and make you aware of your obligation. They know the chances that with a deferment or changes to the terms that you still will be unable to make your payments because you are a risk in a car you cannot afford. So dont expect the harassment to end. MY THOUGHT...If the car is worth anything then sell it, trade it whatever and be done with them and let the buyer clear it all up. If they repo it your credit will be toast! FYI! I am in a very conservative financial institution and this changed economy is hitting everyone and we are having to change practices to ensure the financial stability of the company. Keep in mind we also do NOT participate in subprime lending. Imagine their risk, they are going to do whatever it takes to get paid.
John
Califon,#5Consumer Comment
Thu, June 26, 2008
use your alleged son as a human shield then cry when it gets used against you. No one told you to get pregnant. How are you going to afford a kid when you can't afford a vehicle?