new vehicle contract laws

[lcd1966]

i live in maine and my husband financed a new vehicle 3 years ago.the contract states the interest is to be annually and the bank has already charged us most of it.according to them we still owe more on the vehicle in the next 2 years than what we have paid on it in the last three.almost 5000$ of what we have paid has gone to the interest already and our total interest is supposed to be 5851$is it legal for a bank to charge the interest up front like that when the contract says annually?

[Edited by lcd1966 on 04-23-2001 at 07:09 PM]

 

[lawrat]

You need to read the contract carefully. perhaps rewrite your contract provisions here. How long is the loan? Is it possible the bank wants you to pay total interest first and then future payments all go to principal?

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I am a law school graduate. What I offer is mere information, not to be construed as forming an attorney client relationship.