Auto lender charging more interest than on contract

[00cheri]

What is the name of your state (only U.S. law)?

 

[00cheri]

Auto lender in fl charging more interest than contract allows

My auto loan was for 39 months and should have been matured in Jan 2917. However, they are saying I owe more payments due to additional interest accrued on my loan. Can they do that? I have a 25% interest car loan and have paid plenty in interest to date. I have a simple interest loan.

 

[adjusterjack]

Start by taking out your loan contract and reading it. Under the federal Truth in Lending Law your contract should specify the amount financed, the interest rate, the number of months, and the total amount of the interest over the life of the loan.

Then use the following amortization calculator to see what those figures look like over the life of the loan. You can print out the amortization schedule that was generated.

http://www.bretwhissel.net/amortization/amortize.html

Then take a copy of that and a copy of your contract to the lender and ask for an explanation and documentation of why they want more money.

 

[00cheri]

I did do all of that. My lender is Markone Financial Services. Only recently I'm finding out they specialize in ripping people off. Their customer reviews are horrible. They are unfair and unethical. They just keep repeating that additional interest accrues as the loan goes on. I thought they could only charge what's on my contract.