C
crrosenberg
Guest
What is the name of your state? Colorado is where car was purchased and contract signed I now reside in Kansas
I purchased a car in 2003 from a dealership in CO. My dispute is with the finance company I am purchasing car from, they used my whole last payment that wasn't late as interest with nothing to principal. They state that since I had paid the previous month's payment early (before due date) and the current month's on the due date that increased the number of days finance charges accrued therefore my whole car payment went to finance charges. This then would increase the amount I overall will pay in finance charges. They state my contract states that this will occur and they point to the first paragraph of my contract, however, when I called them on this it took several people later to be able to find this supposed info in the first paragraph. I still disagree nowhere in my contract does it state that this is a simple interest loan and finance charges accrue daily so you are penalized if you pay early monthly payments. I thought they would have to post payment to the next scheduled, I can't guarantee they receive a payment every 30 days exactly. I believed when I signed contract that the amount in the finance charge box was what I was to be charged not that it would change. Any suggestions??
I purchased a car in 2003 from a dealership in CO. My dispute is with the finance company I am purchasing car from, they used my whole last payment that wasn't late as interest with nothing to principal. They state that since I had paid the previous month's payment early (before due date) and the current month's on the due date that increased the number of days finance charges accrued therefore my whole car payment went to finance charges. This then would increase the amount I overall will pay in finance charges. They state my contract states that this will occur and they point to the first paragraph of my contract, however, when I called them on this it took several people later to be able to find this supposed info in the first paragraph. I still disagree nowhere in my contract does it state that this is a simple interest loan and finance charges accrue daily so you are penalized if you pay early monthly payments. I thought they would have to post payment to the next scheduled, I can't guarantee they receive a payment every 30 days exactly. I believed when I signed contract that the amount in the finance charge box was what I was to be charged not that it would change. Any suggestions??