What is the name of your state? VA
two questions:
1.
Monthly Payment $420.00 4.90%APR 60 MO
Two years into a auto loan, if a payment of $279.85 [because of previous overpayment full amount not due, per Creditor] is made, can only $7.13 apply towards prinicpal and 272.72 to interest?
2.
a late fee is assessed in December 03 of $20.99.
December - July you make regular payment $420.
August - April you make payment $429.00
is it legal that the Creditor apply the $20.99 late fee over 10 months? doesnt that effect my principal balance amount? amount applied to principal and interest monthly?
example: $20.99 fee assessed Dec 24 2003 [but not applied in Dec 203] but instead divided over 10 months, months for which i wasnt late.
Month-- Payment--Principal---Interest-- Fees--- Prinicpal Balance
Dec -- 420. -- 373.90 -- 45.98 --.12C --6913.66
Jan -- 420. --- 406.05 -- 13.89 --- .06C -- 6507.61
Feb -- 420. -- 390.32 --- 29.62 --- .06C -- 6117.29
Mar -- 420. -- 401.11 -- 18.83 -- .06C -- 5716.18
April -- 420. -- 393.92 --- 26.02 -- .06 -- 5322.26
May----------------------similar to above------------------------
June ----------------------------------
July-------------------------------------
August -- 429. -- 403.94 -- 16.00 -- 9.06 -- 3718.43
September-- 429. -- 403.51 -- 16.43 -- 9.06 -- 3314.92
October -- 429. -- 413.35 -- 13.32 -- 2.33 --2901.57
Total of fees: $20.99
two questions:
1.
Monthly Payment $420.00 4.90%APR 60 MO
Two years into a auto loan, if a payment of $279.85 [because of previous overpayment full amount not due, per Creditor] is made, can only $7.13 apply towards prinicpal and 272.72 to interest?
2.
a late fee is assessed in December 03 of $20.99.
December - July you make regular payment $420.
August - April you make payment $429.00
is it legal that the Creditor apply the $20.99 late fee over 10 months? doesnt that effect my principal balance amount? amount applied to principal and interest monthly?
example: $20.99 fee assessed Dec 24 2003 [but not applied in Dec 203] but instead divided over 10 months, months for which i wasnt late.
Month-- Payment--Principal---Interest-- Fees--- Prinicpal Balance
Dec -- 420. -- 373.90 -- 45.98 --.12C --6913.66
Jan -- 420. --- 406.05 -- 13.89 --- .06C -- 6507.61
Feb -- 420. -- 390.32 --- 29.62 --- .06C -- 6117.29
Mar -- 420. -- 401.11 -- 18.83 -- .06C -- 5716.18
April -- 420. -- 393.92 --- 26.02 -- .06 -- 5322.26
May----------------------similar to above------------------------
June ----------------------------------
July-------------------------------------
August -- 429. -- 403.94 -- 16.00 -- 9.06 -- 3718.43
September-- 429. -- 403.51 -- 16.43 -- 9.06 -- 3314.92
October -- 429. -- 413.35 -- 13.32 -- 2.33 --2901.57
Total of fees: $20.99
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