What is the name of your state? Texas
I have a car that (according to my statements) was $955.70 to being paid in full. Due to hurricane Katrina, I was self employed and recently had to close the business (05/2006) because I was not making any profits and am currently seeking employment. My husband is working but is making almost 50% less than what we made pre-Katrina. I called the car company to advise them of the situation and to request the payoff amount to see if maybe I could possibly borrow the money (from family) to just pay the car off. The amount does not measure up to what I thought it would be. I requested a copy of the payment history and calculated that I have paid a total of $20,575.22 which according to the payment history shows the following:
12,318.95 - principal
6,536.49 - interest
1,310.38 - other charges
The amount above only totals to $20,165.82. Where is the difference of 409.40?
My interest rate was 3.14%. The original car loan amount was $15,000. Clearly the interest paid is approx 31%. and I see one entry in December, 2005 that $1,010 was taken from a $2,000 payment (paid to catch up with payments after Katrina) and is listed as "other charges". When I called the representative to explain to me the other charges, she told me that it could be late charges, fees, etc. I requested that she send me the explanations for all of them and she told me the system was recently switched and she does not have the exact reasons and that she had to get a manager to send it to me. I am still waiting. They have since called me to tell me that they may take me to court if I do not pay the remaining amount of $1,002.76 and they may possibly repossess the car.
I am so embarrassed as I should have seen this so long ago. Now, my credit is being ruined (We want to purchase a home within the next 6 months) by this and on top of that, it looks to me that they owe me money!!! Do you see what I see? (Something shady)
I have a car that (according to my statements) was $955.70 to being paid in full. Due to hurricane Katrina, I was self employed and recently had to close the business (05/2006) because I was not making any profits and am currently seeking employment. My husband is working but is making almost 50% less than what we made pre-Katrina. I called the car company to advise them of the situation and to request the payoff amount to see if maybe I could possibly borrow the money (from family) to just pay the car off. The amount does not measure up to what I thought it would be. I requested a copy of the payment history and calculated that I have paid a total of $20,575.22 which according to the payment history shows the following:
12,318.95 - principal
6,536.49 - interest
1,310.38 - other charges
The amount above only totals to $20,165.82. Where is the difference of 409.40?
My interest rate was 3.14%. The original car loan amount was $15,000. Clearly the interest paid is approx 31%. and I see one entry in December, 2005 that $1,010 was taken from a $2,000 payment (paid to catch up with payments after Katrina) and is listed as "other charges". When I called the representative to explain to me the other charges, she told me that it could be late charges, fees, etc. I requested that she send me the explanations for all of them and she told me the system was recently switched and she does not have the exact reasons and that she had to get a manager to send it to me. I am still waiting. They have since called me to tell me that they may take me to court if I do not pay the remaining amount of $1,002.76 and they may possibly repossess the car.
I am so embarrassed as I should have seen this so long ago. Now, my credit is being ruined (We want to purchase a home within the next 6 months) by this and on top of that, it looks to me that they owe me money!!! Do you see what I see? (Something shady)