Q: Can a car loan not give a payoff amount or out of a $207 payment only $35 goes toward the car and the balance to finance
I am paying an outrageous amount of finance charges with no payoff amount. The finance company says they don't do that.
A: Start by reviewing the terms of your financing agreement(s). Depending on what the documents say, options might include: calculating the payoff yourself, asking for a supervisor, complaining to the Attorney General's office, complaining to the Arizona Department of Financial Institutions, paying more than your minimum (which should go to principal), and paying more than what you think you owe and getting a refund for the difference. One thing to look for in the documents is whether there are any prepayment penalties.
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