Anderson, IN asked in Consumer Law for Indiana

Q: Legal or Illegal? Car Loan Interest applied jumping all over, not going down steadily

Legal or Illegal?

Car Loan. High interest rate.

I looked at the last two years and noticed interest applied to the loan jumped all over. According to a normal amortization schedule, interest payment should have only been above $200 the first month. Only 10 payments from the 2 years were less than $200, others ranging from $203.15 up to $302.00 (the entire amount sent). No payments were late, many were early.

Why would this happen? Are they playing illegal interest application games hoping no one will notice?

only about $150 difference in balance due over 2 years, but still... who wants to pay an extra $500 they don't owe by the end of a very expensive loan?

And if they're doing it to me, how many others are they doing it to potentially netting millions or billions of extra dollars each year?

Thousands of online complaints about this company.

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1 Lawyer Answer
Paul Stanko
Paul Stanko
  • Plymouth, IN
  • Licensed in Indiana

A: You should contact a consumer lawyer. It sounds like you might be getting scammed.

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