Lakeland, FL asked in Contracts for Florida

Q: I paid off my financed car loan early, am I due a refund for the remaining amount of financial charges of the full loan?

My contact states if I prepay, I must pay the earned/unpaid part of finance charges up to date of payment.

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1 Lawyer Answer
Bruce Alexander Minnick
Bruce Alexander Minnick
  • Tallahassee, FL
  • Licensed in Florida

A: No, of course not.

This is America, land of the greedy.

No company or person ever refunds any money that has not been paid to them first.

That includes auto loans.

Your contract earns interest by the day and then charges the interest accrued monthly.

So unless you pay the loan on the exact day the payment is due you will owe some extra

amount of additional interest.

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