Bank Loan Specialist- Car Payment Question

NYSpeed Automotive
1

Ok, heres the deal, and the question. I have been paying 337.xx a month for my car payment for my car. I have 12 Payments left. I have made every paypment on time, never had a late fee, etc etc etc, BUT here is where I am confused and pissed. I just looked at my last bank statment on the remaining balance of the car, its $5,995.xx. WTF is that? Here is a simple break down of why I am so pissed.

337x12= $4044 not $5995

I went thru First Niagara Bank for the loan, have the “coupon” style book with all my payments on it and the final one says “This is your final payment, please contact FNB for your remaining balance”. Does this mean I have to come up with the 2k for my final payment? WTF is that!?!?! Why would they do that when I took out a 5 year loan and the payment has been the same exact for all 60 payments?

EDIT: ITS A FIXED LOAN TOO

2

Yes you owe them $2k.

:gotme:

Nobody here knows the details of your loan. Call the bank tomorrow.

3

I hear ya, its just a 60 month fixed loan, I am just confused.

4

maybe a bank fee for the approval? I see these alot but usually they get broken down into the payments that crazy… Let us know

5

Do you have the amortization table?

6

i work for a bank that doesnt make any sense. unless you have a baloon payment at the end. which im sure you dont have. i would deff call them in the am!!

7

Maybe they hustled you into a balloon loan?

8

I am going to go to the bank in the AM and find out what is going on.

Put it this way:

Car was 15k, put 2k down, which brought it down to 13k BUT added on the extended warranty for 2k which would have put the loaned amount to 15k.

Car Payment was 337.16 x 60 = $20,229.60 when the interest was put in for the 60 month loan.

Some how the math does not add up and when I have paid off the 60 month loan, I have an outstanding balance of around 2k. There has to be a error somewhere.

9

Also shouldn’t your remaining balance should be lower than the # of months x monthly amount, because interest hasn’t accrued yet.

Just running some numbers in loan iq,
a $15k loan @ 60 months has to be 12.5% interest to have a 337.50 payment
Your balance on this loan at the 48th month should be $3788

If they tell you the balance is $5995, and you have 12.5% interest, paying $337.50/month, you have 20 months remaining, not 12.

Maybe it was $15k before ttl and my numbers are wrong, that’s hella high interest.

10

Are you sure your original loan amount was $15k? Did you finance the tax?

11

any updates?

12

Is this serious, do you really suck this poorly at understanding what the paperwork you sign means?

13

This makes me want to be a loan shark

14

I smell a new division of CDCB…

15

First Niagara doesn’t offer balloon loans. Nobody does, maybe 3 or 4 national banks and they are generally only applicable for new cars.

16

Update:

I was put into a 66 month loan program. Totally forgot that it was a 66 and my coupon book only goes to 60, not sure why but the lady says they will send me a new one when this one runs out.

PS Walter, fuck yourself

17

andy is educated

just forgets minor details sometime walter <3

18

[QUOTE=bigtymer7463;1508741]andy is educated

just forgets minor details sometime walter <3[/QUOTE]

not if you sign a 66 month term loan for a car

19

So you’re paying 337.16 on a 15k loan for 66 months?

That’s 15.3% interest.

Hopefully the bank sends you bottles of KY along with your payment receipts.

20

Jesus dude. You paid over $7k in interest in a $15k car loan. It’s almost paid off so hopefully you’ve got a lot better credit now and will never do anything like that again. Yikes.