# Bank Loan Specialist- Car Payment Question
**URL:** https://forums.speedlife.net/t/bank-loan-specialist-car-payment-question/75409
**Category:** NYSpeed Automotive
**Created:** [October 27, 2009, 5:18pm UTC](https://forums.speedlife.net/t/bank-loan-specialist-car-payment-question/75409 "2009-10-27T17:18:06Z")
**Posts on this page:** 20
**Page:** 1
### Author:  [@AndyB](https://forums.speedlife.net/u/AndyB)
#### Post date: [October 27, 2009, 5:18pm UTC](https://forums.speedlife.net/t/bank-loan-specialist-car-payment-question/75409/1 "2009-10-27T17:18:06Z")
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
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### Author:  [@Fry](https://forums.speedlife.net/u/Fry)
#### Post date: [October 27, 2009, 5:26pm UTC](https://forums.speedlife.net/t/bank-loan-specialist-car-payment-question/75409/2 "2009-10-27T17:26:50Z")
Yes you owe them $2k.
:gotme:
Nobody here knows the details of your loan. Call the bank tomorrow.
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### Author:  [@AndyB](https://forums.speedlife.net/u/AndyB)
#### Post date: [October 27, 2009, 5:28pm UTC](https://forums.speedlife.net/t/bank-loan-specialist-car-payment-question/75409/3 "2009-10-27T17:28:42Z")
I hear ya, its just a 60 month fixed loan, I am just confused.
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### Author:  [@spinall4](https://forums.speedlife.net/u/spinall4)
#### Post date: [October 27, 2009, 6:02pm UTC](https://forums.speedlife.net/t/bank-loan-specialist-car-payment-question/75409/4 "2009-10-27T18:02:38Z")
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
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### Author:  [@EVOXGSR](https://forums.speedlife.net/u/EVOXGSR)
#### Post date: [October 27, 2009, 6:47pm UTC](https://forums.speedlife.net/t/bank-loan-specialist-car-payment-question/75409/5 "2009-10-27T18:47:54Z")
Do you have the amortization table?
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### Author:  [@turbod\_ss](https://forums.speedlife.net/u/turbod_ss)
#### Post date: [October 27, 2009, 7:01pm UTC](https://forums.speedlife.net/t/bank-loan-specialist-car-payment-question/75409/6 "2009-10-27T19:01:06Z")
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!!
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### Author:  [@Joe](https://forums.speedlife.net/u/Joe)
#### Post date: [October 27, 2009, 7:06pm UTC](https://forums.speedlife.net/t/bank-loan-specialist-car-payment-question/75409/7 "2009-10-27T19:06:55Z")
Maybe they hustled you into a balloon loan?
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### Author:  [@AndyB](https://forums.speedlife.net/u/AndyB)
#### Post date: [October 27, 2009, 7:57pm UTC](https://forums.speedlife.net/t/bank-loan-specialist-car-payment-question/75409/8 "2009-10-27T19:57:58Z")
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.
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### Author:  [@rdandy5875](https://forums.speedlife.net/u/rdandy5875)
#### Post date: [October 27, 2009, 8:38pm UTC](https://forums.speedlife.net/t/bank-loan-specialist-car-payment-question/75409/9 "2009-10-27T20:38:28Z")
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.
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### Author:  [@Penfold](https://forums.speedlife.net/u/Penfold)
#### Post date: [October 27, 2009, 8:42pm UTC](https://forums.speedlife.net/t/bank-loan-specialist-car-payment-question/75409/10 "2009-10-27T20:42:19Z")
Are you sure your original loan amount was $15k? Did you finance the tax?
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### Author:  [@dreid](https://forums.speedlife.net/u/dreid)
#### Post date: [October 28, 2009, 6:31am UTC](https://forums.speedlife.net/t/bank-loan-specialist-car-payment-question/75409/11 "2009-10-28T06:31:30Z")
any updates?
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### Author:  [@walter](https://forums.speedlife.net/u/walter)
#### Post date: [October 28, 2009, 7:36am UTC](https://forums.speedlife.net/t/bank-loan-specialist-car-payment-question/75409/12 "2009-10-28T07:36:33Z")
Is this serious, do you really suck this poorly at understanding what the paperwork you sign means?
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### Author:  [@Joe](https://forums.speedlife.net/u/Joe)
#### Post date: [October 28, 2009, 7:38am UTC](https://forums.speedlife.net/t/bank-loan-specialist-car-payment-question/75409/13 "2009-10-28T07:38:35Z")
This makes me want to be a loan shark
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### Author:  [@Geehee](https://forums.speedlife.net/u/Geehee)
#### Post date: [October 28, 2009, 7:39am UTC](https://forums.speedlife.net/t/bank-loan-specialist-car-payment-question/75409/14 "2009-10-28T07:39:39Z")
> [@Joe](#):
>
> This makes me want to be a loan shark
I smell a new division of CDCB…
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### Author:  [@Beck](https://forums.speedlife.net/u/Beck)
#### Post date: [October 28, 2009, 8:43am UTC](https://forums.speedlife.net/t/bank-loan-specialist-car-payment-question/75409/15 "2009-10-28T08:43:08Z")
First Niagara doesn’t offer balloon loans. Nobody does, maybe 3 or 4 national banks and they are generally only applicable for new cars.
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### Author:  [@AndyB](https://forums.speedlife.net/u/AndyB)
#### Post date: [October 29, 2009, 5:06pm UTC](https://forums.speedlife.net/t/bank-loan-specialist-car-payment-question/75409/16 "2009-10-29T17:06:24Z")
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
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### Author:  [@bigtymer7463](https://forums.speedlife.net/u/bigtymer7463)
#### Post date: [October 29, 2009, 8:37pm UTC](https://forums.speedlife.net/t/bank-loan-specialist-car-payment-question/75409/17 "2009-10-29T20:37:54Z")
andy is educated
just forgets minor details sometime walter \<3
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### Author:  [@dubbin91](https://forums.speedlife.net/u/dubbin91)
#### Post date: [October 30, 2009, 5:53am UTC](https://forums.speedlife.net/t/bank-loan-specialist-car-payment-question/75409/18 "2009-10-30T05:53:27Z")
[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
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### Author:  [@JayS](https://forums.speedlife.net/u/JayS)
#### Post date: [October 30, 2009, 6:05am UTC](https://forums.speedlife.net/t/bank-loan-specialist-car-payment-question/75409/19 "2009-10-30T06:05:07Z")
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.
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### Author:  [@Fry](https://forums.speedlife.net/u/Fry)
#### Post date: [October 30, 2009, 6:08am UTC](https://forums.speedlife.net/t/bank-loan-specialist-car-payment-question/75409/20 "2009-10-30T06:08:08Z")
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.
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