Auto loan totally wrong!!!

[tessb411]

Jurisdiction

New Mexico

Back in 2012 I got an auto loan through a local credit union in my town and when I did the loan it was for $10,939 total. Recently when I went to see if I can payout early my loan balance is $4,498! My loan contract is for 48 months and I should only owe about $2000 left being as my loan is up in Sept 2016. They sold out to a bigger bank in my State and now a corporate and stuff is involved. I went into a local branch to get it fixed but they couldnt tell me anything on why its wrong and said corporate would call me back to see whats wrong, Its been 2 weeks and no call back and I called them twice to see what the heck is wrong with my loan and they just keep telling me that they will call me back. I posted on a Facebook group in my town and several other people are having problems with money being added to their loans as well. Where do I start to get it fixed? Can I sue for breach of contract or is this just consumer fraud. What do I do about them not calling me back or fixing the issue?? Any advice would be greatly appreciated. Its very stressful

 

[ElleMD]

How about requesting a statement from the lender (not sure if your bank is your lender or not) that indicates the month by month balance owed? You may even be able to just print off the web. I can for mine. Start there. You don't know what it is until you start there.

 

[adjusterjack]

First of all, there's no need to post the same question within minutes after your first post. Have a little patience.

Where do I start to get it fixed?

Where you start is take out your loan contract and have it on the table in front of you.

I'll start by needing the following information (from the loan contract, not from your memory):

Exact date of the loan.
Amount financed.
Interest rate.
Monthly payment.

I'll be able to determine the approximate amount you owe today. After that we can continue the discussion.

 

[tessb411]

First of all, there's no need to post the same question within minutes after your first post. Have a little patience.



Where you start is take out your loan contract and have it on the table in front of you.

I'll start by needing the following information (from the loan contract, not from your memory):

Exact date of the loan.
Amount financed.
Interest rate.
Monthly payment.

I'll be able to determine the approximate amount you owe today. After that we can continue the discussion.

Sorry I had posted twice, I ended up making an account to get email alerts.

I had done my loan on 9/17/2012 48 month contract.

Amount financed is $7,961.60

Intrest Rate is fixed at 13.540%

Monthly Payment is 227.91

 

[army judge]

Sorry I had posted twice, I ended up making an account to get email alerts.

I had done my loan on 9/17/2012 48 month contract.

Amount financed is $7,961.60

Intrest Rate is fixed at 13.540%

Monthly Payment is 227.91

Your approximate answer is on this page:

Auto Loan Calculator

You're approaching the 42nd month of the 48 month loan.

Your balance owed is ABOUT $1,600.

Your PAYOFF is north of $1,600, maybe somewhere between $1,700 - $1,800.

Hope that helps....

 

[adjusterjack]

That auto loan calculator adds tax and license above to the 7961.60 which skews the results.

Using the 7961.60 as the amount financed, the following loan calculator comes up with a balance of $665 after 42 months and shows the loan fully paid at 45 months.

Mortgage/Loan Calculator with Amortization Schedule

Even using the 10,939 from the first post, the balance after 42 months is about 1700.

tessb411, if you don't get documented answers pretty quick I suggest you get your state banking commission involved.

Here's a link to its website:

Overview

Meantime, keep making your payments on time. You still have a few months left so you don't want to risk a repo while you are working on this.

Come back to this thread and report your developments.