Balance left on my car

[ShamikaGallon567]

Jurisdiction

Texas

My husband went and bought a car from a small car lot. The selling price was 15,990.00 and after the tax title license and taxes it came to 17,183.10. We put down 3,500.00 so now the balance is now $13,683.10. So when I went to pay the care note on the vehicle, it says we have a remaining balance of $18,5 69.34. Then I looked back at the contract he signed and it says 57 payments @ $350.00, with the last payment $19.34 (odd payment). Not understanding why there are two different amounts it says we own. There is nothing about interest on this contract. What can we do about the other $5,000 plus dollars of the contract?

 

[adjusterjack]

You posted this twice in three minutes. I've deleted the other one as a duplicate.

There is nothing about interest on this contract.

Well, there should be. All car financing has interest. Under the federal truth in lending act all that is supposed to be spelled out in your financing contract.

It's difficult to answer your question without seeing your contract so please go back to your contract and/or finance agreement and provide the following information:

1 - Exact date of purchase.
2 - Itemize the purchase price, tax, title, license, other fees and confirm that the total was 17183.10.
3 - Confirm that the down payment of 3500 is shown on the finance contract and where it says Amount Financed the amount is 13683.10.
4 - Here's the important stuff. Look at the finance contract and tell me the interest rate and the monthly payment. It should be there.
5 - Where you say:

when I went to pay the car note on the vehicle, it says we have a remaining balance of $18,569.34.

What is the "it" in that sentence and when you asked somebody at the finance company about that balance, what did they say?

 

[txls]

Buy here pay here may not have interest.

 

[adjusterjack]

Buy here pay here may not have interest.

I imagine a "buy here pay here" place wouldn't need to charge interest if they are selling a $15,000 car for $20,000 and giving somebody a payment plan who is desperate enough to go along with it.

 

[txls]

Exactly.