Auto Loans dispute on car payment application

[nbtrouble]

I have had my car since 2007 and the finance company is showing I still owe $18k of a $24k note. Basically most of payments have been going to interest and very little to principal. Out of 48 payments only 7 have a portion that went to principal. Is this legal?

 

[army judge]

I have had my car since 2007 and the finance company is showing I still owe $18k of a $24k note. Basically most of payments have been going to interest and very little to principal. Out of 48 payments only 7 have a portion that went to principal. Is this legal?

I don't know how many years you financed your car until you own it.

I do know that during the early years of a finance contract, most of the money you pay goes to interest and not principal.


You can do your own math.

There are many sites that offer such formulas.

If you've been late making payments, that can also affect the payment distribution.

 

[nbtrouble]

thanks for the info. will look in the both.