does this sound fucked up to anyone else?

i paid $6300 for my red silverado back in August 10th.
i get a pay of for it today and its $7050??

i said how could that possibly be right, she said they take the interest tack it on to your loan then you pay from there.

i said so what if i hit the lottery the day after i buy it and im just gonna pay it off, i have to pay the $6300 + the 9% interest for every month??? she said ya i think thats the way it works

WTF is that ****, ive NEVER heard of anything like that before... and this is a ******* credit union

meanwhile i told my buddy im gonna sell him my silverado soon for $5500 thinking that was close to what i owe... now i owe $7050 on it

 

THIS IS TRUE... IF YOU DONT PAY OFF YOUR TRUCK WITHIN THE FIRST FEW WEEKS... YOUR FIRST FEW PAYMENTS YOU ARE STRICTLY PAYING INTEREST ITS THE WAY THEY MAKE SURE THEY GET THEIR MONEY SO YOU START OFF UPSIDE DOWN

 

Think about it like this.....you go to get a loan for $6300. They pay the lean holder up front for the truck. They charge you 9% more for the service.
I still owe over 20K....don't feel bad

 

JOIN THE CLUB :CRY: BUT I GOT SCREWED ON MY TRUCK BECAUSE I HAD TO BUY A VEHICLE IN A HURRY AND THE DEALER I WENT TO DIDNT WANNA SEARCH ME AS A GM EMPLOYEE SO I GOT SCREWED BUT THATS OK, AS BEING A GM EMPLOYEE GM FOUND OUT ABOUT IT, AND THEYRE IN A HELLUVA LOT OF TROUBLE, BUT THEY STILL WOULDNT ADJUST MY LOAN/CONTRACT

 

i understand the whole first couple payments things is 99% interest... what i dont get is how they can charge you that whole thing though... ive only had the truck for 4 months and i owe $800 more than what i started. then on the paper it says if you pay the loan by our scheduled dates this is how much you will have payed... well what if i dont, i still have to pay that??? ive NEVER had a CAR loan like that and ive had atleast 5 loans... i could see if it was a personal loan

from the VERY first payment you should be >$6300 even if its only buy $.50 you should be less

 

I've never heard that either. I always thought that if you paid off a loan early you just had to pay off the balance of the loan. If you're not borrowing their money any more, why should you pay all of the interest? Sounds like BS to me. I bet it's written into your terms somewhere.

 

but see thats the thing... page one it says if you pay of the loan in the scheduled dates you will have payed this much $7xxx... ok fine, i can agree wit that... what i cant agree with is why it would say that but yet if im not paying it of in the scheduled amount i still have to pay that amount???

something is seriously fishy

 

It called amortization. Here is an example of a payment schedule. The only way you should own more then the initial loan valve is if your monthly payments you have been make are less then the accruing interest. Are you sure of the actual loan amount? did you borrow for tax's and plates?

https://cfdsnet.c1data.net/fsbwy/Car...nalPrincipal=0

EDIT: I would call them back and talk to a different person and get the CURRENT pay off amount from them. First person must not have know what there where talking about.

 

yes i am sure it was $6300... i even paid some outta my pocket to get it down to that cause that would take my interest from 10% to 9%... i remember that like it was yesterday. ALL of my payments have been made on schedule and they have all been for the right amount that we scheduled.

i guess i have to talk to a manager or something

thanks

 

Kind of sounds like whoever you talked to at the bank didn't know what they were talking about. I would ask the bank again and make sure and talk to the loan officer. I would never be happy with an anser like "I guess that's how it works" if that is really what the person said to you.