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For about the last six month I have been disputing my car loan balance with my car loan company because of how I got two refunds back. One for 3315.00 and another for 3270.00 .
In my monthly statement they show only the 3315.00 refund. The 3270.00 never was shown. They send a letter with a document showing those two refund on July 31, 2024.
I did an online amortization schedule and for the eighth month payment.
So I still do not understand my current balance which I figured to be 26846.24 for the last eight months of payments. They show a balance of 27409.59 , a difference of 563.35 .
The schedule I did show monthly payment of 699.80 but I pay 700.91 per month. Do not know how they got their number.
In my eight month statements that got and I paid they show on the second month statement a refund of 3315.00 . The other refund of 3270.00 never shows up. They say that amount is refunded. I do not know how?
So here is what I figure out. The amortization table I made did not include the two refunds.
Loan amount is 38092.09 , 3.90% for 60 months . On the eighth month payment the balance is 33431.24 on the amortization table . Subtract 3315 and 3270 refunds from that and I get 26846.24 . They show a balance of 27409.59 for the eigth month. The difference I got is 563.35. Is that correct??
What kind of refunds are you talking about? From whom?
Have you read all the time print about payment calculations, prepayment, etc? Some loans have non-standard terms, which an online amortization calculator may not model.
Two auto maintenance contracts which I never wanted in the first place. They agree to the refunds. Linconln Automotive Services
" time print about payment calculations"
where is that.
Lincoln Automotive Financial Services
Sorry, meant, "fine print"
So, you got refunded maintenance insurance, they paid it to your lender? I guess you need documentation from the insurance pirates.
The car dealer refunded the refunds promply. Problem is finance company. They seem to have strange bookkeeping and wrong balance. I was looking ot see if someone could verity my calculation to see if it is correct, then I will know that they have wrong balance.
Could there be a prepay penalty? Some kind of fast shuffle on unearned interest?
Penalty, I do not think so , it would be in signed contract.
There are a few ways loan institutions calculate interest.
With the amount, rate and time you have it should not be but a few dollars a month between methods,
maybe $30-$40 dollars off over 8 months at most.
$500+ would be an error or not crediting the refund in full, fee's, penalty, etc.
This is a normal (360 day / 30 day month) amortization:
This is your loan, interest, 1st payment example with differant interest method and the numbers:
Hope this helps a little.
