My question involves collection proceedings in the State of: Georgia.
In December of 2016 I purchased a car and the full loan amount came to the total of $35,382.26
My monthly payment amount was to be about $678 per month. I have been paying WELL in advanced throughout the course of the loan with my first payment being $3,000. This reported properly and my payment date was pushed from February 13th until June 13th. Then when February 1st came I paid $678 and that pushed my payment date up until July 13th, and finally my next payment was on February 13th for $678 and that pushed my next payment up until August 13th. Those payments reported accurately..
Around March, April and May they started taking about half of my payments and applied them to interest only, even though I'm paid WELL in advanced and have been even before my first payment date. I understand that some interest will be paid unless you specify toward principal only, but HALF of the payment? why didn't they do this before? (they didnt even take out 10% interest on my $3,000 payments, and took about 15% interest on every payment until March.)..
Whats more is that starting in May, they would take my FULL PAYMENT of $678 and refuse to update my next payment due date, meaning I pay them and I'm still due for November..and I've paid them about four full payments since May and I'm STILL due in November with half of those payments going toward interest which shouldn't be due since I am so far in advanced.. I don't want to pay these crooks in advance if I'm still going to be due in November and this is starting to seem fraudulent because there's no trace as to where my money is going, on my most recent payment they didnt even update my balance...
I have attached my transaction history...
If you notice, the next due date and sometimes even the balance, doesn't change even after making full payments and I am way in advance.. My next due date "should" be in March.
Is this something I am going to need legal aid with? I have repeatedly tried to get them to correct this and they have failed to give any logical explanation as to why this is happening other than they are looking into it and continue to encourage me to pay them in advance...
In December of 2016 I purchased a car and the full loan amount came to the total of $35,382.26
My monthly payment amount was to be about $678 per month. I have been paying WELL in advanced throughout the course of the loan with my first payment being $3,000. This reported properly and my payment date was pushed from February 13th until June 13th. Then when February 1st came I paid $678 and that pushed my payment date up until July 13th, and finally my next payment was on February 13th for $678 and that pushed my next payment up until August 13th. Those payments reported accurately..
Around March, April and May they started taking about half of my payments and applied them to interest only, even though I'm paid WELL in advanced and have been even before my first payment date. I understand that some interest will be paid unless you specify toward principal only, but HALF of the payment? why didn't they do this before? (they didnt even take out 10% interest on my $3,000 payments, and took about 15% interest on every payment until March.)..
Whats more is that starting in May, they would take my FULL PAYMENT of $678 and refuse to update my next payment due date, meaning I pay them and I'm still due for November..and I've paid them about four full payments since May and I'm STILL due in November with half of those payments going toward interest which shouldn't be due since I am so far in advanced.. I don't want to pay these crooks in advance if I'm still going to be due in November and this is starting to seem fraudulent because there's no trace as to where my money is going, on my most recent payment they didnt even update my balance...
I have attached my transaction history...
If you notice, the next due date and sometimes even the balance, doesn't change even after making full payments and I am way in advance.. My next due date "should" be in March.
Is this something I am going to need legal aid with? I have repeatedly tried to get them to correct this and they have failed to give any logical explanation as to why this is happening other than they are looking into it and continue to encourage me to pay them in advance...
Auto Finance Loan - Finance Company Not Updating My Payment Date for Advance Payments
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