Legal Question in Consumer Law in Georgia

what is the different of a closed-end auto loan vs rule of 78? I have an auto loan in which i want to pay off 3 yrs early, but I am told I still have to pay the principal and interest as if today is year 2015.


Asked on 3/09/11, 6:01 am

2 Answers from Attorneys
Scott Riddle Law Office of Scott B. Riddle, LLC

What you were told is not relevant. What your loan contract provides, is relevant. We don't have it and you did not tell us what it says.

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Answered on 3/09/11, 6:06 am
Glen Ashman Ashman Law Office also dba Glen Ashman Attorney

Didn't you read your contract before you bought the car? Your contract, which you did not share with us, contains the answers. If you planned to pay off a car early, you would have chosen a simple interest car loan. If you didn't, it's too late to change things after you signed.

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Answered on 3/09/11, 6:34 am


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