Legal Question in Credit and Debt Law in Illinois

I have been paying on an auto loan for 4 years now. I've paid about $5000 on a $600 loan. The last payment I made, which averages about $120 a month wasn't enough for them. They said I was about $25 short. Isn't there a limit that these places can charge. $5000 in four years for a $600 loan is ridiculous


Asked on 6/03/10, 2:29 pm

1 Answer from Attorneys
Elfreda Dockery Law Office of Elfreda Dockery

yes it is, but the amount you pay depends on what is in the contract you signed when you got the loan.

Read more
Answered on 6/04/10, 7:47 am


Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in Illinois