Legal Question in Credit and Debt Law in Maryland

I have an auto loan with Citi financial, agreement of 72 payment in which I made last payment issued was March 18th 2010. That was suppose to be the end of the agreement. I have to admit I was late a couple of times in which I will most of the time include late fee with my payment. Now that I made my 72 payment there is now a balance according to Rep. of 12,600.00 that is classify as interest. when I did my calculation that is 175.00 per month for 72 payments. I request they send me a payment histroy. please advise what my right are with this situation and if by law they are allow to charge 175.00 per month in additional interest since the 72 payments made already included interest for the loan.


Asked on 3/31/10, 7:15 am

1 Answer from Attorneys
Cedulie Laumann Arden Law Firm, LLC

Thanks for your post. Unfortunately an attorney cannot answer your questions without more information. Whether or not the lender/bank can charge such interest will depend on both the figures involved (the principal balance you borrower, the rate of interest, etc.) and the contract itself. Your first step of asking the lender for a break-down of the payment history is smart - you should also look at the loan paperwork itself and may want to engage an attorney to review your loan.

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Answered on 4/05/10, 2:55 pm


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