Legal Question in Consumer Law in Missouri

Hello, My husband and I bought a car in 2008 in Missouri. The term of the car was for 63 months At the time we did not understand APR and it was not explained to us. I know we were young and stupid. We just realized that the APR for our car is 24.64%. We are at the end of our loan and the financing company claims that we still owe 6846.74 on the car. This is suppose to me for late fees, interest rates and the past due amount. What we would like to know is if the 24.64% apr is legal in Missouri and how can we find out that actual amount owed on the account. I have already contacted the financing company. Thank you.


Asked on 6/21/13, 1:13 pm

1 Answer from Attorneys
Anthony Smith LawSmith

Obviously, the first place to look is your loan documents. Yuen check for any changes to the agreement (letters you got in the mail, and on lenders Web site) to see what the terms are. If you were late with some payments, your interest rate probably went up (or did you originally agree to such a high rate) and you may have late or penalty free. Lenders often over calculate late fees, and misapply interest. It is up to you, or your attorney, to find the mistakes. If they have overcharged you, or mislead you about the deal, Ads

you should call the consumer Acton office if the Attorney Generals office at the Capitol. They may assist you in fixing the problem, or make it less likely to happen to the next borrower. If this prices bewilders you, and it does a lot of people, I suggest you gather your paperwork and consult directly with a civil practice attorney in your area.

Good luck

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Answered on 6/22/13, 4:54 am


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