Legal Question in Consumer Law in New York

retail installmemt contract

I like to know once a annual percentage rate is established on a retail installment, it should be no higher than stated. My contract for a car loan is 7.49%. I have recalculated the interest and it comes out to 7.54%. I called the bank and they make out like it's nothing and make excuses. The only reason they gave was my contract was dated April 27, of which there is only April has only thirty days, so I was charged 3 days of interest and started my payments on June 1st. The three days of interest was added in to my payment for the term of the loan. But when I pay my final payment, it says on the stub I will be billed the final amount. Can they legally do this and not show any other amount except for the general information about my loan? What I mean APR, AMOUNT FINANCE, INTEREST AMOUNT AND TOTAL AMOUNT if I take it for full term. Thank You, Mr Burton


Asked on 3/21/03, 4:04 pm

1 Answer from Attorneys
Kenneth J. Ashman Ashman Law Offices, LLC

Re: retail installmemt contract

Sounds like you may very well have a claim. Also, I believe the federal statute which may govern this has an attorney's fee provision, meaning that the bank would have to pay your attorney's fees.

-- Kenneth J. Ashman; www.AshmanLawOffices.com

This communication is provided for informational purposes only and is not intended to create an attorney-client relationship, which, under the policies of Ashman Law Offices, LLC, can only be created by execution of a formal retention agreement.

Read more
Answered on 3/21/03, 6:40 pm


Related Questions & Answers

More Consumer Law questions and answers in New York