Legal Question in Consumer Law in Texas
Auto Loan
My auto payment is due on the on the 5th of every month.
2 months ago I paid the loan on the 5th of the month and then again on the 20th for the NEXT month. Now the loan company is telling me the payment on the 20th went towards the principle, not as a payment. I have argued with them that I did not want it applied to the principle but as a payment. They say ''too late'' and are telling me they will deduct it from my checking account if I do not send in another payment. Can they do this?
Is any of this legal????
1 Answer from Attorneys
Re: Auto Loan
Unless you specifically state, in writing, that the money is an advance payment against interest and principal, it will properly be applied to principal only.
What you're asking for tends to screw up their bookkeeping, and that's why they've taken their position.
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