Legal Question in Consumer Law in Texas
Interest on extra payments
I have a 36 month installment contract on a a vehicle refinance.I have made extra payments and were charged interest on the extra payments.I thought extra payments were for principal only.The rep I talked to said that was the way the other company did it,but they were still owned by the same company and just changed their name.Thanks
Asked on 1/11/05, 3:33 pm
1 Answer from Attorneys
Peter Bradie
Bradie, Bradie & Bradie
Re: Interest on extra payments
You'd actually have to look at the language of the note to see if there's any penalty for early payment.
Extra payments are first applied to outstanding interest before retiring principal, so you'd have to check their accounting to make sure they didn't charge excess interest.
Answered on 1/11/05, 3:54 pm
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