Legal Question in Credit and Debt Law in Virginia

We purchased a SUV (a 2006 Nissan Pathfinder, with a trade-in of a 2000 Isuzu Rodeo, which also had been paid in full, in June 2006) at $770 a month (22% interest rate) for 66 months, with ALL payments paid on time via military allotment, shouldn't the final payment have been November 2011? Is it legal for the finance company to say most of the money from the car payments were applied to the interest, and the rest toward the car payment? Shouldn't that interest amount have been included in total payment amount? We were expecting our title to be sent to us the first of December. Today (11/9/11) my husband called to see when it would be mailed only to be told we have a balance due of $3,327.81 at this date. Can you please explain if this is legal or possible?


Asked on 11/09/11, 4:11 pm

1 Answer from Attorneys
Michael Hendrickson Law Office Michael E. Hendrickson

$50,820 ($770 x 66) + your 2000 Izuzu Rodeo trade in for a 2006 Nissan Pathfinder, and now, the lender is claiming you still owe some $3200 on this aging vehicle?

I would make written demand of this company for a month by month itemization of your payments and interest rate charged that would justify such a conclusion.

Unfortunately, you may find that you've actually been victimized by what amounts to a scam which under current law passes legal muster.

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Answered on 11/09/11, 9:15 pm


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