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Attorney & Counselor
Attorney & Counselor, Attorney
Category: Business Law
Satisfied Customers: 868
Experience:  Attorney & Counselor at Law with significant corporate, medium, and small business law experience.
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1 AM CO-SIGNATURE ON AN AUMOBILE LOAN. I WOULD LIKE TO HELP

Resolved Question:

1 AM CO-SIGNATURE ON AN AUMOBILE LOAN. I WOULD LIKE TO HELP MY GRAND-DAUGHTER PAY THIS LOAN BY MAKING DOUBLE/TRIPLE PAYMENTS. i FIND THAT THIS IS FROWNED ON BY AUTO FINANCE MARKETS. I PAID SOME $1,000 IN JANUARY AN KNOW FIND THAT IT DOES NOT COUNT. THE BALANCE HAS ACTUALLY GONE UP AND NOT DOWN. WHY?
Submitted: 8 years ago.
Category: Business Law
Expert:  Attorney & Counselor replied 8 years ago.
Hi

You are allowed to pay the loan early, although there may be a prepayment penalty. The penalty is usually less then the interest that would accumulate, so it is usually best to pay early, if possible. You would need to review the terms of the loan agreement to be sure.

You are entitled to get credit for whatever payments you have made.

Please retain proof of payment, such as canceled checks, or receipts. You can send such proof to the lender and demand credit for the payments that you have made.

If the lender does not give you credit for the payments, you can file a lawsuit against the lender.
Attorney & Counselor and 6 other Business Law Specialists are ready to help you
Customer: replied 8 years ago.
I am very well please with your answer, and after speakin gwith the Lender, am satisfied with what I found. Thank you very much for your help.
Marilyn