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Stephen G.
Stephen G., Sr Financial Expert
Category: Finance
Satisfied Customers: 4047
Experience:  Extensive Experience with Tax, Financial & Estate Issues
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Customer Question

I have a car loan and the balance is 13,900. I requested a payoff and got the same number(13900). Is it legal to have to pay 100% of the loan even if i pay it off 2 years early
Submitted: 3 years ago.
Category: Finance
Expert:  Stephen G. replied 3 years ago.

Stephen E. Grizey :

How are you determining the balance due of $13,900.?

Stephen E. Grizey :

What was the interest rate disclosed when you bought the car?

Customer: replied 3 years ago.
The monthly statement gives the
Remaining balance.
The interest rate is 12%.
Expert:  Stephen G. replied 3 years ago.
As long as the balance due is not a summary of all of your remaining payments, then that is the correct payoff figure.

Most of your early payments would correctly be interest.

Please remember to "Accept", it is the only way we get credit for our work. Feedback, if you have time, and bonuses, where you think they are warranted, are always most appreciated.

I will be happy to answer any follow-up questions you may have.
Customer: replied 3 years ago.
I just want a straight answer. How can the payoff
Figure be all principal when I still have two years
Remaining?
Expert:  Stephen G. replied 3 years ago.
I gave you a straight answer based upon what you told me. I can figure it all out if you answer the following questions.

First, a payoff figure is by definition only the remaining principal balance outstanding. You said your statement showed the remaining principal.

How much did you originally borrow & how many payments did you make?

How much was each payment & how many payments were you scheduled to make in total?
Customer: replied 3 years ago.
I absolutely will not accept your answer. I asked you a simple question (Is it legal to have to pay 100% of the loan even if i pay it off 2 years early) and you didn't answer it. I have already been charged 28 dollars. I'm certainly not going to pay anymore.
Expert:  Stephen G. replied 3 years ago.
Based upon what you told me, I was merely trying to give you a better answer. The short answer is Yes, it is "legal" to have to pay 100% of the principal that shows up on your statement, as the future interest is not included in the principal.

As I said, if you give me the information I asked you for in my last reply, I could figure it all out exactly for you.

As far as the $28. goes, I have not received any of it, and if you aren't satisfied, for whatever reason, you are entitled to a refund of your deposit. Nobody expects you to pay anything further.

If you want your $28. back, just ask for it. If you want to pay me you have to "ACCEPT" before I get anything. Unfortunately, often our answers are not what the customer hoped for or wanted to hear. That's not our fault; but again, if you want a refund of your deposit, just ask for it.

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