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Label Finacial ( car loan lender) will not tell me my

Customer Question
Label Finacial ( car...

Label Finacial ( car loan lender) will not tell me my correct pay of loan. I put a large down payment, Paid car own time for 1 year and 8 months. Feel behind for 3 months but car was never reposed. Caught up with all previous and current payments. Have been paying on time for 7 months and my pay is disclosed to me. The amount I originally owed before i feel behind and the amount owed currently are the same amount. Please help me understand what is going on. Be it my fault or not. Thanks

Lawyer's Assistant: What state are you in? It matters because laws vary by location.

California

Lawyer's Assistant: What steps have you taken so far?

Other than ask them to explain to why this is so! Nothing however I still pay on time.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

I think that covers it all! Thanks

Submitted: 3 months ago.Category: Legal
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Answered in 6 hours by:
3/16/2018
Lawyer: Attorney Wendy, Lawyer replied 3 months ago
Attorney Wendy
Category: Legal
Satisfied Customers: 963
Experience: Member at Keefer & Keefer LLC
Verified

Hello. My name is ***** ***** I am an attorney. I cannot say for sure what is happening with your car loan. That said, depending on how long the original loan was for (how many years) it is not uncommon for the principal (the amount you still owe) not to go down dramatically until the later years in the loan. This is due to how interest is calculated and applied to the amount owed. Though this is not uncommon, I cannot say if that is what is happening with your situation. And, it is also possible that the principal amount did not decline as the result of late fees (on top of interest) during the month's you were late. One option for you may be to ask the lender for an accounting of your loan - essentially asking for all payments they received and how they were applied to your loan. If they will not provide you with that accounting, if you look at your original loan documents and can find the principal amount/amount financed, interest rate and the length of the loan, you can use an online loan calculator like this one https://www.onlineloancalculator.org - then look at the amortization schedule and go down the number of months you have had the loan and it should tell you approximately (it isn't necessarily exact) how much you should still owe. If that is close to the amount the lender is saying you owe, good; if not, you will want to contact the lender to ask for an explanation or to speak to someone in management to understand how your payments have been applied to the debt you owe and why the amount still owing is higher than it should be. I hope this makes sense and helps.

If you need additional help, please reply to this email. If I answered your question and provided excellent service, I would greatly appreciate your 5 star rating at this time.

Please note: This information is ​for educational purposes only and is not legal advice. No course of action is being proposed and no attorney-client relationship or privilege has been formed as a result of this conversation.

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