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Cool Breeze
Why banks don't like it when consumers pay car payments in advance?
Recently I received a letter stating I must make monthly payments, regardless how much I pay over. Sooo if I pay an extra $1000 over (that would cover the next couple of months), I still have to make another payment the following month. What sense does this make?
Please help me understand this. Additional Details One other thing...if the extra is being applied to principal, then why bother to accept my coupons with the lump sum payment?
When you take out a loan it becomes a contract to pay as required each month. If you pay extra it does go toward lowering your principal balance and since you are probably paying interest on "the unpaid" balance each months interest will be lower and even more will go toward the principal. It really is good for you to do that and the loan will be paid off sooner. The banks are not overly thrilled when you do that because they are in business to make MORE money. You may have noticed all of the new and higher fees and charges that would seem silly to anyone other than a banker. Good luck.
john e
No. The extra money is applied to the principal, and another payment is due next month.
searay092003
your loan is established in the beginning with payments to be made every month for a predetermined amount of time. paying extra only shortens the number of months you have to pay but a payment is still due each month. The accounts revolve on a billing cycle. Imagine how confusing it would be for thousands of people to pay two payments one month and none the next. no one could ever manage that.
bonnie w
All extra payments must be "Principal payment only" write it on check. No they don't credit it the way you can skip payments - but as your principal comes down that less interest to pay...
Zuka
Accounts are reconciled monthly. It would require extra bookkeeping to provide processing centers with reports that would have to be cross-referenced every time a payment is processed to see who has paid in advance and who is delinquent.
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