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  1. #1
    Join Date
    Apr 2012
    Posts
    1

    Default Can a Bank Charge Interest Different from Whats in the Contract on a Vehicle Loan

    My question involves a consumer law issue in the State of: Florida


    I bought a truck in October of 2007 and when i signed paperwork at the dealership the terms where 72 months of $336 with 18% APR. I missed a few payments a couple years ago but immediatly caught up on them except for one which they put at the end of the loan. The truck should be paid off in November of 2013 but they say i still owe $9000 on it and the total finance price was about $14000. Even if the rest of my payments went towards the principle it would take over 2 more years to pay it off. I called the bank to see how this happened and they said im being charged a daily interest rate of 23%. I told them that wasn't right and they told me to double check my paperwork. I have checked it over and over again and it says 18% APR. I had this problem before and they said they fixed it but they never did. The dealership i got the truck from has had a lot of lawsuits against them already and i think its their fault this happened. They said it would be financed through them but when i started getting my bills in the mail i noticed it was through someone else and i think they changed the terms without telling me. I can't afford to pay anymore than im already paying so is there anything i can do about this??

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    73,155

    Default Re: Can a Bank Charge Interest Different from Whats in the Contract on a Vehicle Loan

    If the contract does not provide for a "a daily interest rate of 23%", then there's no such provision in the contract.

    Ask them to identify the specific language that they believe entitles them to the fee.

  3. #3
    Join Date
    Sep 2011
    Location
    OH10
    Posts
    13,489

    Default Re: Can a Bank Charge Interest Different from Whats in the Contract on a Vehicle Loan

    Look for a penalty interest rate in the event you miss a payment. Those are generally standard in loan contracts.
    With enough thrust, pigs fly just fine.
    You may believe that you understood what you think I said. I'm not sure you realize that what you heard is not what I meant.

  4. #4
    Join Date
    May 2012
    Posts
    17

    Default Re: Can a Bank Charge Interest Different from Whats in the Contract on a Vehicle Loan

    locate the paperwork, make a copy of it, take the copy to the company (don't tell them that its a copy) and ask them to tell you exactly where this extra charge comes in, if they show you and they are correct then they are right if they can't i would take them to court.

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