I need help. My fiance has a high interest car loan in which we are trying to sell to pay off and get something cheaper and better on gas.
She has been making regular payments (never late) along with several extra payments when she could since November of 2004. The total amount financed was $20,156.00 at 13.89%. This is a simple-interest loan with no pre-payment penalty. When we called to get the principal balance the lender says it's over $15,000. We drew up an amortization chart and the principal should be just over $9,000. They disagree but when we ask for paperwork and evidence for where they are getting their numbers they say they will mail it or fax it but it never shows up. Meanwhile interest accumulates and I don't know what the proper avenues would be to get this handled. Speaking to a manager in this well-known lender's customer service department is worthless.
From my research the Fair Credit Billing Act does not apply to installment loans. Is that correct?
Please help! Any advice for how to handle this situation will be most appreciated. Thanks so much.