My question involves a consumer law issue in the State of: TN
Bought a car from buy her pay here and got behind like 2 payments which is lets say $150 every 2 weeks so im behind $300, and then I make my regular payment of $150 every 2 weeks while still being behind the $300
Now on my contract it says
LATE PAYMENT: You must pay a late charge if any payment is not made in full within 4 days after the payment is due. The charge is 15% of the part of the payment that is late or 575 which ever one is lesser.
Now I know when I make my payment im paying for my behind payment not my current payment due.
I'm confused as to how the late fees should be calculated. They should calculate base on the late payment and not the TOTAL past due right?
So basically i should be getting charged %15 of $150 every 2 weeks until i pay off my past due of 2 payments. And yes i know late fees would be adding up..
Somehow the lot figures I owe around $600 past due with late fees. Im 2 payments past due on car note which is $150 a piece and i first got behind around the end of march..then around middle of April i started making my regular payments.
If my math servers me right I shouldn't we that much. How can i get $300 in late fees from the time of end of march?