jezuzgirl asked:
Our monthly payment is 549.10 (yes ouch). As I’m looking on the statement, it shows the following, which I don’t understand: Principal Balance is 15,921.93,
Principal Payment is 327.72,
Interest Payment is 221.38,
ending principal balance of 15,594.21.
The interest rate is 14.5%.
Our monthly payment is 549.10 (yes ouch). As I’m looking on the statement, it shows the following, which I don’t understand: Principal Balance is 15,921.93,
Principal Payment is 327.72,
Interest Payment is 221.38,
ending principal balance of 15,594.21.
The interest rate is 14.5%.
There is a “Late and other charges” of 125.13. (husband will have to call to see what that’s for)
This was supposed to be a five year contract. We have made a total of 40 payments… but the maturity date isn’t until 1/21/12. (The truck was purchased in Oct of 05) !?!?! Thats 7 years.. Yes we have missed a few payments, 3 i think but we are caught up now as they have adjusted the account. Can someone make sense of this for me, My name is not on the account or I would just call them and have them explain it to me, and then wouldn’t trust that they knew what they were talking about. Thanks for any help you can give, and please if you can help and I have left anything out feel free to email me.
Have a happy weekend! 
Bryan