If you want to pay down the principal on your Chase car loan by adding a little extra to your payment when you pay online...well, don't bother. Sean discovered that paying a little extra on your auto loan isn't so simple. Any extra money you might send is considered an early payment for next month...not applied to the principal. Sneaky.
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5 comments:
This is nothing new - it has typically been true for car payments of any form. Unless otherwise specified a car payment is a certain amount, too much paid gets applied to a future payment.
So, you're making payments ahead instead of all principal for the extra which equates to you paying off the loan early...which means you pay less interest (which is why you would want to pay additional principal), how is that not saving?
they loan you money, to make money. what's sneaky about that? read the terms before you sign.
Do NOT have or do any business with Chase Bank or Credit Card . They are crooks.
how do you still not end up paying the loan off early?
no only that, if you keep doing it and get several payments ahead you could always have a buffer if you need to take a month off and not pay for whatever reason.
Seems to me your better off this way?
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