How is that possible?
Update:
Is there anything I can do? This seems unfair. I paid the amount I was supposed to pay each month. OK, I was late a few times over 5 years, but $9?
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Not only are there late fees, but the balance on the loan stays at the higher amount until your payment is actually received. So you accrue a little more interest for every extra day your loan is at a higher balance than it would have been had your payment applied on time.
Depending on your interest rate, this can add up.
I’d ask for a complete audit. Did you pay the late fees at the time you made up your late payment? Did you really make up the late payment or just continue with making the regular payment. Ex: If you skipped the June payment, did you make a double payment in July to catch up on the June payment? If not, you can easily tally up a $9 payment at the end of the term (just 4 late payments like this could do it).
It’s time to ask for a full accounting.
In the meantime, make your own with Excel to compare.
They may even have a macro to make one automatically.
Interest accrues on a daily basis (yearly/365) on the balance.
Payments get subtracted on the day paid.
They probably charge a late fee too.
60 days late on your 3rd payment + late fees could easily trigger a $9 difference.
some of those 60 payments must have been late. that seems like a lot however.
ask them for a break down of the $9. they should provide it.
if you made your payments late then accrued interest can really add up.
You were late with some payments and accrued late charges. Ask the loan company for a payment printout.
Ask for a breakdown of the payoff balance, you may be able to negotiate this amount if you have a good history. Additionally, if necessary you should be able to make a couple of more payments, if necessary to get the debt paid.
It’s a simple interest contract. Interest was estimated at the on-set, based on all the payments being made as agreed. You did not do this, so the interest has accrued.
Source(s): debt is dumb ~daveramsey.com
Take your late fees, added with ininterestminus your actual payment. Not surprising. Your only option is to pay it for them to release your title. Good luck.
Ask them. No one here knows.