I believe that if there is no pre-payment penalty, you can send whatever amount you want to each month, and the total installment amount will be recalculated each time. It will go down since any extra money you pay will go straight to the principal part of the loan, and the amount of the regular payment will cover principal and the usual interest.

I went to a few dealers and looked at cars and then financing, and since I have little credit history (made good money, but self-employed so little reporting , only had a debit card so I lived well under my means, and minimal student loans which were quickly paid off, and very substantial savings! ), I could hardly get a rate under 8%. They did say as long as I paid more each month it would pay the principal down faster and thus the payments would do down too. You could pay a lot down now, and have a few years of $100 a month car notes haha

Look at it this way, you could pay off the whole loan tomorrow, as long as there's no prepay penalty, you'll be fine. If there is, might as well just pay the minimum each month, you're gonna take it in the *** regardless.

 

Yes I went to the dealership. They tried to refinance me for the remaining amount of what I owed so that my payments would be lower. Hmm don't think so. So I left without signing anything. Also they tried getting me to trade in my A6 for an A8. Can you believe that? Ironically I just saw a case on People's Court today where the guy was in almost the exact same situation as me and he won. So I think a lawsuit will be my next step.

 

I dont think that a lawsuit would do anything
plus why not go for the a8 if it would be the same price???
What was he going to give it to you for???

 

I didn't say it was going to be the same price. I don't know exactly how much it was.

 

Why do you think that?

 

i would find out how much it would be
if they would be giving it to you @ the same price then your problem is kind of solved

 

since you took the car you cant go back and return it, from the looks of the post date on the forum you got the car almost a year ago so that would not allow you to return the car anymore

the question is how to get the $$ back from them

a partial refund is up to them but it all depends on the contract.

If the contract has this so called "interest buy down" on it then you knew about it and cant go back, but at the same time if it does not have the interest buy down listed there is no proof that they charged it to you & you could have just payed an extra 7k plus tax which is about 7500 for the car and you came up with the interest buy down to get the $$ back

in this case the dealer is protected and you cant do anything

my suggestion would be to call them up see if they still have the a8 and make an even swap
at least then you have a better car down the line

good luck

 

Or hope that the recession will wipe out your creditors;
Or hope for personal bailout.

It might look politically incorrect for the forum, but your credit story as yours and mainly the "credit thinking " is a trap that led (and will) to the current situation.

You are just another slave of the system.
(Remember how slaves got their freedom?)

Sorry, this could sound out of context.

 

No because I have the ad saying how much the car was, and also recorded phone conversations.

 

No I'm saying it was more but I'm not sure exactly how much more.