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Established Member
Posts: 20
Registered: ‎11-20-2010
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Capital One Auto Help Please

Hello everone. I have a question about my Capital One Auto Loan.

On the back of my statement its says the following...

4. Allocation of Payments - Begining in August 2009, if you pay more than your Total Amount Due on or before your Payment Due Date, we will apply the extra amount to reduce your priniciple balance and, depending on the amount paid, we may advance your due date up to three months.

Now I really can't afford to make huge principle payment but I still try to pay a little extra cause even just ten bucks is like an extra payemt over the course of three years. I have read that there are two situations with autoloans. A, extra is applied to the prinicple or B, extra is applied to the next amount due and the due date pushed ahead. My next due date is December 15 and my amount due is $262, my original payment is $311.94. I dont mind the due date being pushed forward cause it has allowed me to keep on to top of payments with out the worry of getting paid a day or so after the due date is actually due.

Based on point number 4 on the back of the statement I take that as they do both. Am I just misunderstanding it?

APR is 18.36% Loan is $10467.33

Date - Payment - Interest - Principle
03/05/12 - $312 - $183.77 - $128.23
03/16/12 - $312 - $57.06 - $254.94
04/13/12 - $315 - $141.64 - $173.36
05/10/12 - $315 - $134.24 - $180.77
06/23/12 - $315 - $214.76 - $100.94
07/31/12 - $315 - $183.56 - $131.44
08/16/12 - $315 - $76.23 - $238.77
09/17/12 - $325 - $148.62 - $176.38
10/11/12 - $325 - $109.35 - $215.65

Starting Score: (11/29/10) TU: 598 - EQ: 616

Current Score: TU: 663 (Walmart 12/31/11) - EQ: 654 (MyFICO 12/26/11)

Goal Score: 700

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