New car loan

[Anonymous]

my new car loan that I took out on May 31st 2016 just showed up on my credit report. My loan is for 38500 but it's reporting at 40547 why is it reporting a higher amount?

[Anonymous]

Check your contract.

The total of your purchase price (minus any trade/down payment), plus tax, title, license, assorted fees, GAP, extended warranties, negative equity, etc., plus the interest you are calculated to pay for the life of your loan - that is the amount of your financing and the amount they should report.  On a standardized Retail Installment Contract, it is in the boxes near the top left, under "Total of Payments."  

If it is reported incorrectly, contact the lender and ask them to correct it.

[RonM21]

That is the only thing that makes sense is that there may have been extra or even hidden charges that weren't accounted for, assuming the amount isn't reporting incorrectly.

[Anonymous]

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@Anonymous wrote:

Check your contract.

The total of your purchase price (minus any trade/down payment), plus tax, title, license, assorted fees, GAP, extended warranties, negative equity, etc., plus the interest you are calculated to pay for the life of your loan - that is the amount of your financing and the amount they should report.  On a standardized Retail Installment Contract, it is in the boxes near the top left, under "Total of Payments."  

If it is reported incorrectly, contact the lender and ask them to correct it.

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On my contract my total is 38501.83 on my other loans they don't report the finance charges that I will be paying. Not sure maybe wait a few months and see what it's reporting