There may others that'll probably chime in on this. But for now, Do you have the original signed contract? What about your car statements you receive each month, it usually has the payoff amount on each statement. What were the terms of the deferement? How long was each deferement? I have used a deferements a couple of times during the holidays about 5-6 years ago and it was clearly discussed how it would affect my loan.
2010: 475 EQ 2011: 503 EQ 2012: 600 EQ2013:632 EQ
@Yvette350 wrote:
I do have my contract. I can view my payments..I do see the payoff as $11,009. I don't remember the terms of the deferments. They were several years ago. I cannot locate the paperwork the defernwnts were 30 day extensions. I had to pay a fee up front just to request them..
Wait was this a lease or a purchase? A deferment for 30 days (even if was SEVERAL deferments for 30 days) would not equate to $9,000 in remaining loan balance. Who financed this loan and what were the exact terms, interest and all? Unless you severely under paid for the entire life of the loan you should not have a remaining balance this high.
) //CK:692, Sesame:656
After re-reading, you need to contact Ally and find the exact numbers that were sold to them. I am guessing that they were sold the loan and through some mix up they assessed the beginning loan balance after the 3 years of payments you already made (essentially starting your loan over again from the first payment). Otherwise this was assessed like a refinance in which the terms were extended for another 72 month, but you would have seen a large drop in the payment amount each month (which I assume you did not). If you have included all the information then a mistake was made somewhere along the line and you need to demand a payment history from both companies and crunch the numbers to find where it is.
Is it possible you agreed to a balloon payment to keep your monthly payment down?
Starting Score: ~500 (12/01/2008)
@203bravo wrote:Normally with deferred payments -- you pay the accrued interest and then they tack the payment onto the end of the loan and it continues to accrue interest. So the deferred payments that you had actually extend the contract by that number of payments.
How much is your monthly payment??? If you deferred 3 months then take the monthly payment x 3 + the interest.
+1 This is exactly what was relayed to me when I had a deferement.
OP, it is very important you contact Ally ASAP! You've probably been paying interest on an amount when you didn't need to.