topic Re: Whats my caar loan balance? in Auto Loans

Whats my caar loan balance?

robert424 — Wed, 16 Jul 2025 15:22:45 GMT

For about the last six month I have been disputing my car loan balance with my car loan company because of how I got two refunds back. One for 3315.00 and another for 3270.00 .

In my monthly statement they show only the 3315.00 refund. The 3270.00 never was shown. They send a letter with a document showing those two refund on July 31, 2024.

I did an online amortization schedule and for the eighth month payment.

So I still do not understand my current balance which I figured to be 26846.24 for the last eight months of payments. They show a balance of 27409.59 , a difference of 563.35 .

The schedule I did show monthly payment of 699.80 but I pay 700.91 per month. Do not know how they got their number.

In my eight month statements that got and I paid they show on the second month statement a refund of 3315.00 . The other refund of 3270.00 never shows up. They say that amount is refunded. I do not know how?

So here is what I figure out. The amortization table I made did not include the two refunds.

Loan amount is 38092.09 , 3.90% for 60 months . On the eighth month payment the balance is 33431.24 on the amortization table . Subtract 3315 and 3270 refunds from that and I get 26846.24 . They show a balance of 27409.59 for the eigth month. The difference I got is 563.35. Is that correct??

Re: Whats my caar loan balance?

FicoMike0 — Wed, 16 Jul 2025 15:35:54 GMT

What kind of refunds are you talking about? From whom?

Have you read all the time print about payment calculations, prepayment, etc? Some loans have non-standard terms, which an online amortization calculator may not model.

Re: Whats my caar loan balance?

robert424 — Wed, 16 Jul 2025 15:43:18 GMT

Two auto maintenance contracts which I never wanted in the first place. They agree to the refunds. Linconln Automotive Services

Re: Whats my caar loan balance?

robert424 — Wed, 16 Jul 2025 15:46:11 GMT

" time print about payment calculations"

where is that.

Re: Whats my caar loan balance?

robert424 — Wed, 16 Jul 2025 15:54:53 GMT

Lincoln Automotive Financial Services

Re: Whats my caar loan balance?

FicoMike0 — Wed, 16 Jul 2025 20:04:43 GMT

Sorry, meant, "fine print"

So, you got refunded maintenance insurance, they paid it to your lender? I guess you need documentation from the insurance pirates.

Re: Whats my caar loan balance?

robert424 — Wed, 16 Jul 2025 22:49:25 GMT

The car dealer refunded the refunds promply. Problem is finance company. They seem to have strange bookkeeping and wrong balance. I was looking ot see if someone could verity my calculation to see if it is correct, then I will know that they have wrong balance.

Re: Whats my caar loan balance?

FicoMike0 — Thu, 17 Jul 2025 01:58:36 GMT

Could there be a prepay penalty? Some kind of fast shuffle on unearned interest?

Re: Whats my caar loan balance?

robert424 — Thu, 17 Jul 2025 02:16:28 GMT

Penalty, I do not think so , it would be in signed contract.

Re: Whats my caar loan balance?

Kforce — Sat, 19 Jul 2025 02:23:28 GMT

There are a few ways loan institutions calculate interest.

With the amount, rate and time you have it should not be but a few dollars a month between methods,

maybe $30-$40 dollars off over 8 months at most.

$500+ would be an error or not crediting the refund in full, fee's, penalty, etc.

This is a normal (360 day / 30 day month) amortization:

ammo_11.png

This is your loan, interest, 1st payment example with differant interest method and the numbers:

Calc_m.png

Hope this helps a little.

Re: Whats my caar loan balance?

robert424 — Sat, 19 Jul 2025 03:20:58 GMT

Thanks for the reply with some numbers. Will look at this tommrow . Night time here.

Re: Whats my caar loan balance?

robert424 — Sun, 20 Jul 2025 00:52:43 GMT

Was checking a document that was sent to me from car loan co.. That paper for the sixth payment principal balance was 27924.83 .
Now looking at my monthly statements at the sixth payment the principal balance was 28504.35. the difference was 579.52 .

So the cfpb that I said I complain was actually the OCCC (TX Office of Consumer Credit Commissioner) do not remember if they where refered from the cfpb.

The OCCC, BBB, and Tx Atty were the three places where I filed complains. Looks like all of them do have personal the know how to check my type of complain. The OCCC said they were go to do an amorthization schedlue, maybe never did one.

The main problem is that Lincoln Fin. seems to have two accounting books. The first system is the one where they send me a copy of transactions which seem th have a correct balance. The Second is a system that prints and mails to me the bill to pay, showing a different balance from the first system. The is the one that I have to pay off, not the other one.

The above paragraph is what I send to OCCC, BBB, and Tx Atty.

So that finance co. has 1) bad computer accounting system, 2) personal that do not know they have a bad computer accounting system, and 3) just plain fraud by someone there.

So I will report to the IRS the problem and try to contact a suprrvisor at OCCC.

Thanks everyone for your reply.