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How do I know if Cap1 is applying my payments correctly?

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How do I know if Cap1 is applying my payments correctly?

I have an auto loan with Cap1. The terms are $22,897.66 at 9.6% for 72 months. I have made 13 payments so far.

 

I requested my payment history from them b/c I have made every payment early & I wanted to see how much extra was being applied to principal. The history shows that $3308 has been applied to principal, and an amortization schedule shows that $3225 should have been applied to principal.

 

Does it sound right that even though I have paid all 13 payments early (they are due on the 14th, and I have paid them all no later than the 7th, and the last 5 payments on the 2nd), only an additional $83 has been applied to principal?

 

I checked the payment history vs. the amort schedule, and sometimes Cap1 has applied more to principal than I expected, and sometimes less. How do I calculate the correct amount?

 

Thanks in advance for your help.

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2 REPLIES 2
Valued Contributor

Re: How do I know if Cap1 is applying my payments correctly?

Figure out what your daily interest is and do the math if you are concerned.

 

It is lower than if you paid on time, so I would think it is fine.

 

You can see your breakdown online anytime you want.

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Message 2 of 3
Valued Contributor

Re: How do I know if Cap1 is applying my payments correctly?

The thing that everyone should do with their auto loan is go to an autoloan calculator online that will show the full amotorization and every payment that shows interest and principle so they can see exactly where they will stand throughout the loan.  Sad thing is that interest is front loaded on these loan, if you take a 6 year loan your paying mostly interest for the first 3 or so years, its not till the end of the loan that significant portions of your payment go to principle.

 

Hope this helps

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