Making payment on deferred loan?

[Anonymous]

I have my auto loan deferred for the next two months. Next payment isn't due till July 18th. If I make a payment before that July 18th due date, will I get charged interest?

My car note is $710.64 a month. If I pay, say $1000 tomorrow, will that $1000 go straight to principal because my payments are deferred till July or would I still get charged interest?

[Anonymous]

That is totally up to the lein holders terms and conditions.

We do not know what they are, so cannot comment.

If you were looking at sending it to principle, then make sure it goes there.

otherwise, you are at mercy and noknowing where it goes until statement or calling in.

[Anonymous]

Gotcha. So I can call and say "I'd like this full amount to go to principal"? Of course if it's possible within their terms and conditions.

[Loquat]

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@Anonymous wrote:

Gotcha. So I can call and say "I'd like this full amount to go to principal"? Of course if it's possible within their terms and conditions.

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You can try but I believe that may be a hard sell.  You've asked them to defer your payments but your making a payment that meets and exceeds your actual payment.  If you can do this then just ask to be removed from the deferment program and resume payments as usual.  

[Anonymous]

Yeah, that's what I was planning on doing. I thought I was gonna fall behind due to losing my job because of the pandemic going on but turns out I can.

The reason I ask is because I'm trying to cut back on unnecessary expenses (I just bought a car cash) to fix my credit and save for a house so I'd like to sell my car. But I found out last night that I'd be upside down if I sell it for what it's worth right now (because of my interest rate) so I'd like to pay as much as possible towards the car note for the next few months to sell it and get rid of that car note I have hanging over me.