Principle payment WFDS

[alexak]

So I just made my first payment towards my loan through Wells Fargo, and to my understanding, any extra payment above and beyond the minimum required would be put towards the principle. my payment is $347.13, and I paid $400. I noticed that all it did was reduce my next months payment by $52.87, rather than apply it to the principle. i can't find any options to pay down the principle online. Should I call?

Anyone have any experience with this?

[0REDSOX7]

I have read on here that WFDS actually required a mailed in check to be applied as principle payment, but cannot 100% confirm.

[alexak]

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@0REDSOX7 wrote:

I have read on here that WFDS actually required a mailed in check to be applied as principle payment, but cannot 100% confirm.

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Ok. I will try that!  I'd like to pay the principle down as much as possible before I refi with Patelco! This 12% intrest is killer! 

[RushXTC]

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@alexak wrote:

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@0REDSOX7 wrote:

I have read on here that WFDS actually required a mailed in check to be applied as principle payment, but cannot 100% confirm.

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Ok. I will try that!  I'd like to pay the principle down as much as possible before I refi with Patelco! This 12% intrest is killer! 

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This is why I would never get an auto loan through Wells Fargo again! I had the same rate as you on a $15,000 loan and almost nothing out of the $300 payment was going to principle... We ended up paying it off in 3 months because of that.

[Remember0]

Call them. I know Carmax financial (like their in house lender) can do this over the phone. WFDS is a pretty prime lender (that also does subprime), so it's quite possible you won't have to jump through hoops. I've heard their website is not user friendly from a few people who have gotten financed by them, but it could just be the website not being functional enough...

[Anonymous]

I have been paying on my WFDS account for 1 year now.  I had and still work on raising my subprime credit, of 558.  Was able to get a rate of 15.99%, on a 48 month, $14,500 loan.  Paying regularly, now the balance is $11,500.  I plan on making $1k payments a month til paid off, no matter if they send me a payment due of $0.00.  I think if staying on this track, you will see the principle drop.