Question about overpaying...

[jhc7399]

I am in the middle of a successful so far credit rebuild and in March I was approved for a new car through Wells Fargo at 11.99%. My payment is 376 a month but I have automatic payments going out every week for 100 a week. When I log onto Wells Fargo I do not see and extra going towards just the principle? Every payment for 100 is about 50/50 principle/interest. Is this right? Should some of this money be showing up as principle payments only, am I going about this the wrong way?

[Creditaddict]

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@jhc7399 wrote:

I am in the middle of a successful so far credit rebuild and in March I was approved for a new car through Wells Fargo at 11.99%. My payment is 376 a month but I have automatic payments going out every week for 100 a week. When I log onto Wells Fargo I do not see and extra going towards just the principle? Every payment for 100 is about 50/50 principle/interest. Is this right? Should some of this money be showing up as principle payments only, am I going about this the wrong way?

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If you look at current due is it showing a smaller payment due than your actual payment? before your first $100 of the month?

It sounds like they are applying all your payments towards future payments... If you want the extra money each month you are paying to go towards principle only I believe you have to set that amount up as seperate payment from the rest and mark as PRINCIPLE PAYMENT ONLY type thing but hopefully someone else can chime in how to do it also.

[maiden_girl]

You have to call the finance company and tell them you want the payment to be applied to principal only. I made a $750 payment on my car note a few months back and they had applied the payment to principal and interest with the next due date set for 4 months later. I had to call in and have my payment fixed for principal only.