no lates? skipped payments? are there fees you weren't aware of? All that aside, I'm afraid this is the consequence of signing on the bottom line. I was in the same boat, Triad-Santander, God-awful interest rate, but I HAD to have a vehicle and it was all I could do at the time. Did it suck? Absolutely. Did I learn from the experience? Absolutely.
In this case, you may just have to pay as much as you can as fast as you can.
You need to call and specifically ask about the obvious discrepency between the pricipal remaining and the maturity date. If they say the maturity is wrong somehow, and you still owe the 7k, I would refi and just get dirt cheap payments over ~3 years, then work on paying extra to the principal. Luckily, you've taken the sacrifice already and plugged away at it for years, where many probably would have already given up. Congrats on getting your scores up, it may be time to let them do some work for you now.
|Chase Freedom $9500|
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BOA Platinum $600
AMEX Gold NPSL
WAIT WAIT WAIT... Even with 6 months deffered I don't see the balance working out.... Why are you OP offering settlement? and why are all of you saying to refi with no concern that we are WAY OFF!
Despite how irritating it is to deal with some of their employees (I have done it and been hung up on because the CSR refused to give me the information I asked for) it is illegal but they are behind a big rich bank against me... you need to find the (1) employee that cares about what is going on and can have the authority to fix it when it's figured out. Do you have the paper work for when you purchased the car?
60 or 72 months?
Actual total financed all said and done?
maturity date of?
If you have the numbers completely figured out, you should be able to google a few free calculation calculators to help you and then start contacting with this info, they say no, etc. etc. send e-mails to president, to FDIC, who ever you can.... let me check my file to, I had a Roadloans loan go to Santander and report 39 lates... several days and lots of money on pulling new credit reports and a VERY NICE WOMEN who could actually see and understand the problems did it all... she is also the reason I HATE when a creditor tells you we report but it takes the agency to update, or it's not us, it's the reporting agency... NO NO NO, it's not... they can click submit and it can literally be like deposits at a bank... updated at midnight...
@MovingForward.. I called back today to see if a different person could give me more information than the last dit wit... This guy I spoke with this morning told me that I paid primarily interest for those six months and that he could mail me a copy of my payment history for me to review. He also informed me that I'm being charged $3.38 in daily interest and that my finance percentage is 17.95%. My balance prior to me making a payment on the 8th was $7,272.00 and today, it was $6,866.66. My car payment ($485)is due on the 15th of every month, but I paid it early this month and he stated that $385 was applied to principle and $99.60 was interest. I'm still waiting for the Office of The President to call me back, so we can figure out the discrepancies, but in the mean time I'm just trying to pay as much as I can when I can and as early as possible. Thanks for responding to my post.
@CreditAddict... Unfortunately, I do not have the original paper work. I was careless in that part, so I can't recall what the actual deal was when I signed with Triad. I won't make that mistake anymore. As far as trying to settle... Actually, what I thought I was doing was negotiating a payoff. My intent was not to settle but to see if I can talk them into reducing the loan amount if I could pay cash now. Why pay more if they are willing to take less. Thanks for responding to my post…
I let you on a little secret. I have the same issues, except my interest rate was higher. Santander is going through some legal issues. PM later