WestLake Auto Finance Loan

Anonymous · ‎06-15-2015

maybe the worst mistake in my life, with bad credit score 550 one of the local delaer finance the lexues es 350 2008 $13900.00 pluse tax licence plate, we paid almost $5500 cash. and the rest of them they said 41 month term and monthly loan $340. and if you paying more , your intrest rate will be reduce it......

now if i paying $400 they just give me credit $220, wowww its lot of intrest rate ,

pleasae someone tell me what is my choice now.

i just copy of my payment history here.

Contract Type

SIMPLE INTEREST LOAN CONTRACT

Amount Financed

$9,452.69

Current Interest Rate

23.99%

Loan Term

41

Paid Term

6

Maturity Date

05/24/2018

Due Day

24

Regular Payment Amount

$340.00

---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

05/27/2015CONVENIENCE FEE$5.00$7,281.7204/02/2015PAYMENT (Y)
- INTEREST
- CONVENIENCE FEE
- ADV / PRIN$505.00
$179.87
$5.00
$320.13SPAY - IVR - CCCUSTOMER PAYMENT10185527$7,281.7204/02/2015INTEREST ACCRUAL$179.87$7,601.8504/02/2015CONVENIENCE FEE$5.00$7,601.8502/25/2015PAYMENT NON CASH (Y)
- ADV / PRIN$1,000.00
$1,000.00WHOLESALE LOCKBOXCUSTOMER PAYMENT21585499604$7,601.8502/25/2015PAYMENT NON CASH (Y)
- INTEREST
- ADV / PRIN$900.00
$171.71
$728.29WHOLESALE LOCKBOXCUSTOMER PAYMENT21585499593$8,601.8502/25/2015INTEREST ACCRUAL$171.71$9,330.1401/28/2015PAYMENT (Y)
- INTEREST
- CONVENIENCE FEE
- ADV / PRIN$345.00
$217.45
$5.00
$122.55SPAY - AGENT - ACHCUSTOMER PAYMENT9726143$9,330.1401/28/2015INTEREST ACCRUAL$217.45$9,452.6901/28/2015CONVENIENCE FEE$5.00$9,452.6912/24/2014FND GAP WAIVER$395.00$0.00

pleasae if anyone have experince with company, give some advice. thanks guys

SamsungHDTV · ‎06-16-2015

You purchased a car and you took out a loan.

How much is the car valued at? If you don't know then you probably overpaid.

You borrowed $9452.69 at 23.99% for 41 months. So you will pay the bank about $4500 in interest. This makes the total cost of your vehicle about $19,450.

Choices:

1. You can try to return the vehicle and cancel the loan

2. You can try to rebuild your credit aggresively and refinance

3. You can pay down this loan as fast as possible. Which means spending less, saving more, maybe a second job.

Anonymous · ‎06-16-2015

samsung hd tv : thanks for reply

you are saying:

1) You can try to return the vehicle and cancel the loan

they don"t accept it at all.

2)You can try to rebuild your credit aggresively and refinance

how would be accept my low score credit for refinance credit score 545,

1/28/2015 $345.00

2/25/2015 $1900.00

4/2/2015 $505.00

5/27/2015 $705.00

____________________________

INTEREST $832.26

is this normal?

SamsungHDTV · ‎06-16-2015

It would be hard to refinance with those scores. Also, I don't know what you're showing me with the dates and dollar amounts.

Anonymous · ‎06-16-2015

I want show you how they charge a lot even with paying double or triple amount .
I paid since 1/28/2015 till now (about 5month)
$3455.00 .my normal monthly payment
$340.00 . They charge me interest
$832.26.
Is it normal or they realy charge me over?
Thanks for any advice.

incognitony · ‎06-16-2015

That interest is 2% per month or $20 per 1000. ou would have been paying close to 200 a month in interest to start and now about 150 a month now. You might be able to refinance through roadloans and save a little but most places want at least 7500 owed to give you a loan.

incognitony · ‎06-16-2015

You also have paid enough extra to where you will only have 28 normal payments left. Paying extra now will save you in the long run.

SamsungHDTV · ‎06-17-2015

@Anonymous wrote:
I want show you how they charge a lot even with paying double or triple amount .
I paid since 1/28/2015 till now (about 5month)
$3455.00 .my normal monthly payment
$340.00 . They charge me interest
$832.26.
Is it normal or they realy charge me over?
Thanks for any advice.

I'm sorry I still don't understand your payment breakdown. I think that you're saying $3455 is your total you paid since 1/28/2015, $340 is your regular payment, and $832.26 is how much interest you have been charged year-to-date. Is that right? If so, it looks about right to me.

Here is a breakdown of your loan that I calculated:

Month Reg Pay Principle Interest YTD Interest Payoff

Jan	$339.96	$150.99	$188.96	$188.96	$ 9,301.01
Feb	$339.96	$154.01	$185.94	$374.90	$ 9,146.99
Mar	$339.96	$157.09	$182.86	$557.77	$ 8,989.90
Apr	$339.96	$160.23	$179.72	$737.49	$ 8,829.67
May	$339.96	$163.44	$176.52	$914.01	$ 8,666.23

This caculation isn't including any extra payments. So by May you would have been charged anywhere from $176-188/month in interest. And year-to-date about $915. So since you have been making extra payments, and paid $832.26 in interest YTD, it sounds right to me.

Conclusion: Yes you are paying about $176-188/month in interest to borrow money so far. It is very expensive! Key here is to make extra payment to principle to save money.

Anonymous · ‎06-17-2015

thanks for reply, i know is expensive but no choice with credit score 550. hope get better credit after pay off this loan.