I only have two car payments left yet my total amount owed exceeds two payment amounts?

Question

What does that mean? I only have two coupons left to make payments. My total amount owed on the car is more than those two coupon amounts. Will they bill me for the left over? What's the deal?

Answer 1

You probably incurred some late fees or something over the course of the loan which through off the original payment schedule. You will still have to pay off the loan. You can either call and get the payoff amount before you make the last payment with your coupon and pay it off all at once, or you can continue to make the payments until it is paid off.

Answer 2

read you contract you signed when you got the loan, but be aware, the lender does not have to be honest with you when you are in arrears, That is not to suggest that they would lie to you, however, there is only one way to make sure there is not a repossesion, pay off the vehicle. Most of us are not able to do that, so there are some other 'tricks' you can pull, for example, do not use your car to go to work in, they will find where you parked it, and take it. In addition, try to make sure it is locked in a garage at night, not parked in the driveway, or on the street, if it is, they will take it. Over the years, I have heard of, seen, and watched some real masters at preventing repossession, one guy I know went over a year, used the car, and even went on vacation in it-he was having a problem with the vehicle and eventually had it declared a 'lemon', got all his money back, and his credit restored, and he used the vehicle for over a year at little or no charge, but in the end he wound up giving it back... so, good luck, my advice? If you are only 2 payments behind, you might buy some more time by paying one payment, but do not depend on it, remember, the banks are in worse shape than you, and they have the keys to your car...

Answer 3

call the bank and ask.

sometimes they only print the first 3, 4, or 5 years worth of payment coupons when the loan is for 6 years. Since most folk will trade in the heap before that, why bother??

**
another possibility is late payment fees were added on.


Oh

Answer 4

Interest? Late fees? Missed payments? Mistake?

Answer 5

If it's less than a full payment, they will likely bill you for the remaining amount. Why don't you call them and find out why it isn't fully paid off when the last coupon is used up and what they are going to do when you don't have more.

My student loan used to send me new coupon books when the old ones ran out.

Now I barely remember coupon books because I don't have any debt besides my mortgage!

good luck!

Answer 6

Call them and ask. It probably means that somewhere along the line you made some payments late, so there's extra interest.