I have been paying on a 5.5 year loan at $470/month and have been exhilarated by the idea of my car being paid off, finally, this August 2009. Upon reviewing my credit report this morning I came to realize that the balance reported is $2, 000 + higher than my payoff should be 6 months away from payoff. I called Peak 5, whose customer service has ALWAYS been below par, rude and non helpful, and was informed my balance is $4, 600 because of 2 deferments I requested (needed) back in 2005. At that time I did make the deferments due to hard times but it was my understanding that this would merely push my payments to the end of the loan cycle. Unbeknownst to me the deferments will have accrued $2 grand in interest fees by the time August rolls around. Thus resulting in a large balloon payment. My loan was originated with Centrix and has changed hands between Flatiron and Peak 5. I have no idea what is going on and am scared to death of what is going to happen in August. I was never informed of any potential interest accruing. Obviously when I adopted this loan back in 2005 I was in debt and trying to rebuild credit thus the result of a 5.5 year loan schedule at $470 per month (my vehicle is a 2002 Honda Accord nothing fancy). Who can possibly afford $2000 after already spending close to $10 grand over the initial price of the vehicle due to interest? The loan amount was approx $19, 000. I will have paid over $30, 000 when this is all said and done. I don't know what to do. I feel misguided and deceived and really fear for that day in Aug when forced to make a $2000 balloon payment.