So...I have been paying on a Dodge I bought new in 2007. Last payment is estimated Feb, 2012. After talking with the finance associate at Allen Samuels in North Ft. Worth, and asking specifically about paying extra on the car at time of sale, it was told to me more than once that any dollar over the monthly payment would automatically go to the principle. I have been paying between 100 to 200 dollars extra every month, give or take 10 payments since buying the car. The payoff at this time is 4, 900.00. If you divide this by my car payment due each month, I will only have paid the car off early by about 3 months. I just recently put pen to paper to figure out when I would have this paid off (thinking it should be in a few months from now) and was floored at what I found. After talking with customer service reps (yes, from India I presume by the accent) the first time after I explained my strategy to getting the car paid off early AND at a lower amount, I was eventually told that yes, all my extra payments would be put toward the principle. I looked back on my online account and saw that they only "curtailed" the payment I had made in Dec, 2010. I specifically asked the rep twice if this was retroactive from the very first payment I made, or going forward as of the next payment. He said this was retro from first payment. Still waiting on the payment history to be sent to me as promised. Called back and talked to the supervisor and was told that yes, this was true. I asked the guy how this was accurate and repeated all the above info and how my payoff had gone up since the first phone call to rep, as well as why my payment had not stayed the same with due date each month vs. my payment amount always lowered with a due date about 2-3 months ahead, depending on how much I had paid the following month. He said the former was because interest was charged daily. He said the latter was to ensure Chrysler customers would always be ahead, thus resulting in a good FICO score by making payments on time. I corrected him on this stating that it did not matter the AMOUNT of payment but whether the payment was in on time. I kept repeating the inconsistencies to what he was saying but he kept feeding me his rational, or rather irrational jargon about how I was paying the car off early at a lower rate. I am to have the payment history faxed to me by the rep and he assured me I would understand after looking at it. I told him I would look at it but I was not buying what he was saying. There is a lot of extra money paid toward...nothing, really except mildly getting the car payed off early. I also let him know I would have made more money putting that into a savings account and making about 10 cents a year off of that. What an awful investment on this car!
I have been told by our local 'Watchdog' to find out who regulates Chrysler Financial and go from there. They are selling out by the end of 2011 and it appears that GMAC will take over the financial part.
Does anybody else have any ideas or am I way out of the ballpark??????