A Question About Interest. REPOSTED? I wasn't as clear the first time through as I should have
I wasn't as clear the first time through as I should have be. Here is the same ask with better details. I did achieve one good answer the first time though.
I bought a motorcycle from Honda at 9.9% interest. I be told that I could pay it stale early if I needed and that would effectively reduce my interest. So I compensate extra on the monthly amount. The payment is $155 but I other pay $160 or better. The extra is supposed to stir towards the principle but last month I salaried $175 so $20 dollars is supposed to go towards the principle but they applied $11 more towards the interest and with the sole purpose $9 towards the motorcycle
What's up with this? I can't ask them around it until tomorrow.
So in essence my interest closing month was $55 this month it be $ 65.
The statement clearly states that any payments made in excess to the standard is applied towards the principle. There is no check box.
Answers: They are trying to prevent you from paying the principle down. It is call a misapply, they happen from time to time. Just ask for someone within the payment processing department and ask them, sensibly and clearly, to please reapply your last money correctly "in accordance beside your statement instructions"...that last division is key so they don't make a contribution you lip back.
Stick beside, it does make a HUGE difference.
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