So I call my car loan company. All I want to know is how the interest is calculated.
The lady tells me it is about $y a day. Umm? For every day that I have the loan?
She doesn't know, she only knows it is $y a day this month, the total interest paid last month was X and the interest next month will be about X......
OK great, and my question is, how is that calculated? All I want to know is if I pay down the principle will it effect the interest or is the interest calculated for the life of the loan regardless of principle?
She doesn't know.
What good is a live person answering the phone about a loan if they don't know the terms of the loan?
She offers to transfer me to a local branch to speak to a loan officer.
Lovely.
I get transfered to a nice woman who asks to direct my call, sigh, loan officer, that is what I was transfered for, why can't people who are doing the transfering state the nature when they transfer, do I HAVE to repeat myself a million times?
Of course, there is no loan officer in the office that day....um hello you are a bank, all you do is take money and LOAN it!
So off I go transfered to another person.
"How may I direct your call?"
Sigh....
Loan officer..I need to speak to a loan officer, I just want to know how the interest is calculated on my car loan.
"I am sorry our loan officer is busy now, I can transfer you to his voice mail"
sigh.....
fine....
Really how hard can it be for a bank to know how it's interest is calculated? I left my message and an hour later got a call from a very nice man who explained and told me I had to pay down the principle in person. (btw 'busy' meant out ot lunch)
Why on earth they want you to be in person is beyond me, but regardless we now know for sure it will save on interest and we will be headed over there soon as all checks are in. (bonus plus income tax plus some loot leftover)
Not exactly a hard question
February 14th, 2007 at 03:47 am
February 14th, 2007 at 02:16 pm 1171462573
Interested?
February 14th, 2007 at 11:58 pm 1171497517
February 15th, 2007 at 02:12 pm 1171548759
February 15th, 2007 at 06:12 pm 1171563122