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My son in Arizona has had a car loan obtained through a car dealer through a MAJOR national bank on a used car for 4 years now (loan issued for a 6 year term). He wishes to trade this car in on a newer car. The lender (Chase Bank) says he must pay all of the principal AND interest due as if he kept the loan active until the completion of the 6 year term, even though the loan will be paid-off and closed 2 years early. In other words, regardless of when he terminates the loan early, he STILL owes Chase the full 6 years of interest calculated when the loan was given. I didn't think banks could charge interest on money that is no longer on-loan, and that if one wished to "pay-off" a loan early, he would only have to pay the principal remaining, plus interest due UNTIL the date the principal is paid back to the lender. Can banks insist on interest for the remainder of an original loan period even if the loan was repaid years earlier?
Tax Lady gave a very convincing answer, but she said that in Columbus the Rule-of-78 is for loans OVER 60 months in length, while Wikipedia says that US Federal Law only permits loans of UNDER 60 months to use Rule-of-78 calculations. Wonder who's right about the term? This loan was a 6 year loan, BTW.
§ 1615. Prohibition on use of “Rule of 78’s” in connection with mortgage refinancings and other consumer loans Use of “Rule of 78’s” prohibited For the purpose of calculating any refund of interest required under subsection (a) of this section for any precomputed consumer credit transaction of a term exceeding 61 months which is consummated after September 30, 1993, the creditor shall compute the refund based on a method which is at least as favorable to the consumer as the actuarial method.
Arizona law allows car loans that are longer than 5 years to follow rule-of-78. Most consumers don't understand rule-of-78. Many bank employees don't either, so when your son asked about paying the loan off early, he probably got a garbled explanation. Yes, your son can pay off the loan early provided he pays off the entire amount due. Paying off the entire car is different than trying to make extra principal-only payments. (On the rule-of-78 loan I had, any partial payment wasn't credited until the day it was due, so you couldn't get a break on the interest.) Yes, your son can pay off the loan early. He has to ask the bank to verify the amount owed (so it doesn't get into that partial payment loop) and the effective rate of interest for the 4 years he actually was paying on the car will be HIGHER than what he remembered agreeing to. Rule-of-78 loans skew the interest to the front of the loan. When the loan is held less than the number of years agreed to, the lender still gets most of the interest anyway. this calculator and plug in 60 months, the amount he borrowed and his monthly payments. Then go down to month 48 (4 years into the loan) and see how "little" interest is left to be paid.
Your son needs to read the contract he signed. Most likely he agreed to make 6 years worth of interest payments or there was a penalty for paying the loan off early.
You have to look into the finer print, usually at the back of the agreement. The loan contract lists the terms and conditions between the lender bank and the borrower. If the borrower signed the agreement, then he is bound to abide by them.
Your overdraft payment is due within 3 business days. Not paid in 5 business days they close your account and destroy your credit
Remember last year when obama allowed banks to change the rules on bank loans ? "change you can believe in "
It would have been in the contract he signed, if it wasn't then it is illegal and he needs to go to court to settle the issue, if it was there is nothing you can do.