Paying Off The Rest Of A Car Loan, Something Is Wrong ?

[Nakonama]

Hi

1 year ago we bought a car on finance price 225.000 thb i paid 50.000 downpayment, and our contract with the finance company is 175.000 thb. and out monthly statements say 175.000 we pay off 3750 a month.

So now 1 year has passed and we want to sell it and buy a more new car.

so we call the finance company to ask for a Total to pay today, they tell us to pay 208.000 thb.

So now my question is, how the h... can this be ? she told my wife that we signed up to pay for 5 year so that is why.

before we bought a Honda PCX Bike, and paid it off after 4 months, they only charge us the intrest for that 4 months.

I mean, it shouldent be possible that that Loan is higher than we started ? or am i compleetly wrong, and all logic is lost in LOS ?

Any one who try this before ?

Nakonama

[craigt3365]

That's my understanding...you can pay off early, but you are still going to pay all the future interest. Crazy, but that's how it works and that's the contract you signed.

[mijan24]

That's my understanding...you can pay off early, but you are still going to pay all the future interest. Crazy, but that's how it works and that's the contract you signed.

Yes it's the same with Lease agreements.

[Crossy]

Dupe thread, continue discussion here