Auto Finance Question...Help pls

Posted on 2014-01-09 13:56:00 in Finance by CHARITY JACKSON

Okay so I bought a 2010 Ford Fusion slightly used in April of 2010. I was financed through Chase Auto Finance with a 9.37% interest rate for 64 months including $270.47 for Gap ins. I made my first payment of $397.60 in May of 2010. That being said I should be close to paying the balance off right. The total Balance was around $24,000. When I called Chase to get a pay off balance it is $9899.94 and if the balance isn't paid before Jan 18th then it will incur $2.57 in interest per day. I'm not really sure how the financing works but it doesn't seem that this balance would be paid off within the agreed time frame...it does me no good to pay extra since chase doesn't apply it to the principal balance or next months payment. So I am confused because it seems that at my monthly payment rate it will take me longer than the agreed 64 months to pay the car off. So if that is the case would I be better refinancing the car with a different bank or credit union?

---

Answer Comment

No Answers Posted Yet.