I bought my car back in 2007. At the time I said, "why not get the loan, I should be able to refinance later..." NO. I was stuck with the loan. I started with a loan amount of $23,XXX. My monthy payments for 6 years was $565 per month. I knew the best way to not pay the heavey "27%" intersts was to pay on the princple as much as I can.
It sucked because the first 2 years, 60% of my payment went towards intersts!!!! I have been blessed to pay more on it. I set it in my head to pay $800-1,000 per month. This lasted for awhile and there where times I taken my entire tax refund and put it down on the car.
It seems that as I make huge payments each month... it took a long time to pay off the car! As soon as you make the payment the intersts is figure each and EVERYDAY. What I hate was that... if I sent in $100, that entire amount was used towards intersts! UNLESS you call and send it in stating you want it towards the princple.
As time went on, I was down to my last $2,000 on the bill. The amount I was "paying" now for interst is about $78 per month. When I made another payment of $900... it drop my bill about $700 and crept back up to $2,000 witin the next 30 DAYS!!!! They tired to explain that intersts is per day of the "loan" not so much of the principle!!!!! Luckly I was able to take some money from my IRA and piad off the car. Even then I had the foresight to overpay about $100, just to make sure i didn't have a "partial payment" and then they could rack up on intersts and screw me again. Of that OVERPAYMENT of $100, I was due to get back $47.XX by November. Which I am still waiting to see that check.
When you do pay off your car, truck etc. make sure you request for the "release of lien" so that you can have them taken off your title.
But next time, please... NO MATTER WHAT, if you need a car and this is the only company that would give you the loan....DO NOT GET IT. You are better off saving your money and waiting to get another car. At least I figure it out... I have only paid in intersts $7,500. So out of 6 year loan, I did it in 50 months (4 years and 2 months).
Let me say it again.... stay away from this company. Treat this company like a wild dog with the AIDS viurs. JUST stay way, its not worth dealing with this company.
Review about: Santander Consumer Usa Refinance.