Wow, doesn't this suck. I refinanced a Capital One load with Roadloans.com at 2% less (10.25%).
I get paid every other week, sometimes on a Friday, sometime on a Monday. Sometimes my payment is late, sometimes not. Been with them for 10 months. We started at $16,200, now my payoff is $15,000!
$350 a month. Hmmmmm, doesn't that come out to $3,500 - $16,200? Nope. Try this.
It's a simple interest loan. If your payment is late - no grace period, your loan is in default and will accrue $4.72 "interest" daily + $15.00 late fee = a heck of a lot of money. Ok, well ummmmmm......is the 10.25% interest variable or is it charged annually. It's not variable.
The 10.25% interest is charged on a daily basis of your default rate + any added "interest". Soooooo.....that would make my loan something like 274.287435% per year. No sir. It makes it 10.25% + and added "interest." Thanks Triad.
I'm really TRYING TO ADD. What's in my wallet? Not Capital One.