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"My lender has been charging me less interest than what is listed on the original loan agreement. What should I do? "
"I bought a car three years ago, financed at a nine percent interest rate, and have been paying on time every month. The lender called me to tell me that they had made a mistake and only been charging me six percent this whole time.
Does this mean that they are going to expect me to pay them all of the interest that they didn’t charge me for the last three years? What are my options to deal with this?
"
Johnny Puckett · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Ideally, they should just let this go. After all, they are the ones that made a mistake, but that is not how it usually works.
It is generally up to the lender and since there is a signed contract, the law is on their side. They could come after you for all of the interest or they could just charge you nine percent going forward.
Either way, you should get their decision in writing to prove that you’ve come to an agreement. If you are not happy with the outcome, you should look into refinancing the car loan for a lower interest rate.
“
View full answer
- Gregory R.
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