Ford Motor Credit No proof that they are not cheating me St Louis missouri

I used to work for Ford Motor Credit (FMC) for 6 years until they closed the service center down. Here is a little insight that will help you better understand some things that were probably not explained in the beginning of your loan.

FMC stopped sending out payment books before i started working there in 2000. A lot of customers called in looking for the books. Their reasoning was that most customers mis-placed their books & that they sent out monthly statements. The books did not show any additional charges that may have occured on the account.

Simple Interest Financing (SIF) is the reason you had a large payment due at the end of your 72 months. Your car payment is calculated on all of you payments being paid on or before the due date. If you payment is made just 1 day after the due date then .. more interest is accrued. For example ... a late payment will not show up on your credit report until it is 30 days past due... If you pay your payment on the 29th day each month ... you will not be reported to the credit bureu .. but you would have acclumated 28 days of additional interest. Also remember .. the higher the intrest rate the more the additional interest.

If you have access to an amorization table... plug in you loan amount interest rate & term. This will show you the break down of principle & interest. If your payment dates were later that the actual due dates .. then the amounts will be thrown off. If you had any extentions .. then the amorazation table will be all wrong too.

I have had to explain this many times to customers in your exact position. I have even see customers with last payments of almost $10,000 because they were late and/or had extensions.

Hope this helps