Sea West Financial ripoff to consumers with ripoff Interest rates Columbus, Ohio

I have been making payments to SeaWest for almost two years. My opening balance was almost $12000. I was in dire need of a vehicle when I made the purchase and never inquired on the interest rate, at the dealership I was only told that it would fluctuate, but would start high and get lower as I paid the note.

In February of this year I sent for a payment report on my account. It showed payments made, money applied to principle, and money applied to interest. I was shocked to find that after two years I still owed nearly $8500 for two more years. The most money ever applied to the principle was about $300 (of $400 payments) twice. I've made over 12 payments where interest deducted was $200 or more.

As I read through the rest of the computer printout I saw my interest rate.....22.9%. Now, I know that compounded interest works differently than figuring the interest of a lump sum. But shouldn't I have payed more than $3500 on principle by now?? At this rate, I'll never pay it off!!!! 23% of $12000 is $2760.

At $400 for 4 years, I will have payed $19,200 for my truck. Someone please explain this to me!!!!!!

Jeremy
Cuba, Missouri
U.S.A.