• Report: #1164226

Complaint Review: coastal credit llc

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  • Submitted: Tue, July 22, 2014
  • Updated: Tue, July 22, 2014

  • Reported By: courtney — madison Tennessee
coastal credit llc
2282 Rosa l parks blvd nashville, Tennessee USA

coastal credit llc interest paying is 35% on average. the loan document I signed says 21.95% is there anything I can do? my vehicle should have already been paid nashville Tennessee

*Consumer Comment: Details...

*Consumer Comment: You can refinance

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I didn't have very good credit. My dad got a loan for my car...my name is not on it but I am the one who makes payments. I have been paying additional to try and get it paid off. My dad got a statement to me and after looking at the interest charges I noticed that every month the interest was different...one month it was 76% the next it was 53% 27% 38% every month its different. It says on the statement its "rate 21.95" "Apr 21.95" but on average since 1/6/12 its been 35% I have been paying interest. That have charged me many NSF fees when I made payment over phone and i have proof from my bank statements. It sucks seeing $350,payment and only $89 goes to principle. What can I do?


This report was posted on Ripoff Report on 07/22/2014 08:16 PM and is a permanent record located here: http://www.ripoffreport.com/r/coastal-credit-llc/nashville-Tennessee-37228/coastal-credit-llc-interest-paying-is-35-on-average-the-loan-document-I-signed-says-21-1164226. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 Consumer Comment

Details...

AUTHOR: Robert - ()

 Your report is lacking quite a few details, because it appears that you don't even have them. You need to get the original loan documents your dad signed.  That will explain how much was borrowed, the interest rate and how they calculate the interest.

When you do you will most likely find that as long as you are making your payments ON-TIME the payments are being applied correctly.  As it is the case that if you have a fixed payment you will always pay more interest in the beginning of the loan than you do at the end.  So while you are paying only $89 to principal now, near the end that same $350 payment will end up having only $89 payed to interest.

If you want to verify this, take the numbers off of the original loan documents and put them into any amortization calculator.   You will find that it should be close(if not identical) to what you are paying.  Of course once again this is if you are paying ON-TIME, if you are late even by a day this could affect your balance.

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#2 Consumer Comment

You can refinance

AUTHOR: FloridaNative - ()

First, I don't work for this company or any lender but I know how loans work. Based on your post, it sounds like you are making your payments after the due date.  The way the interest works is that your interest rate is calculated on an annual basis. In your case, APR is 21.95% (Per Year) and charged per diem (Per Day).

Interest is paid first out of your payment and the balance is applied to your principal. If you look closely at your payment allocations you will see that if you pay a few days late, additional interest is taken out of the payment for each of those late days. If you pay more than a few days late you incur a late fee and that fee is also taken out before the balance is applied to the principal. If you were to pay early so there are fewer days between payments then less interest would be taken out of your payment and more principal would be paid down. All simple interest loans work this way.  Another way you can reduce the interest is to refinance with a lower interest loan.

If you can show that you have been making on time payments then go to a credit union and refinance your loan with them into your name so you can reduce the interest rate. This refinance will only work if you can show you have been making timely payments. It is not likely that you can refinance if you can't show the payments being made on time.

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