Wfs Financial ripoff: the billing statement never shows amount of percentage is going toward principle or finance charges. overcharging me on finance charges. Santa Ana California

MS Excel, Quicken, many others have the functions built in to print out an amortization schedule for you to show you the monthly payment breakdown.

Early on in a loan, the principal decreases very little. The longer the term, the more this is true.

WFS financial has a legal team, and what you morons are supposedly suing for is all layed on on your CONTRACT, READ IT BEFORE YOU SIGN IT. PLAIN AND SIMPLE. You think a bank is going to lend you money for free ? IT's called INTEREST and it is ALL based on your CREDIT.

YOU PEOPLE ARE SO CROOKED THAT I CANT BELIEVE YOU ARE STILL DOING BUSINESS. THAT WILL BE CHALLENGED SOON, TRUST ME. IF WHAT YOU ARE SAYING IS CORRECT AND WFS IS A NOT CROOKED AND SHADY, THEN WHY ARE ALL THE PEOPLE ON THIS SITE SAYING THE SAME THING? WHAT THIS COMPANY DOES IS CALLED PREDITORY LENDING AND THEY WILL FALL FOR IT! THEY MAY HAVE GOTTEN AWAY WITH THIS FOR MANY YEARS BECAUSE THE COMPANY IS SO BIG THAT NO ONE WANTS TO TAKE THEM ON, BUT THAT WAS IN THE PAST, NOT NOW. IM TRYING TO ORGANIZE A CLASS ACTION LAW SUIT WITH THESE PEOPLE AND IF I WERE YOU, I WOULD BE DOING SOME JOB HUNTING. WHAT COMES AROUND GOES AROUND AND IT'S WFS WHO IS GONNA FALL THIS TIME! ANYONE INTERESTED IN JOINING A CLASS ACTION LAWSUIT AGAINST WFS PLEASE CONTACT ME AT TCOUCH8766@AOL.COM I ALREADY HAVE A LAWYER WHO IS REVIEWING THE CASE.

Here's what one needs to know when determining if enough principle is being paid compared to interest:

1. What is the term of the loan (how many months are you paying the loan)

2. How long have you had the loan?

It is very simple. I am going to guess that you chose a 72-84 month loan, considering WFS is for people with higher credit risk (I financed my last car through WFS). You probably also based your car purchase on payment, and not price. In doing so you bought more car than you can afford (hence the longer term of the loan). Probably wanted a $20,000 and only wanted to pay $350/monnth instead of the 500-600 it would cost on a 60 month loan.

Anyway, back to my point. In the beginning stages of a loan, especially on a long term (72-84 month) loan, if your payments are $350/month, on a car that is $18,000-$20,000, then for the first year, each monthly payment probably only pays about $25 - $35 of your principle.

Here's the solution:

1. Get a piece of crap car and drive it until you can improve your credit.

2. Understand basic rules if interest and principle, and understand how much interest you actually are paying.

Your contract when you financed the car shows exactly how much interest you will be paying (in dollars) throughout the term of the loan.

Good luck on your lawsuit. You will waste a lot more money on a lawyer. Don't finance the attorney though. You wouldn't want to have to hire him again when you don't understand the principle/interest payments on your new loan!