Talk:Truth in Lending Act
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Can a Auto Finance Co. like Capital One charge you a "payoff amount" after you have made all payments on your contract? We made 60 payments on our loan then got a letter stating we were 20 days late on our payment. We called and they said we owed another 450.00 as a pay off amount to our loan. When asked what this amount was for, they can not tell me what it is for, only send me our payment record which says nothing but only being late by 1 day two times in 5 years and we paid the late charge on these two payments. How can they just add an amount to our payoff? Our contract says 60 payments of 367.72. We paid this amount because they threatened to report it to our credit. Now we want some answers, they say they can not open account, because we paid the amount. Very frustrated! How can they get away with this? Is this legal?
Wikipedia is definitely not the place to receive sound legal advice. That is that place of a state license attorney. That being said, to answer you question, the only way you would owe if you paid the loan in full early is if there was a prepayment penalty written into the contract. If so then you legally owe whatever amount you agreed to, if not then it is probably some error on their part, which any reputable company would rectify.
Shouldn't there be something that more clearly spells out what information TILA requires mortgage brokers to diclose and when they disclose it? —Preceding unsigned comment added by 71.236.73.63 (talk) 02:37, 2 February 2008 (UTC)
[edit] Truth In lending Act
When I obtained my mortgage. the payments were $899 per month.
The bank pays the taxes and insurance. This was figured in the loan.
When the taxes on the house increased, the bank increased the mortgage payment to 1505 per month with just a phone call saying my monthly paymrnt of 899 was not enough and I need to pay almost 700 more or they will report me late in payment to the credit bureaus and ai would be in default of the loan. No paperwork has been issued by the bank.
Can they do this? —Preceding unsigned comment added by FoxSMulder1013 (talk • contribs) 13:59, 20 March 2008 (UTC)
