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Auto Loan Inconsistencies


Guest teachinks
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Guest teachinks

Not sure if this is the best topic to post under, so apologies.  Looking for any advice.

In short, I took out a car loan in 2012 for 73 months at a 18.23% interest rate.  In 2015 I entered into an amendment with the company, which added 6 months to the original term and reduced the interest rate to 16.23%.  Extremely bad credit and extremely high student loans, but I digress...

Putting aside a whole slew of questions that I have in regards to their amortization schedule... I recently discovered that the payoff amount was nowhere near what it should have been. 

 

My "new contract" said I'd pay off in May 2019 and proposed a monthly payment amount.  However, when you consider their calculated outstanding balance and the payment amount they gave me, rough calculations show a pay of of 2021!  My best guess in playing around with calculators/numbers/etc is that they calculated the new payment WITHOUT adding ANY interest.  I've tried contacting the lender and can't get anyone to give me intelligent information.  What are my options?  I'm beyond upside down in the car with their miscalculation.  Am I liable for their bad math?  There's a final stipulation in the amendment (see attachment) that says "unpaid balance due in full."  Which I get, on most loans it doesn't add up to a perfect amount for the last payment....but at this point we are talking $9000 outstanding.

Thoughts, advice?

amendment.pdfamendment.pdfamendment.pdfamendment.pdf

 

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