Santander Consumer - They do not allow additional money to Principal Bal, which is ILLEGAL!

Auto Loan - Complaint
Review by icent on 2012-05-27
Rating: StarEmpty StarEmpty StarEmpty StarEmpty Star
FORT WORTH, TEXAS -- For the last 6 months I have written on my checks in the memo and call in every month to request my additional payment to be added to the principal balance and they refuse to do it. They take it off my interest but not lowering the principal balance. Every month it is an argument and I am angry and feel this is illegal. There MUST be some way they HAVE TO ACCEPT ADDITIONAL DOLLARS TO BE PUT TOWARDS THE PRINCIPAL BALANCE WHEN REQUESTED. MY PRINCIPAL BALANCE NEEDS TO BE LOWERED WHEN I SEND IN EXTRA MONEY!
Comments:2 Replies - Latest reply on 2012-05-27
Posted by trmn8r on 2012-05-27:
I believe you mean that you want the extra payments subtracted from, not added to the principal.

You say it is an "argument" every month when you call. What do they tell you and/or argue is the reason the extra isn't being put towards the principal?
Posted by spiderman2 on 2012-05-27:
Does your original loan agreement state that you can pay ahead on the principal? If so, they should let your but many have a prepayment clause that prohibits paying off the principal earlier.

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