Truck payment ? (possibly dumb)

drillerswife · January 2012

Every month we pay a little extra on my truck. So then on the next month's statement our amount due is always a little less than the month before. My question is--does that mean our extra $$ is going toward the principal or the interest? I pay by check and there's not a place to specify what to put the extra $$ toward, so I'm just wondering....

BlinkingLight1 · January 2012

My guess is that if you're not specifying principal, you're just prepaying the next month. When we were paying off H's truck I had to take the extra payment inside to make sure they put it towards principal and they were always shocked I wanted to pay extra (?)

BoyMom21 · January 2012

They're just putting it toward your next payment. Likely you'll have to call in each time you over pay and have them change your extra $ to be put toward the principal. It's annoying, but supposedly the people in the department that receives the checks don't have the authority to allocate your money certain places on your loan. (this is what I was told when we were paying off H's truck at least).

+buttercup+ · January 2012

BoyMom21:
They're just putting it toward your next payment. Likely you'll have to call in each time you over pay and have them change your extra $ to be put toward the principal. It's annoying, but supposedly the people in the department that receives the checks don't have the authority to allocate your money certain places on your loan. (this is what I was told when we were paying off H's truck at least).

Yup. That's what we have to do when we pay extra on our mortgage.

drillerswife · January 2012

Well crap, that's what I was afraid of. Thanks ladies Smile

Truck payment ? (possibly dumb)

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