Back in April, I found a better deal for my truck, so I started the process of moving my loan to the bank with the better deal. The credit union asked if they could match or at least get close to the same rate if I would consider staying. I said that would be fine, and we signed an addendum to my loan dropping the rate from 7.99% to 5.89%… After I signed it, things got busy, and I never actually looked at my monthly statement. Until I had a week and a half off, and started to catch up on filing (I’m the world’s worst procrastinator when it comes to filing, I know). I noticed on the statement that the annual percentage rate was still showing 7.99%. So I headed down to the credit union where I had the loan with the signed addendum and my statements. Sure enough, the rate never got changed. They said they would make the change, and also research it out to credit my account for the difference in interest. The difference came to just over $120!
Be sure to keep an eye on your interest rates and pay attention to your statements. Chances are it was simply an oversight on their part, but if I hadn’t caught it, I could have paid off the truck on the wrong interest rate and paid an extra four or five hundred dollars over the life of the loan!
Good job on double checking! And good advice. I did start checking mine a few months ago. Its amazing what you learn when you open the mail. lol!
ReplyDeleteMy friend and I have stumbled onto your site recently. We both like how its set up, and like the idea of the debt on the side. Clever. Good work, and I may just have to do this myself! I hope you won't mind.
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