MachE2021
Well-Known Member
- First Name
- Jeff
- Joined
- Jun 18, 2020
- Threads
- 28
- Messages
- 210
- Reaction score
- 249
- Location
- San Diego
- Vehicles
- Impala
- Occupation
- Attorney
- Thread starter
- #1
So I went with Ford Options and I’m reading the contract and it includes the following regarding prepayment.
Can anyone explain what this means, particularly those who have had these sort of loans before? I can read this a couple different ways since the contract is ambiguous but not defining certain terms.
On the one hand, it sounds like this would only create a penalty of up to $75 if you paid off the car before $75 in interest has accrued.
On the other hand, if this is talking about monthly earned finance charge, then it could mean prepayments would come with a hefty penalty for each one you make, effectively negating the benefit of any such payments.
Thanks!
Can anyone explain what this means, particularly those who have had these sort of loans before? I can read this a couple different ways since the contract is ambiguous but not defining certain terms.
On the one hand, it sounds like this would only create a penalty of up to $75 if you paid off the car before $75 in interest has accrued.
On the other hand, if this is talking about monthly earned finance charge, then it could mean prepayments would come with a hefty penalty for each one you make, effectively negating the benefit of any such payments.
Thanks!
Sponsored