When I signed the papers, I was told I have 60 days before the first payment, and interest wouldn't accrue until then.
I just got my statement, paid off the principle, and was told I still owe a balance because interest started accruing the day I signed the papers.
Was I misinformed and the later is correct, or can I get the interest removed?
Thanks.
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| Reply » When does interest start to accrue on BMW FS loan? |
Quote: When I signed the papers, I was told I have 60 days before the first payment, and interest wouldn't accrue until then.
I just got my statement, paid off the principle, and was told I still owe a balance because interest started accruing the day I signed the papers.
Was I misinformed and the later is correct, or can I get the interest removed?
Thanks. | I think they misinformed you, but I'm not positive.
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| Reply » When does interest start to accrue on BMW FS loan? |
Bummer.  
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| Reply » When does interest start to accrue on BMW FS loan? |
how much interest you have to paid?
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| Reply » When does interest start to accrue on BMW FS loan? |
Interest always starts to accrue the day you sign. That is the day when the finance company allocates funds for your loan. They cannot earmark funds for you without getting interest.
One exception is housing. Mortgage company will earmark the funds when you lock in the rate, but interest does not accrue until you sign/close.
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| Reply » When does interest start to accrue on BMW FS loan? |
I think you were misinformed.. But let us know how much interest you had to pay.. BMWFS is not the best loan source.
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When does interest start to accrue on BMW FS loan?