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How are payments applied to my loan?

  • If you are making your monthly payment that is currently due, or if your monthly payment is past due1, it will be applied in the following order:
    1. Accrued interest
    2. Principal
    3. Fees and other charges (if applicable)
      Examples include late fees and nonsufficient funds.
    4. Additional principal payment
      The additional amount will pay down your principal balance and will be applied to your next payment due, unless you tell us you’re making a principal-only payment. Visit How do I make a principal-only payment for more information. If your account is already paid ahead three months, the additional amount will be applied to the principal only.
  • If you already paid your current month’s payment in full with no amount past due and you are paying an additional amount, it will be applied in the following order:
    1. Fees and other charges (if applicable)
      Examples include late fees and nonsufficient funds.
    2. Accrued interest
    3. Principal
      The additional amount will pay down your principal balance and your next payment due, unless you make a principal-only payment. If your account is paid ahead three months, additional funds will be applied to unpaid fees, if applicable, then to the principal only. Visit How do I make a principal-only payment for more information.

View payment examples (PDF) for paying less than, equal to, or more than the amount due and for making an additional payment.

Refer to your monthly statement to see how your payment was applied to interest, principal, fees, and other charges.

1 Currently due refers to the payment that is due in the current billing cycle. Past due means the payment is late and has not been made as of its due date. In certain scenarios, for example when a loan is charged off or your vehicle has been repossessed, payments may be applied in a different order. Please call us at 1-800-289-8004 if you have questions.

  • If you are making your monthly payment that is currently due, or if your monthly payment is past due1, it will be applied in the following order:
    1. Accrued interest
    2. Principal
    3. Fees and other charges (if applicable)
      Examples include late fees and nonsufficient funds.
    4. Additional principal payment
      The additional amount will pay down your principal balance and will be applied to your next payment due, unless you tell us you’re making a principal-only payment. Visit How do I make a principal-only payment for more information. If your account is already paid ahead three months, the additional amount will be applied to the principal only.
  • If you already paid your current month’s payment in full with no amount past due and you are paying an additional amount, it will be applied in the following order:
    1. Fees and other charges (if applicable)
      Examples include late fees and nonsufficient funds.
    2. Accrued interest
    3. Principal
      The additional amount will pay down your principal balance and your next payment due, unless you make a principal-only payment. If your account is paid ahead three months, additional funds will be applied to unpaid fees, if applicable, then to the principal only. Visit How do I make a principal-only payment for more information.

View payment examples (PDF) for paying less than, equal to, or more than the amount due and for making an additional payment.

Refer to your monthly statement to see how your payment was applied to interest, principal, fees, and other charges.

1 Currently due refers to the payment that is due in the current billing cycle. Past due means the payment is late and has not been made as of its due date. In certain scenarios, for example when a loan is charged off or your vehicle has been repossessed, payments may be applied in a different order. Please call us at 1-800-289-8004 if you have questions.

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