Is it legal for an auto loan bank to set up your amortization so that you pay interest up front and end up upside down on your vehicle?

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Is it legal for an auto loan bank to set up your amortization so that you pay interest up front and end up upside down on your vehicle?

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Asked 12/1/2008 5:02:43 PM

Updated 4/17/2025 5:49:42 AM

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User: Is it legal for an auto loan bank to set up your amortization so that you pay interest up front and end up upside down on your vehicle?

Weegy: [www.autotrader.com/research/article/34338/auto-loan-glossary.jsp]

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Asked 12/1/2008 5:02:43 PM

Updated 4/17/2025 5:49:42 AM

1 Answer/Comment

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Yes, it's legal for auto loans to be front-loaded with interest, meaning you pay more interest early in the loan. This can make you upside down if the car’s value drops faster than the loan balance. It’s allowed as long as the lender discloses the terms under the Truth in Lending Act.

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Added 4/17/2025 5:49:42 AM

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