thanks for the recent comments.
I understand now that my car loan was variable interest rate. I honestly don't remember that discussion at the time, other than looking at the total amount repayable over 60 months. My mistake.
However, when I go to the CU (appt is tomorrow at 3:15) am I reasonable in asking why the current Car Loan rate as advertised by the CU isn't the rate that is currently on my account (ie 7.9% advertised and 11.9% on my loan). I would have thought that no matter when I took out the loan that the current variable rate should be applied to it. Also, am I reasonable in asking why I did not receive a notification of changing rates. Surely, this works to the advantage of the CU - in that if I am not increasing my repayments to stay in line with fluctuating rates that I have a bigger ongoing balance on which interest is due. Also, I do believe that their car loans should only be for 60 months and that they should not go over this time period.
I am aware that variable means if the interest rate goes up that I owe more, sadly I have had a variable interest mortgage, but every time there is a rate change I get notification and my repayment changes. I am just a bit mad a the CU for not addressing this and giving me the opportunity the increase my repayments. By their logic,because they say my car loan is in a "different account" to new car loans, they could charge 15%, 20% or any figure they pluck out of thin air. I just can't see the logic in it. Any tips for the discussion tomorrow would be welcome. Thanks Again