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Paying more on our NMAC loan...

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Old 09-26-2004, 04:14 PM   #1
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Paying more on our NMAC loan...

I know this has been covered but i can't search. So I heard you have to send any extra money over your payment to a seperate location or something? I have been paying 100 dollars over my monthly car payment for two years now, is this ok to do?
the 100 dollars extra is going towards the principle right?

thanks
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Old 09-26-2004, 09:36 PM   #2
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Extra payments typically go to the principal. However I haven't heard anything about sending them to a different location. That dosent mean anything bad, I just dont know much about NMAC. Just make sure they are receiving the extra money and crediting your balance. You should have a number in your payment book or statement you can call to get that info. Anytime you can pay extra its a good thing to do!
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Old 09-27-2004, 05:45 AM   #3
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Yes, there is a different address to send additional "principle only" payments to. You need to write that on your check also. I don't have the address right now because I'm at work.
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Old 09-27-2004, 10:07 AM   #4
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so waht if i don't send it to the other location? i'm a bit confused sorry.,
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Old 09-27-2004, 11:11 AM   #5
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It will take longer to have it processed if you don't send it to the right address. It already takes long enough to have it done at the proper address IMO.
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Old 09-27-2004, 06:54 PM   #6
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The address for principal only payments is
NMAC
PO Box 660577
Attn: Transaction Processing
Dallas, TX 75266
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Old 09-27-2004, 07:42 PM   #7
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Quote:
Originally Posted by charliekilo3
The address for principal only payments is
NMAC
PO Box 660577
Attn: Transaction Processing
Dallas, TX 75266
Thanks for the address.

Is it just me or does it just seem strange to have to send extra payment money to Dallas Tx?? I got this feeling this extra money is gonna get lost or not added into the principal payment some how.
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Old 09-27-2004, 07:55 PM   #8
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It's strange to me also. None of my extra payments have been lost yet but they do take longer to process than the regular payment even though I have mailed them at the same time.
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Old 09-28-2004, 04:08 PM   #9
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I think it depends on the state you live in... in California, they CAN NOT penalize you for paying early... I don't remember the legal term for it.

I paid off my 5 year loan in 2.5 years with NMAC and it was to the same address (normal payment)...
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Old 09-28-2004, 06:24 PM   #10
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Quote:
Originally Posted by Chunger
I think it depends on the state you live in... in California, they CAN NOT penalize you for paying early... I don't remember the legal term for it.

I paid off my 5 year loan in 2.5 years with NMAC and it was to the same address (normal payment)...
ahh thanks, I think I'm in the same boat as you cause i called them today and they didn't know of sending the payment to anyone else. Man i can't wait to pay off this loan ahha.,
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