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

 

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!

 

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.

 

so waht if i don't send it to the other location? i'm a bit confused sorry.,

 

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.

 

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.

 

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.

 

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.,