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I recently decided to check in to my statements after about 8 months of ownership to check pay off amount. I'm a little skeptical of the pdf statements, they basically just show a pay off amount, how much each monthly payment is, and then how many payments made and how many are left.

After running the numbers I'm a little disturbed, the wife and I pay $625 per month (I know high, but traded in underwater) our starting loan was $34,821.30 After 8 payments of $625 per month our pay off is only down to $32,118.

we've paid $5,000 towards the vehicle (I understand interest, not the entire 5k goes towards the principle) But have only paid off $2,703. Meaning $2,297 is going towards just interest. This seems crazy, I did not realize the interest rate on the vehicle was so terribly high. My credit was fair at the time but I did not realize it would put us in this type of situation.

Am I able to ask Kia for a more detailed statement showing interest rate and how much is actually going towards principle each month? Should I attempt to refinance this asap? Seems like I'm getting worked over hard. I know it is my own fault.

submitted by /u/Jsupes
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Source: Reddit
Kia Motors Finance Statements,