Paying Additional Towards Principal
Customers who wish to pay extra towards principal and/or pay ahead on their Retail Installment contract may benefit.
For accounts set-up on Simple Interest Financing, as long as you continue to pay the regular monthly amount, any additional funds are applied to the principal balance. The additional funds are also credited to the next payment due, resulting in an "adjusted" amount due.
However, if you choose to pay the adjusted amount due, you will lose the "savings" on the principal. You will not pay any more interest unless your payment is late (1 or more days past due). Thus by paying more than the scheduled payment, the extra funds are applied to the principal. If you wish to have your invoice reflect your regular monthly payment amount, please contact Customer Service. For additional information on Simple Interest Financing, please review the Simple Interest Financing FAQ or refer to your Retail Installment Contract.
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