ANSWERS: 2
  • The $12K is a prepayment penalty and that should have been disclosed to you when you signed your loan paperwork. There may be a time that the prepayment penalty will go away-ie 'no prepayment if paid after 5 years': look for language like that. You need to read your documents, but my gut is that you are on the hook for all of this. Sounds to me like you should have 'shopped this loan' and been a little more careful--fees are steep and the prepayment penalty!
  • WOW! What country are you in?

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