Zoom Zoom, baby
- Central Virginia
- 2019 CX-5 Reserve
My Chase payment coupon (under the name of Mazda Capital Services C/O Chase) has a box to check with this verbiage next to it:The annoyance with Chase is that they don*t make it easy to pay extra for principal reduction each month. I think the only way for you to specify that you want any excess in your monthly payment to go to principal reduction is if you make payments from a Chase banking account. Otherwise, excess in the payment just goes to reduce the next month*s payment.
It goes on to say that if you don't check the box, excess amounts will be applied to the next payment.Principal Reduction Option. Check here to apply any amount over the Total Payment Due to reduce your principal balance.
My loan was issued March 2019.
Maybe it's recently changed.
Or maybe these are terms Mazda requires, and Chase does not extend them universally.