Help me understand

When I got my 24 almost a year ago. My payment was 715. I started 6 months ago paying 815. Every month my payment went down 100. Even though my payment next month is 126. I’ll pay the 826. Is the difference going towards principal?

 

Most auto loans are what is called a "simple loan" where any excess goes toward principal. The lenders will do stuff like showing the payment going down to encourage you to get back onto the normal schedule and pay the full interest amount.

To confirm you should call the lender and specifically ask if all excess is going toward principal.

 

Thanks for the response. I may do that.

 

I'm doing the same as you but I make the extra payment/payments directly to the principal clicking on the 'MAKE A PRINCIPAL-ONLY PAYMENT' and it reduces my principal but my monthly payment stays the same.

 

No, your extra payment amount is going towards the next payment, hence the ever shrinking payment amount. Do what @GODZILLA said and make a payment specifically to principal if you want to reduce the principal amount and save on interest.

 

I got. So basically the principal amount isn’t changing the way I’m doing it.

 

I don't know if this helps but mine just extends the due date and makes payment less. All I ever do is make a payment.