Nevada West Financial provides programs that have been developed by a strong management team with decades of lending experience. We want to work closely with our clients and customers to help them develop a positive relationship with creditors after bankruptcy and/or other credit issues by offering automobile financing through dealership and private sales.
We offer a full spectrum of auto lending programs through Indirect Dealer loans and Direct loans, and our loans vary in length from 24-72 months to offer flexibility in payments to find the right loan for you. Nevada West Financial does not hold bankruptcy and poor credit against you, checking credit is only part of our decision process. We look at your whole situation to help find the best opportunity to put you into a vehicle loan, though, we do report to the three major Credit Reporting Agencies so that your good payment history with us will reflect on your credit going forward.
Nevada West Financial is an installment loan company and is not a debt relief agency as defined in 11 U.S.C. Section 101(12)(A).
Payments are applied accoding to your contract, but generally are first applied to any accrued finance charges and then to other amounts owed, including principal, late charges, and other fees.
Remember, with simple interest loans as the principal balance is reduced, the daily per diem also decreases. So, as long as the principal balance is reduced with each payment, the amount of finance charges that accrue daily decreases too. That’s why the amount of finance charges paid at the beginning of a contract is higher than the amount paid at the end.
The majority of retail installment contracts with Nevada West Financial are “simple interest” contracts.
Simple Interest means that the finance charges accrue daily, beginning on the date of your contract. Each time you make a payment, the payment amount is applied first to accrued finance charges. The amount of finance charge that accrues is calculated by multiplying the number of days between the last payment and the next payment by your individual daily per diem. The per diem is the amount of finance charge incurred “per day.” The formula is as follows:
Per diem = (current principal balance) x (finance rate) / 365 (the number of days in a year)
Example: Current principal balance of $10,000.00 and finance charge rate of 24%: ($10,000.00) x (.24) / 365 = $6.58 daily per diem
That means $6.58 in finance charges accrue each day. If a payment is received on 6/1/15 and another is received on 7/1/15, thirty days of finance charges accrue. That means $197.40 of a payment would be applied to the accrued finance charges and the remainder to other amounts, including the principal. If the payment in this example was $350.00, $197.40 would be applied to finance charges, and the remaining $152.60 would be applied to the principal balance.
Your contract may not be simple interest. Please refer to your contract for specifics regarding the finance charges of your loan.
It’s the time after a payment is due and before a late charge is assessed. Grace periods vary based on applicable law, which in turn depends on where you purchased your vehicle and signed your retail installment contract. Despite grace periods, your monthly payment is still due by the due date, and if you need to use your grace period you must contact customer service 1-2 business days before your payment is due.
If you fail to make a payment within the grace period, a late charge will be assessed. If we receive a payment near the end of the grace period, allow 1-2 business days for the payment to be processed and credited to your account. If, in such a case, a late charge is assessed and you receive a late notice, it will automatically be removed upon our processing and crediting your payment.
Any additional amount is applied to principle balance owed on your account.
Example: If you have a $350 payment due February 1st, and you send in $750 on February 1st, your payment will satisfy your February 1st $350 payment. The remaining $400 is applied to your principal account balance, and your next payment will be due March 1st.
Nevada West Financial does not offer refinancing at this time. If you decide to refinance with another financial institution, there’s no penalty for paying off your account early.
The last payment amount may vary depending on your payment history. As you approach your final payment, please contact Customer Service at (702) 248-1003 for the amount required to pay off your account in full.
The amount of your final payment can vary depending on your payment history, and may include any amount past due, plus other previously assessed unpaid fees.
This amount is also impacted by your payment history. Your account is based on a “simple interest” retail installment contract, which means that finance charges, or “interest,” accrue on your account each day based on the unpaid principal balance. If you regularly made payments before your due date, fewer finance charges would have accrued during the term of your account. If you regularly made payments after your due date, received a deferment, or asked for a permanent date change later in the month, more finance charges would have accrued and the final scheduled payment is likely larger than the regularly scheduled amount.
Online Payments and Refunds
You can make single payments online using your debit or credit card, or by entering the account and routing number to your checking account. Simply click the My Account link at the top of the page.
Once your payment is made, it may take up to 2 business days for your payment to be reflected in your account records, but your payment will reflect the date of submission. Generally speaking though, we should see the payment come through on our end almost immediately.
Yes, so long as the FULL amount of the monthly payment is received by the monthly due date. If the FULL amount is not received by your due date, the payment will be applied to your account but your account will become or remain past due.
Please contact our office in advance to cancel your automatic payment before making an online payment.
The release of your refund may take up to 4-6 weeks. Note: Make sure we have your current address information.