Feedback Needed - Yamaha Finance

[SHUltra234_AE]

Bought a new 2021 ultra234 in Oct 2020 and financed through Yamaha. I put $21k down and my intent is to pay the remaining balance of the boat in 5 yrs by making additional principal payments. To my surprise (apparently this is a widely known issue from the search I've made on this topic) I am noticing that my additional payments are not going towards principal. I've read my contract and it says in clear writing that any additional payments will be applied towards principal and that the SAME monthly payment amount is due per schedule the following month. Well my additional payments are not being applied, and my monthly bill is now showing less and less each month to wear it now says $0.00 owed. For the life of me I have never seen a loan done this way, additionally they are going against the signed contract and not applying my extra payments to principal. I have called repeatedly and cannot get anyone to fix this issue and i get the same run around BS.
At this point I'm at a loss and do not know what to do. I want to refinance and I fear it will be a cluster F of a mess trying to do this with Yamaha.
Can anyone provide insight or recommend what to do? What is it I'm not understanding about this loan? I've debated just making the regular monthly payments and then make a large payment a couple times a year but I worry they will apply it towards interest and not principal (which idk how the hell they are able to do that)

Has anyone sold there boat recently and was financed thru Yamaha, how did that work out for you?
Has anyone paid off their boat early thru Yamaha?
Thanks in advance.

 

[suke]

That's wild and I've heard of this complaint, too. I pay extra every month, granted not additional payments, and every month it shows more and more of it going towards principal. All while less is going to interest. I just upped my payment some more last month, but with less days in the payment cycle (Feb only has 28 days) hard to tell what the real difference is. My payment due is technically shrinking as well. Once I reach $0 I'll just manually make the payment online. Are you sure when you make the extra payment it isn't just paying the current interest accrued since the last payment? I know in some loans that I've had if I made extra payments you had to pay the interest accrued since last payment, BUT any extra after that went towards principal.

 

[Neutron]

My boat loan is now through the same Company and I pay 2 times the minimum payment and it is taken off the same way as yours.
While some may say its wrong, I dont care either way. The principle goes down the correct amount every month and the percentage of interest gets lower each month so I dont see a problem.

My Suzuki DRZsm loan through Synchrony was the same way. I did the math and it worked out with the same result no matter if i paid the extra to the principle or paid the way they had it set up. It was a minimum payment of 95 bucks, I paid 300 .
i wouldn't sweat it