MDI Adjustment on Auto Loan?

[myaudiodna]

My car payment went up by almost 50% this month and the only reason I can see is there is an "MDI Adjustment" listed, anybody here know what the heck that means or why it would've been done?

[tiktok]

Monthly Discretionary Income? Monthly discretionary income equals your AGI minus the poverty level for your state of residence and family size, divided by 12.

Did your reported income level, state of residence or family size change recently?

[myaudiodna]

Nope, nothing changed on my end, didn't get married, didn't get a new job, didn't move to a different state. Been single (legally, not literally) my whole life, lived in California my whole life and been at my job over a year.

[tiktok]

Did you car loan have a structured payment schedule where the first six months, or whatever, are at a lower rate before it adjusts for the balance of the loan?

[myaudiodna]

No, I've had the car almost a year now. Definitely nothing like that.

[whitecadillac]

Have you properly insured it? If not, your bank may have done it for you and then tagged on the cost. A guess really. Perhaps phone your bank.

[morlll]

Don't you just love banks?

[myaudiodna]

Originally Posted by whitecadillac

Have you properly insured it? If not, your bank may have done it for you and then tagged on the cost. A guess really. Perhaps phone your bank.

Yes it is most definitely properly insured, no doubt about it.

Originally Posted by morlll

Don't you just love banks?

In a word, no.


I should probably just call the bank and see what the deal is, just wanted to see if anyone here had any insight first, thanks for all the responses!

[RichieD]

I'd be interested to hear what the bank has to say about it.

[myaudiodna]

I'll give the bank a call and post the response I get here.