Car settlement value with interest

[Zukat]

Requested a car settlement letter from the bank and they provided me with a statement showing the capital amount plus the installment due on the 1st including interest. Want to find out if that is standard practice, as I don't see the reason why Im being charged interest for April, when Im settling the vehicle before the start of the new month?

 

[mr_norris]

I am not sure what standard practise is. When I settled mine, I requested a settlement amount from MFC. They sent it to me, I paid, and that was it.

 

[Sinbad]

I think the interest is charged in arrears, so you will pay outstanding capital amount plus interest accrued since the last interest charge date.

 

[Lupus]

I am not sure what standard practise is. When I settled mine, I requested a settlement amount from MFC. They sent it to me, I paid, and that was it.

Same for the cars I've had.