ding ding ding, we have a winner!

 

Really, checking interest between 2-3%? Have you checked recently? 5 yr jumbo CD's are at 1ish% and they should be far better than checking rates. Let me know if you see a bank with 2-3%... rates are terrible right now.

 

My bank savings account gives 3% interest, but it's Keesler Federal Credit Union. My Chase bank savings account only gives like a .5%.

 

Really, are you seeing 3% on your statements? Keesler Fed CU says 0.5% on savings?
https://www.kfcu.org/page.php?page=62

1.5% on their "Advantage" checking which come with a ton of rules.
https://www.kfcu.org/page.php?page=61

 

This young person (me) is doing alright:

Just got my tax return and paid my loan balance down to $6000 (started at 8k). Not bad for a loan that's three months old. Agree with what you are saying about paying cash. Even at 2.99%, I can't WAIT to get this paid off. Hoping to before the end of the year.

 

That payment depends on the loan initial value, the interest rate, and the number of payments to complete the loan. Lets say the loan initially was for $10,000 and the interest rate was 4% and he intended to pay it off in 2 years. Borrowing $10,000 for two years at 4%, or 1/3% per month/payment, means the total amount required to pay for the loan is 1.083 times the original value, or $10,831. Dividing that by 24 months yields a ayment of $451.29. Borrowing $11079.31 for 24 montghs at 4% would yield a payment of $500 a month.
So your dad may be doing the smart thing by making high payments but for a much shorter time.
If he borrowed that $11079.31 for 60 months his payment would be $225.45 per month but he would pay a total of $13,526 (225.45x60 months) instead of $12.000 ($500x24 months). Nothing wrong with that.

 

I have two different banks giving >2% on checking right now. Bank of little rock and commonwealth bank and trust here in Louisville.

 

$5000 down and $250 p/m 60 months at 1.9% for the 2012 fit sport manual

 

$6k down $189 per month want to know why? its a 2011 base lol -_- only thing i can afford for a college student

 

Lets say you bought your Sport for $18,000 including tax, tags, and license. A little high but not too much.
You put $5000 down and financed the rest ($13,000) at 1.9% for 60 months at $250 a month?
Unfortunately, the total payments are 60x250 = $15,000 meaning you're paying $2000 in interest. 15000/13000 is 1.1538 ratio; thats a 2.9% interest rate, not 1.9%. If your loan was 1.9% your interest would be about $1300, not $2000 and your monthly payment about $238 a month.
Nobody ever said car dealers, or finance agencies in general, calulate interest by standard ways. If you quiz them you will probaably find some 'fees' thrown in there that you won't get back if you pay off your loan early.

PS the calculation is supposed to be
n n
s = (1+i) where n is the number of payments, i is the interest per payment, since its compounded, and s is the factor to multiply the original loan value to determine the total loan to be paid. Diving by the number of payments yields the monthly payment. Its a calculation that has been standard for a hundred years or more.

If you get a 3% loan thats 1/4% per month.
And if you try to pay it off early be aware that interest is not collected evenly thru the loan but more up front than at the end by method known as the rule of 72. Assuming a 12 month loan, if you add the digits 1 thru 12 for the months in a year the result is 72; interest is collected 12/72 the first month, 11/72 the second, 10/12 the third ... and 1/72 the last month. Thats the reason you can't just add your patyments and subtract from your total note value.And its why a lot of prospective buyers end up 'under water', that is they owe more on their current car than they thought.
Ain't car-buying fun? Caxeat Emptor.

 

the way I calculated it when I made the offer was...

16,900 plus destination of 770
17,670
plus dlr fee of 500 (which included tag, and title)
18,270
plus florida tax at 6.5%

$19,457

so about $14,457 at 1.9 over 60 mo = $252

 

13k @ 1.9% for 60 months would be roughly $228 a month. That's about $680 in interest during the life of the loan.

 

270/mo 5yr contract.

 

Hello goobers, i got my fit last may of 2011. Can i still cancel my extended warranty? Thanks

 

If it's a Honda Care warranty, you can cancel. They'll prorate the refund after 60 days. Hope that helps.

Questions about Honda Care extended coverage and Honda warranty info.

• Quote:

  Under what circumstances can I cancel Honda Care?
  
  You can cancel Honda Care at any time, for any reason. If you cancel within 60 days, you will receive a 100% refund. After that, refunds are prorated by the time left on the contract or the mileage used.
  

 

Here is the breakdown of my purchase on September 17, 2011:

01) _$18,330.00 - Cash Price of Vehicle: 2012 Honda Fit Sport w/Automatic - No idea why I got $200 off MSRP.
02) _($1,200.00) - Trade-In Value
02) _$17,310.00 - Trade Difference
03) __$1,133.45 - 6.5% MN Sales tax
04) __$1,449.00 - 8 Year 100,000 Miles Extended Warranty (Eventually Declined)
05) _____$75.00 - Document Administration Fee
06) ____$235.00 - Registration Tax
07) ______$6.00 - Plate Fee
08) _____$10.00 - Transfer Tax
09) ______$8.00 - Title/Transfer Fee
10) _____ $3.50 - State Deputy Filing Fee
11) ______$2.00 - Lien Recording Fee
12) _____$25.00 - Finance Charge (hidden on all docs except the finance one)
13) _ ($8,300.00) - Down Payment

Total to be financed: $11,776.95 @ 5.1999% for 60 months = $222.36

It isn't a great deal, but it was the best I could get here in MN.

I plan to pay it off next month.

 

Interesting, when I did the calculation I came up with $264.943.
Good excel formulas.

 

Be glad your dealer was honest; that $75 admin cost is pretty accurate, not like many who want $500 or more.

 

In many states, the doc fee has a maximum limit by law, so this basically becomes a set-rate across all the dealers in the state.
Typically if the value is small, you're in one of those states.

If you happen to not be in one of those states, then this is just another variable you have to watch out for and factor into your negotiation to get the right bottom line price and not nickel and dimed.

 

Thanks, I really can't complain about the deal I got. My car was only on the lot for 3.5 days and the 2012s had only reached MN that month, as far as I could tell.

The next time I buy/help someone buy a car I will bring all this documentation for comparison. If I see a $500 admin fee, I can immidiately refute it as complete BS