Paying loan
#1
09-06-2010, 05:13 PM
Paying loan
I suppose I could've put this in the GE8 section, but it barely relates, so I think this place is more "appropriate."
In any case...
I got a 5 year loan with a monthly payment of about $135 per month (I put a HUGE down payment) on the 2010 Honda Fit on June 21, 2010.
I've paid the loan three times since, each one at $500 each (my bank account is gonna run dry by the time I finish the loan) in the hopes of getting the loan over and done with early AND save some cash on the interest.
Looking over the three payments at the "Owner's Link" site... it shows
Now, is it just my misunderstanding... or shouldn't the interest amount be going down from the first payment? NOT going from 29.30 to 52.58!!!
As much as I liked math in high school, I never really bothered to pay attention to compounded interest calculations... however, this being a "high tech" age, it's pretty easy to find out info online. And all the "amortization" charts (I have no idea what it means, only that's what they call it)
I did cancel my extended warranty, which originally changed my interest rate from 12-something % to just under 10%. I mean, even IF they changed my loan back to the original higher interest (which would require changing the principal TOO, and they haven't) because I cancelled the extended warranty, I didn't see the dealer about it until AFTER the second payment.
Can't be a late fee, since the due dates are on 21st, and I've been paying them the moment I get the bill. Just to be clear, that last payment (8/31/10), has a due date of 9/21/10.
wtf is going on?
In any case...
I got a 5 year loan with a monthly payment of about $135 per month (I put a HUGE down payment) on the 2010 Honda Fit on June 21, 2010.
I've paid the loan three times since, each one at $500 each (my bank account is gonna run dry by the time I finish the loan) in the hopes of getting the loan over and done with early AND save some cash on the interest.
Looking over the three payments at the "Owner's Link" site... it shows
Effective Date | Transaction Type | Principal Amount | Interest | Misc. | Total Amount
8/31/2010 | Monthly Payment | $469.02 | $30.98 | $0.00 | $500.00
8/10/2010 | Monthly Payment | $447.32 | $52.68 | $0.00 | $500.00
7/08/2010 | Monthly Payment | $470.70 | $29.30 | $0.00 | $500.00
8/31/2010 | Monthly Payment | $469.02 | $30.98 | $0.00 | $500.00
8/10/2010 | Monthly Payment | $447.32 | $52.68 | $0.00 | $500.00
7/08/2010 | Monthly Payment | $470.70 | $29.30 | $0.00 | $500.00
As much as I liked math in high school, I never really bothered to pay attention to compounded interest calculations... however, this being a "high tech" age, it's pretty easy to find out info online. And all the "amortization" charts (I have no idea what it means, only that's what they call it)
I did cancel my extended warranty, which originally changed my interest rate from 12-something % to just under 10%. I mean, even IF they changed my loan back to the original higher interest (which would require changing the principal TOO, and they haven't) because I cancelled the extended warranty, I didn't see the dealer about it until AFTER the second payment.
Can't be a late fee, since the due dates are on 21st, and I've been paying them the moment I get the bill. Just to be clear, that last payment (8/31/10), has a due date of 9/21/10.
wtf is going on?
#2
09-06-2010, 10:27 PM
This is what I think.
You purcharsed the car on 6/21/10. Your first payment was on 7/8/10. $29.30 is the interest for 18 days.
The second payment was on 8/10/10. $52.68 is the interest for 33 days.
The third payment was on 8/31/10. $30.98 is the interest for 21 days.
You purcharsed the car on 6/21/10. Your first payment was on 7/8/10. $29.30 is the interest for 18 days.
The second payment was on 8/10/10. $52.68 is the interest for 33 days.
The third payment was on 8/31/10. $30.98 is the interest for 21 days.
#3
09-07-2010, 12:37 AM
That does make sense... and running some numbers to give me an amortization table indicated that the interest payment should've started out at about $50 or so if paying on a monthly basis.
I didn't know that the interest payment was/(could be) based as such.
I didn't know that the interest payment was/(could be) based as such.
#4
09-07-2010, 04:53 PM
yah, apr is kinda tricky to figure out at first. but dont worry, you will save if you pay early. that's one of the reasons why they always ask you to call before you make your 'final' payment so that you dont over pay and the institution has to issue a check back to you.
GL.
GL.
Thread
Thread Starter
Forum
Replies
Last Post
Rogue Fit
Site Feedback and Suggestions
1
07-14-2008 12:59 PM
