Loan ??????
Dec 7, 2007 | 09:01 PM
#32
Piss Pumps for Sale
iTrader: (5)
Joined: Nov 2006
Posts: 2,685
Likes: 1
From: Moncton, New Brunswick, Canada, The True North Strong and Free!
does this sound fucked up to anyone else?
i paid $6300 for my red silverado back in August 10th.
i get a pay of for it today and its $7050??
i said how could that possibly be right, she said they take the interest tack it on to your loan then you pay from there.
i said so what if i hit the lottery the day after i buy it and im just gonna pay it off, i have to pay the $6300 + the 9% interest for every month??? she said ya i think thats the way it works
WTF is that ****, ive NEVER heard of anything like that before... and this is a ******* credit union
meanwhile i told my buddy im gonna sell him my silverado soon for $5500 thinking that was close to what i owe... now i owe $7050 on it
i paid $6300 for my red silverado back in August 10th.
i get a pay of for it today and its $7050??
i said how could that possibly be right, she said they take the interest tack it on to your loan then you pay from there.
i said so what if i hit the lottery the day after i buy it and im just gonna pay it off, i have to pay the $6300 + the 9% interest for every month??? she said ya i think thats the way it works
WTF is that ****, ive NEVER heard of anything like that before... and this is a ******* credit union
meanwhile i told my buddy im gonna sell him my silverado soon for $5500 thinking that was close to what i owe... now i owe $7050 on it
Dec 7, 2007 | 10:12 PM
#33
Thread Starter
Import Moderator
iTrader: (52)
Joined: Jul 2006
Posts: 7,041
Likes: 0
From: Pittsburgh, PA
ya i know how the life of a loan and %s and everything works... thats how i knew there was something up when she told me that.. i knew i didnt have to pay interest for 48 months if i payed it off soon
Dec 7, 2007 | 11:26 PM
#34
not true.
the loan must be paid off in full, even if paid off early.
after about 10 to 15 days the bank will cut you a check
for all of the interest that you paid off before time due.
i did the same thing, i paid the truck off a year early.
the bank sent me a check for a little over 200, that was the interest
tacked on to each payment for what was left.
i know how you feel, i looked at it the same way as you are doing right now.
but as the contract between you and the bank gos, must be paied off in full
as if you made every payment on time right down to the last payment in your book.
you signed the paperwork, you borrowed X amount with an interest rate of X%
to be paid back over this amount of time for a total of X + X% = as full payment.
pay it off early in full and you get a check for the X% that got paid before time due.
the loan must be paid off in full, even if paid off early.
after about 10 to 15 days the bank will cut you a check
for all of the interest that you paid off before time due.
i did the same thing, i paid the truck off a year early.
the bank sent me a check for a little over 200, that was the interest
tacked on to each payment for what was left.
i know how you feel, i looked at it the same way as you are doing right now.
but as the contract between you and the bank gos, must be paied off in full
as if you made every payment on time right down to the last payment in your book.
you signed the paperwork, you borrowed X amount with an interest rate of X%
to be paid back over this amount of time for a total of X + X% = as full payment.
pay it off early in full and you get a check for the X% that got paid before time due.
Dec 7, 2007 | 11:30 PM
#35
Piss Pumps for Sale
iTrader: (5)
Joined: Nov 2006
Posts: 2,685
Likes: 1
From: Moncton, New Brunswick, Canada, The True North Strong and Free!
not true.
the loan must be paid off in full, even if paid off early.
after about 10 to 15 days the bank will cut you a check
for all of the interest that you paid off before time due.
i did the same thing, i paid the truck off a year early.
the bank sent me a check for a little over 200, that was the interest
tacked on to each payment for what was left.
i know how you feel, i looked at it the same way as you are doing right now.
but as the contract between you and the bank gos, must be paied off in full
as if you made every payment on time right down to the last payment in your book.
you signed the paperwork, you borrowed X amount with an interest rate of X%
to be paid back over this amount of time for a total of X + X% = as full payment.
pay it off early in full and you get a check for the X% that got paid before time due.
the loan must be paid off in full, even if paid off early.
after about 10 to 15 days the bank will cut you a check
for all of the interest that you paid off before time due.
i did the same thing, i paid the truck off a year early.
the bank sent me a check for a little over 200, that was the interest
tacked on to each payment for what was left.
i know how you feel, i looked at it the same way as you are doing right now.
but as the contract between you and the bank gos, must be paied off in full
as if you made every payment on time right down to the last payment in your book.
you signed the paperwork, you borrowed X amount with an interest rate of X%
to be paid back over this amount of time for a total of X + X% = as full payment.
pay it off early in full and you get a check for the X% that got paid before time due.
weird thats not how it works at the credit union Im going through, they after each extra payment they readjust everything to save you money
Dec 8, 2007 | 12:58 AM
#38
Launching!
Joined: May 2006
Posts: 203
Likes: 0
From: So. Fla.
not true.
the loan must be paid off in full, even if paid off early.
after about 10 to 15 days the bank will cut you a check
for all of the interest that you paid off before time due.
i did the same thing, i paid the truck off a year early.
the bank sent me a check for a little over 200, that was the interest
tacked on to each payment for what was left.
i know how you feel, i looked at it the same way as you are doing right now.
but as the contract between you and the bank gos, must be paied off in full
as if you made every payment on time right down to the last payment in your book.
you signed the paperwork, you borrowed X amount with an interest rate of X%
to be paid back over this amount of time for a total of X + X% = as full payment.
pay it off early in full and you get a check for the X% that got paid before time due.
the loan must be paid off in full, even if paid off early.
after about 10 to 15 days the bank will cut you a check
for all of the interest that you paid off before time due.
i did the same thing, i paid the truck off a year early.
the bank sent me a check for a little over 200, that was the interest
tacked on to each payment for what was left.
i know how you feel, i looked at it the same way as you are doing right now.
but as the contract between you and the bank gos, must be paied off in full
as if you made every payment on time right down to the last payment in your book.
you signed the paperwork, you borrowed X amount with an interest rate of X%
to be paid back over this amount of time for a total of X + X% = as full payment.
pay it off early in full and you get a check for the X% that got paid before time due.
Dec 8, 2007 | 04:32 AM
#39
Was 6300 the price of the truck or the the price + processing fees from the dealer. Look at your originial paperwork first of all and see what the initial note was for. Interest is then gathered heavily for the first year you own the vehicle and then you start to pay more toward the principle. If you plan on paying a vehicle off within the first year you should look for a sale that offers 0% interest for the first year. But even then there will be fine print about paying it off in that time frame. Most of the time even those offers are only valid if you agree to make payments for the entire life of the note and not pay off so early.
If they didn't have a way to come out on top they wouldn't be in the business.
And anytime you pay off a note you have to pay the interest for that year or month depending on the institute. I know on my personal notes when i'd get them knocked down and need more i'd have to pay the due interest before they'll give another loan.
If they didn't have a way to come out on top they wouldn't be in the business.
And anytime you pay off a note you have to pay the interest for that year or month depending on the institute. I know on my personal notes when i'd get them knocked down and need more i'd have to pay the due interest before they'll give another loan.
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