 FutureMonAch Du LieberPremium,ExMod 2002-05
join:2000-10-05
Seaside, CA
 ·Suddenlink
| reply to FutureMon
Re: Simple Interest loan help. OK, I finally got my statement in the mail.
The new loan balance is $17,142.81
The next payment due is $353.56
My normal payment is supposed to be $376.96 so it looks like they applied the additional $23.04 (which when added to the normal payment due totals my $400 payment) plus a magic additional figure of $0.40 towards my next payment due.
I'll assume the $0.40 is the interest saved for paying 10 days early. Over a 72 month period that only equals about $28.80
Weird.
On a super-extra-neato note, I got a refund check from the dealership totalling $302 for "overpayment of DMV fees".
Apparently, since I had just registered the Subaru prior to trading it in, they were able to somehow transfer that registration to the new vehicle for a $23 filing fee. However, that made my registration due date 6/22 instead of 7/05 when I actually bought the vehicle...I ain't complaining tho! Just got my plates in the mail this weekend...
- FM
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This just in from the department of redundancy department... |
FutureMonAch Du LieberPremium,ExMod 2002-05
join:2000-10-05
Seaside, CA Reviews:
·Suddenlink
| So I got my next statement.
Last month's statement showed a balance due of $17,142.81
This month's statement shows a balance due of $16,975.04
Difference = $167.77
Original Payment due was $376.96
Paid $400
Difference between orig due and new required = $23.04
Last month's required payment was $353.56.
Paid $400
Difference between orig due and new required = $23.40
Difference between new required and paid = $46.44
This month's required payment is $330.34.
Paid $400
The "normal" payment is supposed to be $376.96.
Difference between orig due and new required = $46.62
Difference between new required and paid = $69.96
So it appears they are simply crediting the extra paid amount towards the next months payment; and I confirmed that just now by speaking with them.
Apparently, there's no way for them to mark my account to "always apply any extra" towards principal, so when paying electronically, they default to deducting the extra paid amount from the next payment.
If I want them to deduct the extra from the principal, I have to call them AFTER the payment has been posted, and request the adjustment...OR, start paying them by check - because if I write into the memo line that I want the extra applied to principal they will honor it.
I also "confirmed" that by paying early, I'm supposed to be saving the full daily interest amounts for the number of days between payment received and due date.
In any case I requested that they perform the adjustment on my last two payments, so within about a week I should see the new adjusted principal amount due when I go online to look at my account.
- FM
--
This just in from the department of redundancy department... |
