Comments on: My Extra Payments towards my Auto Loan was not being applied to Principal! http://www.myjourneytomillions.com/articles/my-extra-payments-towards-my-auto-loan-was-not-being-applied-to-principal/ Elite Personal Finance and Estate Planning Information for Everyone Thu, 09 Feb 2012 20:43:01 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Amortized Loan Student debt Prepayment Question http://www.myjourneytomillions.com/articles/my-extra-payments-towards-my-auto-loan-was-not-being-applied-to-principal/comment-page-1/#comment-59681 Amortized Loan Student debt Prepayment Question Mon, 10 Jan 2011 05:40:14 +0000 http://www.myjourneytomillions.com/articles/my-extra-payments-towards-my-auto-loan-was-not-being-applied-to-principal/#comment-59681 [...] applying the money to future payments and not on the back end to save Leslie money!  I even got screwed by a loan servicing company once too! Since I can’t fix the past I decided to look at the future, first a reminder about her [...] [...] applying the money to future payments and not on the back end to save Leslie money!  I even got screwed by a loan servicing company once too! Since I can’t fix the past I decided to look at the future, first a reminder about her [...]

]]> By: Evan@MyJourneytoMillions http://www.myjourneytomillions.com/articles/my-extra-payments-towards-my-auto-loan-was-not-being-applied-to-principal/comment-page-1/#comment-5834 Evan@MyJourneytoMillions Tue, 17 Nov 2009 18:52:47 +0000 http://www.myjourneytomillions.com/articles/my-extra-payments-towards-my-auto-loan-was-not-being-applied-to-principal/#comment-5834 Wow thats an interesting story...for .66% they lost a customer! Wow thats an interesting story…for .66% they lost a customer!

]]> By: dana19962001 http://www.myjourneytomillions.com/articles/my-extra-payments-towards-my-auto-loan-was-not-being-applied-to-principal/comment-page-1/#comment-5831 dana19962001 Sat, 14 Nov 2009 01:38:12 +0000 http://www.myjourneytomillions.com/articles/my-extra-payments-towards-my-auto-loan-was-not-being-applied-to-principal/#comment-5831 Also, if you use online amortization calculator to calculate your car loan monthly payment, you may paying more than you should. <br>I recently find out my Honda auto loan is 3.966% instead 3.9% on my notes.So, I called, but I was told my interest rate is 3.9% and my loan payment amount is correct. but I have used 4 different online amortization calculator , they all show as 3.966%. when I explain this to the rep, they said they dont know what is going on and I asked them to forward my compaint to proper department and want they recalucate my loan payment, according to 3.9% on my notes, the rep refused. And I refinanced my loan today with the rate 3.45% with otherbank<br>So, make sure your payment amount is what is should be, run serveral free online amortization calculators. Also, if you use online amortization calculator to calculate your car loan monthly payment, you may paying more than you should.
I recently find out my Honda auto loan is 3.966% instead 3.9% on my notes.So, I called, but I was told my interest rate is 3.9% and my loan payment amount is correct. but I have used 4 different online amortization calculator , they all show as 3.966%. when I explain this to the rep, they said they dont know what is going on and I asked them to forward my compaint to proper department and want they recalucate my loan payment, according to 3.9% on my notes, the rep refused. And I refinanced my loan today with the rate 3.45% with otherbank
So, make sure your payment amount is what is should be, run serveral free online amortization calculators.

]]> By: My Journey http://www.myjourneytomillions.com/articles/my-extra-payments-towards-my-auto-loan-was-not-being-applied-to-principal/comment-page-1/#comment-4768 My Journey Wed, 02 Sep 2009 04:17:25 +0000 http://www.myjourneytomillions.com/articles/my-extra-payments-towards-my-auto-loan-was-not-being-applied-to-principal/#comment-4768 Sometimes it isn't worth the fight! Sometimes it isn’t worth the fight!

]]> By: Bobby http://www.myjourneytomillions.com/articles/my-extra-payments-towards-my-auto-loan-was-not-being-applied-to-principal/comment-page-1/#comment-4766 Bobby Tue, 01 Sep 2009 21:20:53 +0000 http://www.myjourneytomillions.com/articles/my-extra-payments-towards-my-auto-loan-was-not-being-applied-to-principal/#comment-4766 My Journey, I think it is one of the banks can get a bad name. I had a mortgage I was doing the same thing with. I paid a bonus into the mortgage company they decided to apply the payment to the next two months payments. Within the same month I decided to take some savings and knock the entire loan out. I did this knowing the applied two payments in the future so left the amount of one month's payment so I would not overpay. Those yahoos decided that I still hadn't paid the loan completely while they held my future Interest and Principal payments even though it would pay the remaining $300 balance. I called them and let them know they were basically acting like a bank and needed to apply my future payments to my current balance and it would be closed and they could send me the remaining balance. Ended up they wanted me to send them the $300 even though they had two months payments sitting in accrual. After called again and let them know that they would just have to send me a larger check to make it right after the payment I conceded. They sent me a check for $12.00 and said that was the end. They kept payments for two months that hadn't happened. They contest that they don't owe anymore than the $12.00 UGH...wish I could find a Lawyer that would take the case based on principal. I would donate the money they owe me... Bobby My Journey,
I think it is one of the banks can get a bad name. I had a mortgage I was doing the same thing with. I paid a bonus into the mortgage company they decided to apply the payment to the next two months payments. Within the same month I decided to take some savings and knock the entire loan out. I did this knowing the applied two payments in the future so left the amount of one month’s payment so I would not overpay. Those yahoos decided that I still hadn’t paid the loan completely while they held my future Interest and Principal payments even though it would pay the remaining $300 balance. I called them and let them know they were basically acting like a bank and needed to apply my future payments to my current balance and it would be closed and they could send me the remaining balance. Ended up they wanted me to send them the $300 even though they had two months payments sitting in accrual. After called again and let them know that they would just have to send me a larger check to make it right after the payment I conceded. They sent me a check for $12.00 and said that was the end. They kept payments for two months that hadn’t happened. They contest that they don’t owe anymore than the $12.00 UGH…wish I could find a Lawyer that would take the case based on principal. I would donate the money they owe me…
Bobby

]]> By: FFB http://www.myjourneytomillions.com/articles/my-extra-payments-towards-my-auto-loan-was-not-being-applied-to-principal/comment-page-1/#comment-4706 FFB Wed, 26 Aug 2009 15:51:37 +0000 http://www.myjourneytomillions.com/articles/my-extra-payments-towards-my-auto-loan-was-not-being-applied-to-principal/#comment-4706 I had a similar experience on my old car loan. Thought I was being smart by paying extra. Then, like you, I saw me next month's payment was just lowered. Yup, I was paying any more to principal. I found out that if I wanted to pay principal I had to send the extra payment somewhere else or use a different online payment location. These were sneaky details on my bills which I didn't take the time to read. I had a similar experience on my old car loan. Thought I was being smart by paying extra. Then, like you, I saw me next month’s payment was just lowered. Yup, I was paying any more to principal.

I found out that if I wanted to pay principal I had to send the extra payment somewhere else or use a different online payment location. These were sneaky details on my bills which I didn’t take the time to read.

]]> By: Should I Borrow Money to Pay off Debts? http://www.myjourneytomillions.com/articles/my-extra-payments-towards-my-auto-loan-was-not-being-applied-to-principal/comment-page-1/#comment-4558 Should I Borrow Money to Pay off Debts? Tue, 18 Aug 2009 10:39:18 +0000 http://www.myjourneytomillions.com/articles/my-extra-payments-towards-my-auto-loan-was-not-being-applied-to-principal/#comment-4558 [...] Extra Payment not Applied Properly to Auto Loan Amortization … [...] [...] Extra Payment not Applied Properly to Auto Loan Amortization … [...]

]]> By: My Journey http://www.myjourneytomillions.com/articles/my-extra-payments-towards-my-auto-loan-was-not-being-applied-to-principal/comment-page-1/#comment-4463 My Journey Wed, 12 Aug 2009 03:05:53 +0000 http://www.myjourneytomillions.com/articles/my-extra-payments-towards-my-auto-loan-was-not-being-applied-to-principal/#comment-4463 The hint will be if her payments are getting lowered. Also, tell her to request a new amortization table! The hint will be if her payments are getting lowered. Also, tell her to request a new amortization table!

]]> By: Dave C. http://www.myjourneytomillions.com/articles/my-extra-payments-towards-my-auto-loan-was-not-being-applied-to-principal/comment-page-1/#comment-4461 Dave C. Wed, 12 Aug 2009 02:53:59 +0000 http://www.myjourneytomillions.com/articles/my-extra-payments-towards-my-auto-loan-was-not-being-applied-to-principal/#comment-4461 My Journey, thanks for sharing this. My fiance has been doing something similar to you, by making extra payments each month. I emailed this blog post to her, and hopefully we can check to see if a similar thing is occurring. My Journey, thanks for sharing this. My fiance has been doing something similar to you, by making extra payments each month. I emailed this blog post to her, and hopefully we can check to see if a similar thing is occurring.

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