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When I bought my car I asked if I paid more than my payment will the amount decrease? They said no it will stay the same all the way till it's paid and I was like okay that sounds right. But...Ive been paying like 20 or 30 more a month just to see and its been dropped by like 10 bucks every month for the past 2 months. Any ideas?
Maybe they are just taking that extra pay and deducting it off next months payment? What happen if you just pay the nominal amount for the next 2 months?
Payoff information:
Payoff Amount $337.33
Good Through 01/13/2011
If I pay off now, I pay $2.54 more....WTF
It's possible you made a couple payment a day or two late in the past and as soon as you pay $334.79 on 2/13/2011, you will get another bill for $9.50 that you have to pay in order to get your title. I remember long, long, long time ago (haha) when I had a car payment it didn't square in the end either. I dunno for sure, maybe there is really a mistake.
Originally Posted by MDOTM
When I bought my car I asked if I paid more than my payment will the amount decrease? They said no it will stay the same all the way till it's paid and I was like okay that sounds right. But...Ive been paying like 20 or 30 more a month just to see and its been dropped by like 10 bucks every month for the past 2 months. Any ideas?
Keep paying overage otherwise the small monthly payment means you are paying less interest and later, you payment might go back. This is for a simple interest loan. Rather than paying a few extra buck, you might try making your payments earlier if you can. Several days or a week make a difference depending on where you are in the loan and how much your payment.
01-07-11, 12:19 PM
