Car payments

Wierdochild89 · 02-01-2008, 12:54 PM

Hey guys i bought my SI last May and i want to finish paying off my car once and for all right now. There is $10500 left to pay off, is it safe to dump $10500 on it right now without having a fine? On my previous statement, it said that i payed a total of $508 of interest and the loan is 60months at 1.9%.

Thanks

Si2Typ3R · 02-01-2008, 12:56 PM

Did you finance through Honda or a bank?

***Zeuceone*** · 02-01-2008, 12:59 PM

better to pay it off as soon as possible. you will have to call to get the pay off balance because the statement is not current.

Wierdochild89 · 02-01-2008, 12:59 PM

^ yea i hate the idea of owing money so i will take car of this once and for all. I got the financing from Honda of America.

TommyD · 02-01-2008, 01:22 PM

Quote:

Originally Posted by Wierdochild89

^ yea i hate the idea of owing money so i will take car of this once and for all. I got the financing from Honda of America.

How in the hell did you get 1.9% for 60 mos from Honda? I've kept close track of this since the new Si's came out and I have a friend who is a salesman at a dealer. He's not some buster salesman either, he knows his product well.
Lowest I heard of was 2.9% and you couldn't get that on a 60 mos loan.

volvo9 · 02-01-2008, 01:23 PM

The faster you pay it off the more money you save. Intrest is added onto your total every day. When you make a payment roughly 1/4 to 1/3 of it is intrest.

Wierdochild89 · 02-01-2008, 01:24 PM

So that means i do not get a fine for paying it off early right?

jennerz22 · 02-01-2008, 01:32 PM

With AHFC there is no pre-payment penalty.

Wierdochild89 · 02-01-2008, 01:33 PM

^ Cool thank you very much!

Wierdochild89 · 02-01-2008, 01:37 PM

Quote:

Originally Posted by TommyD

How in the hell did you get 1.9% for 60 mos from Honda? I've kept close track of this since the new Si's came out and I have a friend who is a salesman at a dealer. He's not some buster salesman either, he knows his product well.
Lowest I heard of was 2.9% and you couldn't get that on a 60 mos loan.

I got 1.9% by getting the 5year/60,000 plan with lo jack system installed.

kenchan · 02-01-2008, 03:08 PM

call your bank, get a buyout price and just pay it.

simple as that. you can calculate how many more
months left x monthly payment and tell by yourself
how much/little money you're saving.

02-01-2008, 12:54 PM	#1 (permalink)
Wierdochild89 Senior Member Join Date: Apr 2007 Posts: 562 iTrader: 0 / 0%	Car payments Hey guys i bought my SI last May and i want to finish paying off my car once and for all right now. There is $10500 left to pay off, is it safe to dump $10500 on it right now without having a fine? On my previous statement, it said that i payed a total of $508 of interest and the loan is 60months at 1.9%. Thanks

02-01-2008, 12:59 PM	#4 (permalink)
Wierdochild89 Senior Member Join Date: Apr 2007 Posts: 562 iTrader: 0 / 0%	^ yea i hate the idea of owing money so i will take car of this once and for all. I got the financing from Honda of America. Last edited by Wierdochild89; 02-01-2008 at 01:12 PM.

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02-01-2008, 12:56 PM	#2 (permalink)
Si2Typ3R Senior Member Join Date: Oct 2007 Location: D.C. Posts: 2,785 Nate iTrader: 4 / 100%	Did you finance through Honda or a bank?

02-01-2008, 01:23 PM	#6 (permalink)
volvo9 Senior Member Join Date: Oct 2006 Location: North Attleboro, MA Age: 25 Posts: 2,081 Andrew iTrader: 0 / 0%	The faster you pay it off the more money you save. Intrest is added onto your total every day. When you make a payment roughly 1/4 to 1/3 of it is intrest.

02-01-2008, 01:24 PM	#7 (permalink)
Wierdochild89 Senior Member Join Date: Apr 2007 Posts: 562 iTrader: 0 / 0%	So that means i do not get a fine for paying it off early right?

02-01-2008, 01:32 PM	#8 (permalink)
jennerz22 Senior Member Join Date: Nov 2006 Location: MO Posts: 888 Jennifer iTrader: 1 / 100%	With AHFC there is no pre-payment penalty.

02-01-2008, 01:33 PM	#9 (permalink)
Wierdochild89 Senior Member Join Date: Apr 2007 Posts: 562 iTrader: 0 / 0%	^ Cool thank you very much!

02-01-2008, 03:08 PM	#11 (permalink)
kenchan Senior Member Join Date: Apr 2006 Location: Midwest Posts: 2,429 iTrader: 1 / 100%	call your bank, get a buyout price and just pay it. simple as that. you can calculate how many more months left x monthly payment and tell by yourself how much/little money you're saving.