Financing through Honda Financial Services question

uscgbeachbum · 11-04-2006, 07:08 PM

I included an extra $100 on my first payment (last month) in a separate check towards the PRINCIPAL. I just got my bill for this month and the $100 was applied to INTEREST. Is this right? Also, I signed up for auto withdrawl. And on this statement where it says "payment remaining" it says "DO NOT REMIT". Did the paperwork for auto withdrawl go through or what?

UncleSid · 11-04-2006, 07:16 PM

when it says do not remit, your payment will be paid electronically.

uscgbeachbum · 11-04-2006, 07:18 PM

Thanks. What about the $100?

tennisfan16 · 11-04-2006, 07:24 PM

i think if you want to pay towards the principal and not the interest, you will have to contach hfs and tell them what you want to do and send in a diffrent payment.

***dobiejoe*** · 11-04-2006, 07:31 PM

Quote:

Originally Posted by tennisfan16

i think if you want to pay towards the principal and not the interest, you will have to contach hfs and tell them what you want to do and send in a diffrent payment.

you should not have to. Its a simple interest loan. I think what did it was two seperate checks. they then took it to be the next payment and since it was not for the whole monthly amount it only applied to interest of your next payment.

make extra in the same payment/ Anything above what the norm payment is will be applied to princaple. Thats what a simple interest loan is, you pay interest for the time you use the loan.

uscgbeachbum · 11-04-2006, 07:35 PM

Quote:

Originally Posted by dobiejoe

you should not have to. Its a simple interest loan. I think what did it was two seperate checks. they then took it to be the next payment and since it was not for the whole monthly amount it only applied to interest of your next payment.

make extra in the same payment/ Anything above what the norm payment is will be applied to princaple. Thats what a simple interest loan is, you pay interest for the time you use the loan.

Dammit! I thought you had to write out aseparate check for any principal only payment. I sure hope I don't have to wait long on hold when I call them on Monday to fix this.

11-04-2006, 07:08 PM	#1 (permalink)
uscgbeachbum Senior Member Join Date: Sep 2006 Location: Melbourne, FL Posts: 273 I laugh at ricers. iTrader: 0 / 0%	Financing through Honda Financial Services question I included an extra $100 on my first payment (last month) in a separate check towards the PRINCIPAL. I just got my bill for this month and the $100 was applied to INTEREST. Is this right? Also, I signed up for auto withdrawl. And on this statement where it says "payment remaining" it says "DO NOT REMIT". Did the paperwork for auto withdrawl go through or what?

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11-04-2006, 07:16 PM	#2 (permalink)
UncleSid Senior Member Join Date: May 2006 Location: Taylor MI Age: 24 Posts: 660 Sid iTrader: 1 / 100%	when it says do not remit, your payment will be paid electronically.

11-04-2006, 07:18 PM	#3 (permalink)
uscgbeachbum Senior Member Join Date: Sep 2006 Location: Melbourne, FL Posts: 273 I laugh at ricers. iTrader: 0 / 0%	Thanks. What about the $100?

11-04-2006, 07:24 PM	#4 (permalink)
tennisfan16 Senior Member Join Date: Mar 2006 Location: I have a cat. Age: 25 Posts: 3,740 iTrader: 3 / 100%	i think if you want to pay towards the principal and not the interest, you will have to contach hfs and tell them what you want to do and send in a diffrent payment.