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Discussion Starter · #1 · (Edited)
i made my monthly payment for this month, $400...and they charge me like..37something for interest...

so i made an extra 120 this month rite...and they CHARGE me interest on that..

WTF!

i wanna pay off my car ASAP if they keep charging me interest ill end up paying 23k for my EX! WTF!!!!!

 

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It's an interest bearing loan, so you pay daily interest. I'm not sure if honda does a principle payment, if you already paid your month payment. Might want to call and ask.
 

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i made my monthly payment for this month, $400...and they charge me like..37something for interest...

so i made an extra 120 this month rite...and they CHARGE me interest on that..

WTF!

i wanna pay off my car ASAP if they keep charging me interest ill end up paying 23k for my EX! WTF!!!!!

For those days between your 02 Feb 09 payment and your 11 Feb 09 payment you acrued interest. If you want to make extra payments make sure you include them with your regular payment. If you would have done so you would have paid $426.00 to your principal and the $37.52 on the interest accrued on 02 Feb 09.
 

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i dont understand why people have to be such douschebages every time someone askes a question. . .
I feel ya man. Complete waste of bandwidth if it does not provide a positive contribution to this forum. I guess being a VIP gives that person unwritten rights to use sarcasm to belittle and berate at will.
 

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Discussion Starter · #10 ·
Do you not know how car payments work? The banks just gives you money for free because the enjoy lending out money to people?
hmm

what do u think?

gtfo please :readtherules:

For those days between your 02 Feb 09 payment and your 11 Feb 09 payment you acrued interest. If you want to make extra payments make sure you include them with your regular payment. If you would have done so you would have paid $426.00 to your principal and the $37.52 on the interest accrued on 02 Feb 09.
im kinda confuse about the interest...

its not a set number every month...

it charges random amount every month....doesnt matter how early i pay it too...

what depend the amount of my interest?

btw my APR is 2.9
 

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Your still gonna get charged intrest no matter how much you pay every month. What your doing by paying more every month is shortening the length of the loan which will reduce the amount of intrest you will pay on the loan. You might want call your loan company and find out if you can make a principal only payment along with your regular payment. If you just send extra payment and don't write principal only on it they will take it as a regular payment and charge you intrest on it.
 

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It's what Silver8th said. The $12.73 in interest is the interest accrued between 2/2/09 and 2/11/09. So if you pay the full payment again on 3/2/09, you'll be paying slightly less interest (what you'd normally pay minus $12.73). You're still saving money by shortening the loan duration, which in turn reduces interest payment. I always think it's best to prioritize being debt free, so don't lose heart.

Just keep at it and chip away at the payments, and you'll eventually pay it off. It's very liberating to do so (I did in about 18 mo).
 

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Just pay 10% on top of your payment (440 a month) and you'll be good.

My payment is 500 a month and i pay 550. Works out well.

Of course... my interest rate is .9%...
 

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You can make extra payments that go directly to principal. When I tried to do it from the website, the extra payment would just be put towards my next month payment. When I called to ask why this was happening, the CSR told me call them every time I make an extra payment to get it put towards my principal only.
 

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You got it better than I do with an interest of 16.91%. I pay $450.53 a month. Can't wait for it to be a year so I can refinance!
 

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I believe the original poster was wanting to know how to make extra principal payments. Most lenders will apply all of any extra money they receive during a billing period to principal. Obviously, Honda is not. So, you need to specifically tell them with the extra payment to only apply the extra money to principal.

Applying extra money to both principal and interest is legal, but shady practice. Shame on Honda for defaulting to that mode.
 

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Umm... most banks do that.
At least at Bank of America they give the ability to make a regular payment as well as a principal payment.

At my bank I can make a Regular payment then make a Principal payment on the same day. If I am outside of the payment day, I have to send my credit union an email whenever I want to make a principal payment.

Guys try to find a credit union to belong to.
I get Yearly credits to my account whenever the bank makes profit (10 dollars + % Average balance) 27 dollars (My average was 1,000).
My interest rate is 3.75% flat.
They didn't base that on my Credit score!
I only had a credit card for a year with a credit limit of 1000 bucks.
All they wanted was how much I make.
I took out the loan in may of 2008.
 
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