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dollyally3 | Car finance settlement figure? |
Can anyone help me with trying to figure out how much my settlement figure on my car finance would be.
I took out the finance last august 06. The car total was 3895 and i pay 124.62 a month. The first payment was 155.
I have tried phoning them but their offices are open 9-4 Mon-Fri which is just useless to me as im in work.
Does anyone know how the calculate this kind of figure?
Thanks in advance!
Ax
Additional Details
Sorry the term was 36 months and I am not aware of the intrest rate i'm afraid.
I tried this lunch hour but it was pathetic as I spent my whole 45 minutes on hold! I dont want to have to wait until my next day off. Its slowly starting to frustrate me now. |
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gtimark2000
|
9.25% for 36 months (3yrs) using the info provided. My online calculator yielded a monthly payment of $124.31 -- which is pretty close to your value.
Here's the URL: http://www.mortgage-net.com/calculators/mp_cl.html
Best wishes. |
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suerye
|
Write to them. |
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Jennifer
|
You can try to figure it out yourself, but you will more than likely be off.
The only way to get the true amount for the pay off, is to call the bank, or office. If you are looking to pay it off, you won't have to pay as much interest, therefore your pay off will be less than what you think it is. |
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Sane
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Does the lender possibly have a web page? If so many times you can register to view your account(s) and get loan payoff amounts. You can do that 24/7 - 365. |
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**tomtom
 |
Best is to write to them.
Each lender has its own basis for a settlement figure.
They can take upto 2 to 3 months interest as a penalty charge for paying the loan early.
But a guess would be around £3500.
Total £4,850-1,371 = £3,479
(£124.62*11 months paymen = £1,371) |
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shelcom
|
without the interest rate you can't answer your question. |
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Paula C
 |
Best thing to do is ring them, as they will also add an extra sum for repaying the loan early. I'm sure your work won't mind if you make a quick call, if they do then use a mobile. |
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Dzo
 |
Hi,
It's bit difficult to give you exact figures with the details given by you. You can visit http://finance.autoinvestmentguide.info for an assistance. Good luck! |
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Magpie68
|
I think you'll probably have in the region of 2800 outstanding. I reckon your interest rate is 8% APR, which seems low for car finance but OK for a bank loan. |
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William
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Can't do it without the term and interest rate. You should be able to call them and get a pay off at any time. Take 5 minutes from your lunch hour or break to do this. Know your account number when you call. |
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xxxx50char
|
Without the interest rate this will be difficult to answer exactly. It can be done, but there is a good deal of math to do.
However, do you have a statement that shows the remaining balance? Does you coupon book show the remaining balance after each payment? If you have the balance after a payment, add about $100 to that and you will be close to the payoff figure.
The $4.8K is what will be paid if you take the entire time to pay the note. Paying off early will reduce this number. |
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Mighty Lilywhite
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You need to know the time period of the loan and the Interest rate as well(APR)....... Then it could be worked out. |
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Duffer
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I appreciate your anxiety, but if you write to them (quoting your account number) for a settlement figure, they have 7 days under the Consumer Credit Act to reply.
However, as a rule of thumb most finance companies use the "rule of 78ths" Bear with me!!
the sum of the numbers from 1 - 12 is 78 which is where the formula gets its name.
The sum of the numbers 1 -36 (your term of agreement) is 666
Add the numbers together of the months you have left to pay (e.g.if you have 6 months left the sum is 1+2+3+4+5+6 =21) and multiply by the amount of the finance charges (interest), then divide by 666 (see above). The result is your rebate which is to be deducted from the total interest. Beware, tho. most finance companies levy an early settlement charge of perhaps 3 extra months, meaning in the above example that the figures would continue 21+7+8+9 =45.
Also, if you are paying a monthly rate of interest rather than a fixed fee, the rule will not apply. |
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IHateLaundry
 |
Do you know the term (length of the loan) and the finance rate? |
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FRANK W
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The only one to answer this is them they all have different ways. |
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ROBERT M
 |
check on your copy of the agreement you have signed. it may give you different amounts, i.e if settled before a third of the agreement is paid you may have to pay this amount even if you have not had the car for this amount of time. send them an e mail and ask for a settlement figure, but beware they may drag it out so you pay another months interest. good luck. |
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abraham g
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what!!! |
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chelle
 |
god tell me which hospital you work in so i never go there to give birth................ you are a nightmare!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!... your settlement figure changes every day so no one on here can tell you love |
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