Can someone explain this to me?

[beastboy]

Below is the payment history on my truck....look at how the interest paid jumps up and down. Why?

Date: Amount: Interest Paid: Balance:
01/27/2004 $700.00 $154.83 $30,210.37
12/18/2003 $610.59 $76.98 $30,755.54
11/28/2003 $609.77 $125.08 $31,289.15
10/27/2003 $611.00 $111.16 $31,773.84
09/29/2003 $611.00 $124.92 $32,273.68

 

[havoc]

What was your interest rate, was it subject to change because of some "special" intrest rate plan? That does not look to cool sir.

 

[beastboy]

4.49%......no interest rate change. I know.....it doesn't make sense.

 

[havoc]

Well hopefully someone on here will know the answer, but definitely call those folks up, you may have some cash/credit coming to you, good luck.

 

[WODIN]

Are your payments automatic?

 

[tuc biscuit]

I may be very wrong, but perhaps it is a running total of the interest, which adds a bit on for the time period between payments? But it is wierd that it went down then up. My advice would be to get something in writing.

 

[CipherLock]

Call and ask them. I wish I could offer more but most here can only speculate. Call.

 

[WODIN]

The interest is varying due to the time between payments.

40 - 20 - 32 - 28 day intervals from the five you listed. What I don't get is why your payment is varying so much.

 

[beastboy]

Chances are my wife rounded up to 611 for the first two payments, so the extra paid came off the following two payments.......I paid the last one and decided to pay $700.

 

[WODIN]

Chances are my wife rounded up to 611 for the first two payments, so the extra paid came off the following two payments.......I paid the last one and decided to pay $700.

Well that'd be why the interest is all over the place then.

 

[beastboy]

Not really....it would be the days between payments like you referred too....the first 4 payments are within $2....there is no way it would cause the interest to flucuate by $50 in that one instance.

 

[gonelifting]

Does`nt answer your question but this is a ballpark ammortization table. See if it works...

http://aol1.bankrate.com/aol/auto-l...showAmort=Show/Recalculate+Amortization+Table

 

[beastboy]

LOL....yeah...it tells me something is screwed up with the billing time table.

 

[beastboy]

But..........

If I add up the interest paid and divide it by 5 months, I come up with an average of $118 of interest paid on that table as well as my payment history.

 

[WODIN]

Not really....it would be the days between payments like you referred too....the first 4 payments are within $2....there is no way it would cause the interest to flucuate by $50 in that one instance.

To clarify...you erratic payment timing and amounts both contribute to the variations in interest.

If you take the 154+76 and avg that you get 115 which is close to the interest on a normal scale.

Set up an automatic payment and you wont have these problems.

I bet you got it through ford credit. They're probably just as fucked up as your tranny was.

 

[ViperHMS]

The interest is varying due to the time between payments.

40 - 20 - 32 - 28 day intervals from the five you listed. What I don't get is why your payment is varying so much.

I would ventrue this is your answer here. I know that my interest goes up on a daily basis, causing about $1.32 day in interest charge that is gained on the total loan.

Viper

 

[gonelifting]

LOL....yeah...it tells me something is screwed up with the billing time table.

I estimated your starting balance to get your monthly payment there. You may have to adjust it. Sometimes ONE payment is higher than the rest of the months for THAT year, so January may be that month (I`m guessing at this) Along with your higher than normal payment, that may be the answer.

I agree...Definately worth a call.

PS I paid a total of $90+dollars in interest the whole year last year on a $778 monthly payment. My interest rate is 0.9 or 1.9 (I forget...Nissan) I did`nt think it was that much of a difference. Wow!

You even have the "extra payment" option there on the calculater, I would fool around with a few numbers and see what you get. If you can afford it, sometimes it can save you A LOT$$$. good luck

 

[gonelifting]

I know another off topic...lol but I just punched in a $100 "extra payment a month. It will save you about$6500 and 9 months of payments.

 

[beastboy]

Yeah...I did that with $90 a month.....that is my plan.

 

[beastboy]

Wodin....that is what I was saying dickwad.....I took the average of the five payments I made and it was the same as the amort. table......So I was agreeing with you about the days between payments.

BTW....check your PM on IT.

 

[beastboy]

I know another off topic...lol but I just punched in a $100 "extra payment a month. It will save you about$6500 and 9 months of payments.

$6500??

I get $610.

type-o?

 

[gonelifting]

$6500??

I get $610.

type-o?

No typo I was wrong. I did`nt calcutate it. I just ASSumed 9-10 less payments would be 600X10months=6000... =wrong.

sorry. LOL got your hopes up huh? lol

That IS weird though. 9 or 10 LESS payments (of $600-700) and you only save $600.

 

[beastboy]

You are saving that in interest......they will get the same amount of moeny from you in 1 year or 5 years as far as the cost of the vehicle goes. But the sooner you pay it off...the less interest you pay. I'm paying 32K for the truck....and another $3500 in interest on top of that.

 

[from zero]

Chances are my wife rounded up to 611 for the first two payments, so the extra paid came off the following two payments.......I paid the last one and decided to pay $700.

There's your problem. You let your wife do something related to money.

 

[WODIN]

Wodin....that is what I was saying dickwad.....I took the average of the five payments I made and it was the same as the amort. table......So I was agreeing with you about the days between payments.

BTW....check your PM on IT.

Checked it fudgemuncher.

Did you get wife pregers yet?

If not tell her I'll be available this weekend.

 

[beastboy]

There's your problem. You let your wife do something related to money.

LOL....she is actually very good with money...keeps pur 730+ credit rating in check. She just got a little carried away with her wardrobe for the cruise.

Wodin...not yet....but she just took her patch off and she then started that fun stuff. Our daughter went to school yesterday and said, "My mommy took her patch off yesterday and now has a baby in her belly....my daddy put fishies in there."

 

[gonelifting]

You put ZERO down on the vehicle? Damn bro.

 

[beastboy]

You put ZERO down on the vehicle? Damn bro.

Not exactly.....I got about 5K off the price for A-plan...and I put down another 1K from my trade in. My truck stickered @ 38K.

 

[WODIN]

LOL....she is actually very good with money...keeps pur 730+ credit rating in check. She just got a little carried away with her wardrobe for the cruise.

Wodin...not yet....but she just took her patch off and she then started that fun stuff. Our daughter went to school yesterday and said, "My mommy took her patch off yesterday and now has a baby in her belly....my daddy put fishies in there."

LMFAO!!!

Fishies ...bwaugh .

 

[gonelifting]

Not exactly.....I got about 5K off the price for A-plan...and I put down another 1K from my trade in. My truck stickered @ 38K.

Cool, what did you get?

 

[beastboy]

Cool, what did you get?

*whisper* 2004 F150 - FX4 Loaded package *whisper*

 

[OMGWTFBBQ]

my daddy put fishies in there."

I shouldn't talk since you actually have a kid and I don't - but if you are putting fish in there, I think you might be doing it wrong.

 

[gonelifting]

Don`t fish lay about 100 eggs/babies? You are in BIG trouble my friend.

 

[beastboy]

LOL