Forgot why I hated car payments

Zero2Cool
Elite Member Topic Starter

13 years ago

I'm paying $237.11 a month. I've made five payments for a total of $1,185.55, however only $521.55 has went against my actual loan.

That's something like $664 that I've paid and have nothing to show for.

Holy. Hell!!!

Edit, 15.57% APR ... I really need to get this car re-financed. I'm basically getting a credit of $104.31 for every payment. At that rate, it'll take me nearly 9 years to pay it off!

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zombieslayer
Registered

13 years ago

Originally Posted by: Zero2Cool

WTF? How did you get that loan? Do you have a 400 credit score?

Come up with some cash and refinance asap.

My man Donald Driver

(thanks to Pack93z for the pic)
2010 will be seen as the beginning of the new Packers dynasty. 🇹🇹 🇲🇲 🇦🇷

DakotaT
Select Member

13 years ago

Better yet Zero, call uncle Zombie for a loan. You are getting sodomized without lubrication on 15.57%. That's like credit card interest.

Zero2Cool
Elite Member Topic Starter

13 years ago

WTF? How did you get that loan? Do you have a 400 credit score?

Come up with some cash and refinance asap.

Originally Posted by: zombieslayer

Close, it was ~560 when I got the loan. I tried refinancing with my bank and was denied. I'll find out why in two weeks via mail.

When I got the car, the guy told me nearly $200 of the $237 would be to the car loan itself with $37 to interest. I was okay with that. Losing this much to interest, ... kind of hurts.

DakotaT
Select Member

13 years ago

Too many people do not understand time value of money or how an amortization table works. I feel bad for you Zero, but before you make your next purchase - there are some people in PH that could help advise you.

Zero2Cool
Elite Member Topic Starter

13 years ago

Originally Posted by: DakotaT

My ignorance on this is why I don't like making any kind of purchases like this, but I needed a reliable car to get my daughter and I to and from Wisconsin. I figured losing about $40 a payment was worth it because it's a good car, better on gas than the Explorer plus it could help improve my credit score.

But damn, 104 out of 237 is just crooked as shit if you ask me. Maybe I should sell it and buy a two seat moped.

DakotaT
Select Member

13 years ago

Originally Posted by: Zero2Cool

The only way out of this nightmare loan is a refinance, which you can't get; but what you could do is make larger payments - but make sure you write PLEASE APPY OVERPAYMENT TO PRINCIPLE on the damn check every time. You will knock time off the loan and save interest.

Or borrow money from a relative that doesn't need interest. But you are really getting taken on the terms of that loan.

zombieslayer
Registered

13 years ago

Yes, you're going to want to pay this off asap if you can't refi. I'd second what DakotaT said - make larger payments and make sure the payments go to principle.

My man Donald Driver

(thanks to Pack93z for the pic)
2010 will be seen as the beginning of the new Packers dynasty. 🇹🇹 🇲🇲 🇦🇷

wpr
Preferred Member

13 years ago

I am glad my cars are paid off. over 100,000 miles on all 3 of them but I am in not hurry to jump back into the car market. Mom got a letter from one of the local car dealers telling her that they will give her a great deal on her old car. She doesn't have it any more. She sold it to me so she was going to pass the info along. I told her throw it away I didn't want it.

DakotaT
Select Member

13 years ago

#10

New car smell keeps Americans in debt and in the poor house. Cars today if maintained regularly should be able to be driven to 200,000 miles easily. If you need to buy a vehicle, a program vehicle at 36,000 miles is your best buy. You don't take the depreciation beat down as you would a new car. Vehicles over 80,000 miles are where the majority of you major repairs come: transmissions, alternators, starters, tune ups, etc. Shop wisely!

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Zero2Cool (1h) : Merry Christmas!

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beast (17h) : Sounds like no serious injuries from the Saints game and Jacobs and Watson should play in the Vikings game

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Martha Careful (24-Dec) : I hope all of you have a Merry Christmas!

Mucky Tundra (24-Dec) : Oh I know about Jacobs, I just couldn't pass up an opportunity to mimic Zero lol

buckeyepackfan (24-Dec) : Jacobs was just sat down, Watson re-injured that knee that kept him out 1 game earlier

buckeyepackfan (24-Dec) : I needed .14 that's. .14 points for the whole 4th quarter to win and go to the SB. Lol

Mucky Tundra (24-Dec) : Jacobs gonna be OK???

Zero2Cool (24-Dec) : Watson gonna be OK???

packerfanoutwest (24-Dec) : Inactives tonight for the Pack: Alexander- knee Bullard - ankle Williams - quad Walker -ankle Monk Heath

packerfanoutwest (24-Dec) : No Jaire, but hopefully the front 7 destroys the line of scrimmage & forces Rattler into a few passes to McKinney.

packerfanoutwest (24-Dec) : minny could be #1 seed and the Lions #5 seed

Zero2Cool (23-Dec) : We'd have same Division and Conference records. Strength of schedule we edge them

Zero2Cool (23-Dec) : I just checked. What tie breaker?

bboystyle (23-Dec) : yes its possible but unlikely. If we do get the 5th, we face the NFCS winner

Zero2Cool (23-Dec) : Ahh, ok.

bboystyle (23-Dec) : yes due to tie breaker

Zero2Cool (23-Dec) : I mean, unlikely, yes, but mathematically, 5th is possible by what I'm reading.

Zero2Cool (23-Dec) : If Vikings lose out, Packers win out, Packers get 5th, right?

bboystyle (23-Dec) : Minny isnt going to lose out so 5th seed is out of the equation. We are playing for the 6th or 7th seed which makes no difference

Mucky Tundra (23-Dec) : beast, the ad revenue goes to the broadcast company but they gotta pay to air the game on their channel/network

beast (23-Dec) : If we win tonight the game is still relative in terms of 5th, 6th or 7th seed... win and it's 5th or 6th, lose and it's 6th or 7th

beast (23-Dec) : Mucky, I thought the ad revenue went to the broadcasting companies or the NFL, at least not directly

Zero2Cool (23-Dec) : I think the revenue share is moot, isn't it? That's the CBA an Salary Cap handling that.

bboystyle (23-Dec) : i mean game becomes irrelevant if we win tonight. Just a game where we are trying to play spoilers to Vikings chance at the #1 seed

Mucky Tundra (23-Dec) : beast, I would guess ad revenue from more eyes watching tv

Zero2Cool (23-Dec) : I would think it would hurt the home team because people would have to cancel last minute maybe? i dunno

beast (23-Dec) : I agree that it's BS for fans planning on going to the game. But how does it bring in more money? I'm guessing indirectly?

packerfanoutwest (23-Dec) : bs on flexing the game....they do it for the $$league$$, not the hometown fans

Zero2Cool (23-Dec) : I see what you did there Mucky

Zero2Cool (23-Dec) : dammit. 3:25pm

Zero2Cool (23-Dec) : Packers Vikings flexed to 3:35pm

Mucky Tundra (23-Dec) : Upon receiving the news about Luke Musgrave, I immediately fell to the ground

Mucky Tundra (23-Dec) : Yeah baby!

Zero2Cool (23-Dec) : LUKE MUSGRAVE PLAYING TONIGHT~!~~~~WOWHOAAOHAOAA yah

Zero2Cool (23-Dec) : I wanna kill new QB's ... blitz the crap out of them.

beast (23-Dec) : Barry seemed to get too conservative against new QBs, Hafley doesn't have that issue

Zero2Cool (23-Dec) : However, we seem to struggle vs new QB's

Zero2Cool (23-Dec) : Should be moot point, cuz Packers should win tonight.

packerfanoutwest (23-Dec) : ok I stand corrected

Zero2Cool (23-Dec) : Ok, yes, you are right. I see that now how they get 7th

Zero2Cool (23-Dec) : 5th - Packers win out, Vikings lose out. Maybe?

beast (23-Dec) : Saying no to the 6th lock.

beast (23-Dec) : No, with the Commanders beating the Eagles, Packers could have a good chance of 6th or 7th unless the win out

Zero2Cool (23-Dec) : I think if Packers win, they are locked 6th with chance for 5th.

beast (23-Dec) : But it doesn't matter, as the Packers win surely win one of their remaining games

beast (23-Dec) : This is not complex, just someone doesn't want to believe reality

beast (23-Dec) : We already have told you... if Packers lose all their games (they won't, but if they did), and Buccaneers and Falcons win all theirs

Zero2Cool (23-Dec) : I posted it in that Packers and 1 seed thread

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