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First payment from Honda financing

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Anonymous
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First payment from Honda financing

Hell,
I got my first statement from Honda,
Purchased a Honda April 8, 1st payment will be May 8
Amount finance 31,429.01 with a 0.90 APR, the statement states the payoff amount up to May 8 is 31,504.01, that 75.00 of interest!!!! It doesn't make sense. If I calculated my 31429.01x0.90/365=77.496x30 days,which is April 9-May8 it comes out to be 23.25 of interest. Hondas statement doesn't make sense, any suggesting ? Am I missing something here ?
Message 1 of 4
3 REPLIES 3
Appleman
Valued Contributor

Re: First payment from Honda financing

Your math is correct.

Looks like you took a 5 year loan at 0.9%. I am coming up with $23.57 of interest the first month. 

I would not worry about it and make the payment and see what the balance drops to, it should be $512.36 of principal paid the first month.

 

If any further questions give them a call and clarify/confirm interest rate etc.

Message 2 of 4
Anonymous
Not applicable

Re: First payment from Honda financing


@Anonymous wrote:
Hell,
I got my first statement from Honda,
Purchased a Honda April 8, 1st payment will be May 8
Amount finance 31,429.01 with a 0.90 APR, the statement states the payoff amount up to May 8 is 31,504.01, that 75.00 of interest!!!! It doesn't make sense. If I calculated my 31429.01x0.90/365=77.496x30 days,which is April 9-May8 it comes out to be 23.25 of interest. Hondas statement doesn't make sense, any suggesting ? Am I missing something here ?

Your math is correct, you should probably give them a call or wait till the second statement and see if they correct it themselves.  Congrats on the .9 APR, nothing better than free money.

Message 3 of 4
Anonymous
Not applicable

Re: First payment from Honda financing

They may have charged a doc fee of sorts that was rolled in that requires it included in the payoff. Can't answer without looking at your contract though! Just a thought!
Message 4 of 4
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