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Is 2.29% really 2.29%

Regular Contributor

Re: Is 2.29% really 2.29%

Ok I just did the math and it should be $804.60. Perhaps the first number they gave you was a rounded figure (rounded up from 804.6 to 805) but I have no clue where they got the 805.35. Sorry for all the confusion!!!

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Message 11 of 21
Established Member

Re: Is 2.29% really 2.29%

So if I am understanding this correctly they ARE charging me higher monthly than they should?  What Can I do?  I tried to talk with the bank but they are saying that's the monthly figure $805.35.

Message 12 of 21
Valued Contributor

Re: Is 2.29% really 2.29%


Jb11 wrote:

So if I am understanding this correctly they ARE charging me higher monthly than they should?  What Can I do?  I tried to talk with the bank but they are saying that's the monthly figure $805.35.


You should be paying more than the minimum anyways. I wouldn't worry about the $1.

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Message 13 of 21
Regular Contributor

Re: Is 2.29% really 2.29%

I personally wouldnt go through the hassle of arguing a difference of less than 1$, but that is totally up to you. I believe the difference is probably caused to some difference in the loan amount, possibly some hidden fee from the dealer or random finance charge rolled into the loan....who knows.

Age: 22 //Cards: Chase Freedom, Chase Amazon Visa, Discover IT, CreditOne, CapOne Quicksilver, CapOne Cash, Walmart, Barclaycard, Citibank BestBuy, NavyFederal Visa Signature cashRewards //AAoA: 1 Year 3 Months (but going down quickly Smiley Tongue) //CK:692, Sesame:656
Message 14 of 21
Established Member

Re: Is 2.29% really 2.29%

Yes, I agree it isn't worth the hassle.   I am going to pay more than the min anyways.  I just don't like the idea of thinking maybe the bank or the dealership is doing one over on me or any other consumer.   Thanks all for your input and time.

Message 15 of 21
Frequent Contributor

Re: Is 2.29% really 2.29%

possibly, time from closing to first payment, interest accrued to make the loan amount actually higher.

 

math is sorta my thing

Smiley Tongue

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Message 16 of 21
Frequent Contributor

Re: Is 2.29% really 2.29%

The loan officer couldn't tell you why ? Interesting. Does sound like the bank is trying to pull a fast one on you with a some hidden fee somewhere & knows you won't do anything over a dollar. I would though if I was bored enough.

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Message 17 of 21
Valued Contributor

Re: Is 2.29% really 2.29%


oscar_actuary wrote:

possibly, time from closing to first payment, interest accrued to make the loan amount actually higher.

 

math is sorta my thing

Smiley Tongue


+1

 

I am thinking something along those lines as well. You are accruing about $3 per day of interest at the start, so if your first statement cuts about 20 days after close. You would end up with a monthly payment about $1 higher than simple calculations would yield.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Message 18 of 21
Regular Contributor

Re: Is 2.29% really 2.29%


Dustink wrote:

oscar_actuary wrote:

possibly, time from closing to first payment, interest accrued to make the loan amount actually higher.

 

math is sorta my thing

Smiley Tongue


+1

 

I am thinking something along those lines as well. You are accruing about $3 per day of interest at the start, so if your first payment is about 20 days after close. You would end up with a monthly payment about $1 higher than simple calculations would yield.


That seems like the most logical thing to me. My last auto loan had a "grace" period of about 45 days, during that time I couldn't make a payment and interest was still accruing.


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Message 19 of 21
Valued Contributor

Re: Is 2.29% really 2.29%


awal wrote:

Dustink wrote:

oscar_actuary wrote:

possibly, time from closing to first payment, interest accrued to make the loan amount actually higher.

 

math is sorta my thing

Smiley Tongue


+1

 

I am thinking something along those lines as well. You are accruing about $3 per day of interest at the start, so if your first payment is about 20 days after close. You would end up with a monthly payment about $1 higher than simple calculations would yield.


That seems like the most logical thing to me. My last auto loan had a "grace" period of about 45 days, during that time I couldn't make a payment and interest was still accruing.


Not much of a grace period...lol

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Message 20 of 21