Credit Card Center Advertiser Disclosure

Reply
Regular Contributor
Posts: 154
Registered: ‎09-21-2012
0 Kudos

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!!!

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
Established Member
Posts: 13
Registered: ‎03-15-2011
0 Kudos

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.

Valued Contributor
Posts: 3,099
Registered: ‎10-02-2012
0 Kudos

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.

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%
Regular Contributor
Posts: 154
Registered: ‎09-21-2012
0 Kudos

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
Established Member
Posts: 13
Registered: ‎03-15-2011
0 Kudos

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.

Frequent Contributor
Posts: 319
Registered: ‎03-25-2013
0 Kudos

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

FICO EX 827, 2015 Feb; FICO EQ 836/900 (Citi), 2014 Dec; FICO TU08 818, 2015 Feb.

BofA Cash Rwrds Sig V 2013 10k; Fidelity Rewards AmEx /BofA 2013 15.4k; Chase Freedom Sig V 2002 24.1k; Chase Amazon Rwrds Sig V 2011 8k; Sam's Club MC 2002 10k; Dscvr It 2012 10k; Citi Dvdnd Plat Sel V 2013 8.9k; PenFed Plat Rwrds V 2013 20k; AmEx Blue Sky 2013 11.3k; AmEx BCP 2014 24.1k; Priceline Rwrds Sig V 2013 8.7k; PayPal Xtras GE Cap Plat MC 2012 5k

Frequent Contributor
Posts: 310
Registered: ‎02-19-2013
0 Kudos

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.

   Total CL: $177,300
 Highest CL: $10,000
  Average CL: $6,300
 Total PLOC: $26,000
     AAoA: 3 yrs & 11 mos
         Utilization: 7%
Inq: 11 (EQ) | 10 (TU) | 9 (EX)
         Derogatories: 0
         
Valued Contributor
Posts: 3,099
Registered: ‎10-02-2012
0 Kudos

Re: Is 2.29% really 2.29%

[ Edited ]

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%
Regular Contributor
Posts: 232
Registered: ‎10-25-2010
0 Kudos

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.


Starting Scores: 667 EQ 09/2013 | 682 TU08 01/2014 | 689 EX 06/2014(via AMEX CLI)
Current Scores: 667 EQ 09/2013 | 735 TU08 12/2016 | 748 EX 12/2016

AMEX BCE $25K | AMEX Zync NPSL | Cap1 Quicksilver MC $6.9K | NFCU Visa Signature cashRewards $20K
NFCU NavChek $15K | PenFed Visa Platinum Cash Rewards $5.9K | Target Visa $11K | Comenity VS $6K | Walmart $4.5K
Valued Contributor
Posts: 3,099
Registered: ‎10-02-2012
0 Kudos

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%

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
‡ Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.