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Regular Contributor
ImprovingYouth
Posts: 154
Registered: ‎09-21-2012
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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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Established Member
Jb11
Posts: 13
Registered: ‎03-15-2011
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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
Dustink
Posts: 2,980
Registered: ‎10-02-2012
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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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Regular Contributor
ImprovingYouth
Posts: 154
Registered: ‎09-21-2012
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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.

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Established Member
Jb11
Posts: 13
Registered: ‎03-15-2011
0

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.

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oscar_actuary
Posts: 293
Registered: ‎03-25-2013
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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

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GMCSierraDenali
Posts: 252
Registered: ‎02-19-2013
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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.

      

      

Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012
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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

:smileytongue:


+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.

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awal
Posts: 223
Registered: ‎10-25-2010
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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

:smileytongue:


+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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Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012
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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

:smileytongue:


+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

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