I Did A Thing! Refinance Success

[Newbie2018]

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@TRC_WA wrote:

@Newbie2018 

You sound exactly like me.    Good luck!

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Thank you! Same to you. 

[JoeRockhead]

Very nice, nicely done, congratulations!

[RSX]

Congrats!

and if you want to lower the Total Interest paid, by even more, keeping the payment at $660 if you can afford it

that will definitely shorten your term and the amount of the total interest

also, if they give you the first month without a payment - make the payment anyway

that trick makes them sooooo much extra money - (consider your $400 payment just then got pushed out by 76 months, and the interest will accrue on that the whole time)

[Newbie2018]

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@RSX wrote:

Congrats!

and if you want to lower the Total Interest paid, by even more, keeping the payment at $660 if you can afford it

that will definitely shorten your term and the amount of the total interest

also, if they give you the first month without a payment - make the payment anyway

that trick makes them sooooo much extra money - (consider your $400 payment just then got pushed out by 76 months, and the interest will accrue on that the whole time)

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Ok so i do plan to continue to make the payment i been making before hand ($641 actually not $659)but i asked the CU how do i make interest only payments. They do an auto draft every month on the 29th. For principal only payment i have to make the payment the same exact day for it to go towards principal. My due date with the old lender is coming up on the 21st. I usually pay half first two weeks (bi weekly pay checks) and the other half on my second check of the month. Should i make the payment to the new lender on the 21st rather than waiting for my first payment date with the new lender (April 29th)? 

Also, i canceled the gap and extended warranty with old company and once i receive the refund i'll be applying it to the principal balance. 

I plan to have this thing paid down from $34k to $30K by the end of next month well before my actual first payment is due. 

[RSX]

do you have a checking acct with the CU yet? it will likely make it easier for the extra payments

if so  - push money there every paycheck and then use it to make payments on the acct

i have PenFed CU for my car - and I just make manual payments above and beyond the monthly payment

i push money from my main banking acct to my PenFed checking acct - then make the extra payments to the car from that checking acct

the drawback to CUs if they have some weird processes sometimes, but i wouldn't worry about whether the extra payment is pure principal or principal plus interest - it all ends up the same

PenFed is mix  - first goes to the outstanding interest, then the rest of the extra payment goes to principal

[RSX]

since it is already the 17th, i would make the payment to the old lender on the 21st - if the full paydown check hasnt arrived yet - i think the timing is a little tight, depending on when you processed this

the new lender may not send over the check until after the 21st, and then you would get hit with a late payment

(yes CUs actually send paper checks)

good plan on the GAP refund check - they take awhile to arrive - but definitely process the request for the refund ASAP when the loan is closed out by your current lender

[Newbie2018]

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@RSX wrote:

since it is already the 17th, i would make the payment to the old lender on the 21st - if the full paydown check hasnt arrived yet - i think the timing is a little tight, depending on when you processed this

the new lender may not send over the check until after the 21st, and then you would get hit with a late payment

(yes CUs actually send paper checks)

good plan on the GAP refund check - they take awhile to arrive - but definitely process the request for the refund ASAP when the loan is closed out by your current lender

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My CU actually said they overnighted the check. The day i went in to sign papers 16th she had the check in the envelope and said it would be overnighted the next day so in that sense i'm assuming Saturday but Monday since it's the next business day they would receive it.. I do have access to the old Lien holder account and i have access to the new one as well. I do have a checking with the CU. So pay the old one not the new one? Don't wanna get screwed. 

Yeah not expecting the refund for another 6-8 weeks but knowing it's coming is enough for me

[Newbie2018]

Monday i'm calling the old lien holder to make sure it was received cleared and closed out so i can no for sure if i need to pay them or pay the new leinholder. 

[cashorcharge]

Congrats on the financial success!!!!

[Newbie2018]

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@cashorcharge wrote:

Congrats on the financial success!!!!

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Thank you 😊