I have a 2014 Honda Civic Ex. 68k miles.
When figuring the LTV do I use the 'payoff' amount or the remaining amount owed with interest?
Payoff as of today is $10579, current balance is $14817.
Also, to determine value do I use Trade In or Private Party?
Sorry if it's silly questions and hope it makes sense.
@collics wrote:I have a 2014 Honda Civic Ex. 68k miles.
When figuring the LTV do I use the 'payoff' amount or the remaining amount owed with interest?
Payoff as of today is $10579, current balance is $14817.
Also, to determine value do I use Trade In or Private Party?
Sorry if it's silly questions and hope it makes sense.
How is your payoff value lower than current balance? Current balance should be what you own on the car so that's your numerator in the LTV calculation.
Not sure on the other, I used KBB value for my own estimate on my 2018 Tesla. Might not quite be the same value the lender uses TBH.
The payoff was for today’s date and doesn’t include the remaining interest for the loan term.
The current balance includes the interest until the end of the loan term sept 2023.
The current balance includes the interest until the end of the loan term sept 2023.