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@KLEXH25 wrote: I'm just wondering if it's possible to pay quarterly.
It seems one can even do this automatically: DCU lets you set-up three recurring regular payments for the same day and executed every three months.
But I would keep a close eye on it: Make sure all three payments do go through and the due date is really advanced by three months.
@Anonymous wrote:
@KLEXH25 wrote: I'm just wondering if it's possible to pay quarterly.It seems one can even do this automatically: DCU lets you set-up three recurring regular payments for the same day and executed every three months.
But I would keep a close eye on it: Make sure all three payments do go through and the due date is really advanced by three months.
Interesting. So I have to make three separate payments for it to work? I can't just make one payment for three times the amount? Right now I have an auto payment scheduled for the 10th of every month (from savings to auto loan). So if I schedule two more, it'll push it out for 3 months? I'm very anal and have alerts and reminders to double check payments are successful.
@KLEXH25 wrote:So I have to make three separate payments for it to work?
Correct.
Right now I have an auto payment scheduled for the 10th of every month (from savings to auto loan). So if I schedule two more, it'll push it out for 3 months?
I think so. It might be better to schedule the three payments for three consecutive days (rather than all on the 10th) to give the system time to update the due dates inbetween.
@Anonymous wrote:
@KLEXH25 wrote:So I have to make three separate payments for it to work?
Correct.
Right now I have an auto payment scheduled for the 10th of every month (from savings to auto loan). So if I schedule two more, it'll push it out for 3 months?I think so. It might be better to schedule the three payments for three consecutive days (rather than all on the 10th) to give the system time to update the due dates inbetween.
Great, thanks so much @Anonymous !
I'll give it a try, and see how it works out.
@Anonymous wrote:
@DaveInAZ wrote:And I think I remember a member here saying he had paid his DCU car loan 1 year ahead.
Unless it is different for car loans, you can only pay ahead by 3 months. If you make 12 regular payments in a row, the system will advance the due date by 12 months. But later DCU will send you a nasty letter that you are not allowed to advance the due date by more than 3 months and resets the due date. This has happened to me last year and I also have seen it mentioned by another member.
Probably me haha. I was testing playing reindeer games with my auto loan, paid it ahead in a lump sum by 12 months, and they wrote me a nasty gram and reset the next due date from 12 months out to 3 months out. Did the same thing again a few months later, got another nasty gram . At least they are consistent.
@Revelate wrote:Probably me haha.
Indeed.
paid it ahead in a lump sum by 12 months
So you were able to advance the due date by 12 months with just one large payment? I am under the impression that one needs 12 regular payments to do that. But maybe I'm wrong.
I will probably test the waters with a double payment first (lump sum) and see what happens.
@Anonymous wrote:
@Revelate wrote:Probably me haha.
Indeed.
paid it ahead in a lump sum by 12 monthsSo you were able to advance the due date by 12 months with just one large payment? I am under the impression that one needs 12 regular payments to do that. But maybe I'm wrong.
If you make a single large regular payment, if the software allows paying ahead (most in my experience) it gets credited to each successive regular payment in order. Even DCU did that, just they reset the stupid thing for some unknown reason.
I suppose it might make sense to sanity check that with an individual lender as clearly they can do it differently but most take the route described above.
@Revelate wrote:If you make a single large regular payment, if the software allows paying ahead (most in my experience) it gets credited to each successive regular payment in order. Even DCU did that, just they reset the stupid thing for some unknown reason.
Strange, I just checked by DCU statements, and DCU is not doing that for me:
My minimum payment on my DCU Home Equity Loan is $509.
In Oct 2019 I made 4 regular payments ranging from $1200 to $3200. The due date was moved forward by 4 months from 11/1/19 to 3/1/20. Then I got the letter from DCU and the due date was reset to 2/1/20.
In Jan 2020 I made one regular payment of $2000 and the due date was moved forward by just one month from 2/1/20 to 3/1/20.
So for me, each regular payment advances the due date by just one month, even it is more that three times the minimum payment.
I have a car loan with DCU. I split my payment up and pay twice a month and a little extra each payment. It does push my payment out if I choose to skip a payment I can or it just keeps pushing it out which is what I usually do.