paying truck off early....

yes its thru tfs, i may just buckle down and pay as much as i can on it, 21 more payments, eh, i would just love a fat check for the truck and no payment, really wish i baught a used 1st gen!

 

while it's clearly the best financial move to buy a used car, do you have any links supporting your claim??

 

what do fat chicks have to do with this???

 

A payoff of $8K is alot of money. May I suggest,..don't pay it off yet. Keep the 8K in the bank for now as it is more difficult to put 8k in savings than it is to spend it. In other words be patient. When it get down to about $1k,..pay it off. Then you can still show you paid it off early.

I just paid my Taco off and that is exactly what I did.

 

I calculated (using a calculator at bankrate.com) that if I add $50 per month to my payment, I will pay off the truck a full year early.

 

stop buying crap you don't need?

 

Did TFS update their website recently?
When I sent money to TFS, they took it off the next payment, sometimes pushing the payment out 3+ months saying nothing was due.
The next time I specified principal not extra payment.
My Credit Union does the same thing only I could specify online either principal or payment.

 

Simon's Mom brings up a very good point. I was told if I wanted to pay down the principle I would have to send payment to a different address. NOT just overpay my monthly payment.

 

I just called TFS and asked about that. They said there were two ways to do it.

1. Send extra payment, marked "Principal Only", to a special address.
2. Increase your normal monthly payment, and ignore the "amount due" they send you. If your payment is $500, and you send $600, next month they will say "$400 due". Still pay $600. Next month, $300 due. Still pay $600. And so on and so on. They said that it DOES pay toward principal, but that the "amount due" is based on the original loan dates.

 

Ouch, that is a pricey monthly payment. I have never had a loan payment over $250.

 

I put a sizeable amount down (well over 50%) and took at 60 month loan, so my loan payments are tiny. I was using the $500 payment as a general example.