Money Matters
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Auto Loan Interest

H still refuses giving up his truck. GRR. Anyway, I was looking at the payment history on it and I noticed that the principal/interest payments vary quite a bit. I currently have it set up to automatically withdraw on the due date and it looks like about $150-$200 goes straight to interest. Before we had the automatic withdrawal I can see that the interest would vary from $70 to $300. I couldn't see a direct correlation between payment date and interest amount. So my question is if I move the auto to a few days before the due date would it make a difference in the interest/principal ratio?
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Re: Auto Loan Interest

  • That's VERY high for interest.  What is your rate?  Our car loan will be about $150 in interest over the course of three years, not every single month....
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  • Oh believe me I'm trying to get extra money to it but H doesn't see it as a big deal and he doesn't worry about it. It is 17% for 48 months. The outstanding principal is $10,799.09. Insane I know, but he just doesn't get it.
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  • noffgurl said:
    Oh believe me I'm trying to get extra money to it but H doesn't see it as a big deal and he doesn't worry about it. It is 17% for 48 months. The outstanding principal is $10,799.09. Insane I know, but he just doesn't get it.
    Man, that's bad.  I assume the loan is in his name?  If you want to start separating finances, this is the place where I would start....
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  • Any way you can start to do bi-weekly or weekly payments?  This will pay down the loan a bit faster and relieve some of that interest.
  • Separating finances is already starting, the truck is in his name only, my credit was too bad to be added. At the moment it comes out of the joint we are both contributing too (he contributes more than I, but I drive it a lot more than him) so I'm not sure I can try to get him to be the only one paying on the truck right now. My mom is using my Camry so I am using the truck and he doesn't have anything :/ except the truck when he is actually home.
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  • Do you think multiple payments in a month would reduce the interest?
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