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Actually, I think I know where the confusion is coming from.
I pay extra on one of my cars each month. If I look at my statement, my payment is $400 and I pay $500. If I make that higher payment, the next month's payment is adjusted to compensate for the higher payment. If I continue to make the higher payment, then the following month's payment is adjusted accordingly. If I make the lower payment one month, then the next month my payment is back to $400.
If OP returns the warranty and gets a $1775 credit on his account, then the next 2-3 months payments will be adjusted to compensate. If he makes payments anyway, then the overall term of the loan will be shortened because the principal will be paid off sooner. If he take the no payment or lowered payment option for 2-3 months, then after that, the payment will go back up to the contractual amount and the loan term will remain the same.
Actually, they are - it's the entire point of a contract.
But please, by all means, continue arguing this point. This is getting entertaining.
Aren't you the same person who thinks auto contracts don't contain any contingencies and if a dealer hands the keys to a customer before financing is secured and later can't obtain one, they are screwed?
I think you're the last person I would ever go to about contracts. LOL
Actually, I think I know where the confusion is coming from.
I pay extra on one of my cars each month. If I look at my statement, my payment is $400 and I pay $500. If I make that higher payment, the next month's payment is adjusted to compensate for the higher payment. If I continue to make the higher payment, then the following month's payment is adjusted accordingly. If I make the lower payment one month, then the next month my payment is back to $400.
If OP returns the warranty and gets a $1775 credit on his account, then the next 2-3 months payments will be adjusted to compensate. If he makes payments anyway, then the overall term of the loan will be shortened because the principal will be paid off sooner. If he take the no payment or lowered payment option for 2-3 months, then after that, the payment will go back up to the contractual amount and the loan term will remain the same.
Aren't you the same person who thinks auto contracts don't contain any contingencies and if a dealer hands the keys to a customer before financing is secured and later can't obtain one, they are screwed?
I think you're the last person I would ever go to about contracts. LOL
Aren't you the one who is arguing with every single person telling you you're wrong and yet you continue to stubbornly insist that no, despite all evidence and logic to the contrary, you're correct?
And you couldn't afford my help with a contract anyway.
"If OP returns the warranty and gets a $1775 credit on his account, then the next 2-3 months payments will be adjusted to compensate. If he makes payments anyway, then the overall term of the loan will be shortened because the principal will be paid off sooner. If he take the no payment or lowered payment option for 2-3 months, then after that, the payment will go back up to the contractual amount and the loan term will remain the same."
Actually, I think I know where the confusion is coming from.
I pay extra on one of my cars each month. If I look at my statement, my payment is $400 and I pay $500. If I make that higher payment, the next month's payment is adjusted to compensate for the higher payment. If I continue to make the higher payment, then the following month's payment is adjusted accordingly. If I make the lower payment one month, then the next month my payment is back to $400.
If OP returns the warranty and gets a $1775 credit on his account, then the next 2-3 months payments will be adjusted to compensate. If he makes payments anyway, then the overall term of the loan will be shortened because the principal will be paid off sooner. If he take the no payment or lowered payment option for 2-3 months, then after that, the payment will go back up to the contractual amount and the loan term will remain the same.
Depends. Generally if you don't specify that you want the extra to go do the principal, it will just be applied to future payments. On a loan where there's interest, that's to the advantage of the lender. Since so many auto loans are at 0%, there's no reason to pay it early. In that case, you're actually better off having the payments go to future payments. If you hit a rough spot and have a few months already paid, great. So basically it would depend on the loan and what you requested on a case-by-case basis. I think it's more common for the extra payment to just go to future payments but I could be wrong about that.
Are you happy with the car and the price you paid? If so then no need to worry if the dealer made money off of you or not although I'd guarantee you that they did.
This thread has been more comical than I had expected
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