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The reduced payment isn't ongoing in that your payment which was 500.00 and you paid 600.00 makes the next months payment possibly reduced to 400.00 but that's not an ongoing new payment amount.
The only reason your next payment amount changes at all is because they are not applying the overpayment to principle. If this is happening to you, you are doing it wrong
The reduced payment isn't ongoing in that your payment which was 500.00 and you paid 600.00 makes the next months payment possibly reduced to 400.00 but that's not an ongoing new payment amount.
The only reason your next payment amount changes at all is because they are not applying the overpayment to principle. If this is happening to you, you are doing it wrong
Exactly because they are trying to protect their profit in interest.
The only time it would possibly impact the next months payment is if they are not applying the extra monies to principle. I think honda financial did that many years ago. I had a 300.00 payment, paid 400.00 but my princ didn't go down by 100.00 instead they applied it to the next month's payment.
That's pretty standard. Often you have to specify that you want the payment to go to the principal. In either case, they don't recalculate the payments. If you paid $800 one month when the payment due was $500, they'd apply the extra $300 to the next month's payment. The payment wouldn't change at all. You'd just have already paid $300 so only $200 more would be due. If you keep doing that balance due is often $0. The monthly payments never changed, you've just already paid them. If it goes to principal, they still don't generally reduce the payments such that it'd still be paid off in the same time. So say you pay an extra three months' of payments that pays down the principal. The next month payment is still $500. It does affect the amortization, however. I've never seen a loan where they'd actually change the monthly payments in any way. Balance due maybe, but not the actual payment.
Dealer incentive; no floor financing cost plus what is called hold back. You would also find most 0 interest you give up from 1K to 2K more off MSRP without; so its not free. Invoice is never what dealer finally pays or gets incentive wise especially at years end. Depending on model it can be several thousand off invoice at years end. Two trucks I just bought in summer where 2000 each off invoice. Taking more off in financing saved me money in final cost plus my credit union used deposited 500 each into my account.
Dealer incentive; no floor financing cost plus what is called hold back. You would also find most 0 interest you give up from 1K to 2K more off MSRP without; so its not free. Invoice is never what dealer finally pays or gets incentive wise especially at years end. Depending on model it can be several thousand off invoice at years end. Two trucks I just bought in summer where 2000 each off invoice. Taking more off in financing saved me money in final cost plus my credit union used deposited 500 each into my account.
I got an additional $2000 rebate plus 0% financing. Originally they told me one or the other but they gave me both to seal the deal.
I got an additional $2000 rebate plus 0% financing. Originally they told me one or the other but they gave me both to seal the deal.
They might have "given" you $2,000 off, but the factory promotions are structured as they're structured. You can't take both. I got about $4000 off MSRP and 0%. I also gave up $1,500 in cash back for the 0%.
It's all based on the contract you signed. My loan through BMW financial allowed me to, often times, pay $200 or $300 over my monthly payment and they would adjust the next months amount. I have since paid that account off and now have an auto loan through Capital One and when I overpay this one, the next months payment amount is the same. I have to make that same payment amount no matter what I paid previously. Different lenders do it differently I guess.
I got an additional $2000 rebate plus 0% financing. Originally they told me one or the other but they gave me both to seal the deal.
For the '15 Altima, there's a $1k Customer Bonus for buying one and then there's a $1k Customer Bonus for financing through NMAC. If you don't finance through NMAC, they can give you $750.
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