My dealer emailed me today, he's got the rail car number and he's got a call in to a rep at CN to track it and find out how far out it is, so that's kinda nice.

 

Your almost there... I will tell you it is defiantly worth the wait...

Good Luck.

 

My "in transit" says 0 days left!
Should I expect it today?!?
Wow I'm so anxious! Lol

 

When my car went to 0 days it was delivered that morning. I'd say there is a good chance it'll be rolling off the truck at any moment.

 

Remford, this is really interesting. Can you explain exactly how you pay it down but not without paying all the interest?

Suppose one borrows $30k over 72 months at 2% with payments of $442.51. Also suppose one has ample cash to do the deal (i.e. could make a lump sum payment at any time to end the loan) and is only financing for healthy credit. How should he or she structure their extra principal payments to pay down the loan without paying it off and still pay minimal interest?

The way I see it, every $442.51 extra you pay will decrease the length your loan is open by a month, so any effort to pay down the loan is going to save interest but hurt credit. Any effort to maximize the length of the loan will cost interest but help credit... What is the trick?

 

make your payments $100 a month for the 72 months.

 

It sure is, lakeguy77. You can check with me as well.

It’s still waiting on a truck and the ETA shows 6/4/14, Blownsnake93. Soooo close!

Deysha

 

So put $23k down in cash and only finance $7k? Is this what Remford meant?

For anyone who may be following along, that makes the payments $103.25 and the overall interest on the loan decreases from $1860.95 to $434.22.

When Remford said "pay down," I thought this was an action one takes while making payments. Are we actually talking about structuring the loan differently at the outset?

 

There are a lot of different ways how credit can be built up. this is how i would do it. if i had the money to completely pay off my car yet, wanted to build up more credit. I would pay off a huge lump sum of the car and work with my financial institution to make sure that i was still making monthly payments for however long you want to finance the car. in your case, you're talking about 72 months.

so - yeah, as an example of building credit. You could pay off a huge chunk and still make payments for the 72 months of $100 give or take (which is how you can build you credit rating) and keep the payments low enough.


this is how I'd do it If I the cash at hand.

Edit - even I was confusing myself with the more than one example I was trying to make, so I removed a part of it.

 

I know that I'm easily 1 week away, BUT I am still getting ANTSY!

 

It was loaded onto a rail car yesterday, JoeMidnight. It should ship out soon.

Deysha

 

Thanks for the update! I'm happy to hear that its appears to be coming along in a timely manner.

 

You would have to restructure the loan in order to lower the payment, which would be subject to approval by your financial institution. This is basically equivalent to a refinance, which may actually be a better option if you can get a better interest rate on a lower principal after paying it way down.

Also, it doesn't hurt to pay off a loan early, it just doesn't help your credit.

 

Exactly - yes. if a financial institution would approve someone for 30k to purchase a car, there is no reason why they wouldn't approve him for even 10k and stretch out the payments.

 

You're very welcome, JoeMidnight! I sent you another update.

Deysha

 

Message received. Thank you very much!

 

Deysha, when you have a moment can you check on the rail car my car was loaded on? Tomorrow is one month since blend date, hoping to see it soon.

Thank you.

 

You’re very welcome!

It still hasn’t shipped, lakeguy77.

Deysha

 

Hi Deysha,

I have sent you a PM, no rush

 

More Progress! My Window Sticker posted yesterday! Blend on 6/11/14