HDFS Loan Help!!
Road Master
Joined: Nov 2014
Posts: 1,072
Likes: 212
From: Alabama
Thanks all. The payoff number they gave me was $3693.75. They 14 payments of $249.79 = $3497.06 I would think that would be the payoff number not around $200 more. Even if I don't save a years worth of interest like I thought I would by paying it off early $200 is still $200.
I would think it would be simple but I guess I am wrong. It just sucks I can't get a real answer out of them either way.
I would think it would be simple but I guess I am wrong. It just sucks I can't get a real answer out of them either way.
It will give you the real answer you are looking for. You can also pay it off right there while you're in there.
Seasoned HDF Member
Joined: Aug 2011
Posts: 11,814
Likes: 5,120
From: SW Ohio
Thanks all. The payoff number they gave me was $3693.75. They 14 payments of $249.79 = $3497.06 I would think that would be the payoff number not around $200 more. Even if I don't save a years worth of interest like I thought I would by paying it off early $200 is still $200.
I would think it would be simple but I guess I am wrong. It just sucks I can't get a real answer out of them either way.
I would think it would be simple but I guess I am wrong. It just sucks I can't get a real answer out of them either way.
Seasoned HDF Member
Joined: Jun 2017
Posts: 5,315
Likes: 4,272
From: Granville New York
Not sure if this will make you feel any better but mine is the same way...the amount owed is a couple hundred less than the payoff amount, which is opposite of any other loan I've had. The only thing I can figure is it's a simple interest loan and it may be tied to how they calculate the interest.They've had 115 years and still can't build a trouble free motor and you expect them to have banking figured out? Lol
Seasoned HDF Member
Joined: Apr 2015
Posts: 7,709
Likes: 7,850
From: New York
Something just occurred to me. Perhaps the difference is an "administrative fee" [which you are going to pay whether you payoff early or go full term] for preparation of the Release of Lien docs. Check your original loan docs which should state if this applies.
Seasoned HDF Member
Joined: Aug 2013
Posts: 35,795
Likes: 38,536
From: Post Falls, ID
Based on the general negative nature of the many HDFS and Eaglemark threads, I would pay it off and kiss them good bye. Hopefully they send you the title promptly.
I will never use them again.
I will never use them again.
Road Warrior
Joined: Feb 2014
Posts: 1,878
Likes: 1,075
From: Utah
Try this: https://financial-calculators.com/auto-loan-calculator
Plug in your numbers, see if your monthly payments match then go to the bottom and look at the payment schedule. Might give you an answer.
Plug in your numbers, see if your monthly payments match then go to the bottom and look at the payment schedule. Might give you an answer.
Stellar HDF Member
Joined: Mar 2011
Posts: 3,482
Likes: 631
From: NorCal Rocklin
Well if you overpay, they will refund you the overpayment. Just don't know how long they will take
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Seasoned HDF Member
Joined: May 2012
Posts: 32,934
Likes: 36,031
From: Carlsbad, CA
Interest is front loaded on a loan. Ever notice that even on your mortgage, as you go further into the timeframe, the ratio between principal and interests changes such that as the loan ages you are paying more on principal?