HDFS Loan Help!!
Thread Starter
|
Stellar HDF Member
Joined: Feb 2012
Posts: 3,293
Likes: 3,518
From: PA
HDFS Loan Help!!
Hi
I am hoping some one can explain this to me because for the life of me I don't understand it.
I took out a 6 year load on my 2005 fat boy in 2013 with HDFS. My payments have been 249.79 a month. I have never been late and never missed a payment.
I have 14 payments left. I am coming into a little money and I want to pay it off early.
I called HDFS and they gave me a payoff number close to $3700. When I add up the 14 payments it comes out to roughly 3400.
I would think paying a loan off early would save me some interest and the payoff would be cheaper not more expensive. They kept giving me the run around
So i am looking for some advise from some people that know financing better then I do.
I am hoping some one can explain this to me because for the life of me I don't understand it.
I took out a 6 year load on my 2005 fat boy in 2013 with HDFS. My payments have been 249.79 a month. I have never been late and never missed a payment.
I have 14 payments left. I am coming into a little money and I want to pay it off early.
I called HDFS and they gave me a payoff number close to $3700. When I add up the 14 payments it comes out to roughly 3400.
I would think paying a loan off early would save me some interest and the payoff would be cheaper not more expensive. They kept giving me the run around
So i am looking for some advise from some people that know financing better then I do.
Club Member
Joined: Jun 2013
Posts: 6,386
Likes: 900
From: Columbus, Ohio
It doesn't sound like they're giving you the runaround.
5th Gear
Joined: Apr 2018
Posts: 9
Likes: 1
From: Colorado
I work in commercial finance and let me tell you that the people working in these financial institutions are not always the most knowledgeable to say the least.. Most lenders accrue interest per diem and bill it monthly. I would call again and ask them to send you a per diem pay off and to send you all the details of the payoff in writing. Once you see things on paper, you can then decipher where the discrepancy/discrepancies is/are.
Road Master
Joined: Nov 2014
Posts: 1,072
Likes: 212
From: Alabama
Trending Topics
Tourer
Joined: Jan 2011
Posts: 481
Likes: 51
Call HDFS and ask the cheapest way to do it. One way, you just advance payments, the other way you pay off principal only (the cheapest.)
HD Forum Stories
The Best of Harley-Davidson for Lifelong Riders
7 Surprising Harley-Davidson Products that Are Not Motorcycles
Verdad Gallardo
8 Best Harley-Davidson Motorcycles Ever
Pouria Savadkouei
10 Worst Harley-Davidson Motorcycles Ever
Pouria Savadkouei
Killer Custom's Jail Break Is The Breakout That Refused to Blend In
Verdad Gallardo
Crazy Bunderbike Build Looks Amazing, But Is It Impossible to Ride?
Verdad Gallardo
Harley-Davidson Reveals Super Cool Cafe Racer Concept
Verdad Gallardo
Engraved Rebellion: Inside Bundnerbike's Glam Rock II
Verdad Gallardo
10 Motorcycles You Should Never Buy
Joe Kucinski
10 Things Harley-Davidson Needs to Fix in 2026
Verdad Gallardo
Seasoned HDF Member
Joined: Apr 2015
Posts: 7,709
Likes: 7,850
From: New York
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.
Thread Starter
|
Stellar HDF Member
Joined: Feb 2012
Posts: 3,293
Likes: 3,518
From: PA
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.