Im trying to figure out how much my auto loan pay off is?

5 Comments

1. David M says:

   July 25, 2010 at 11:45 am

   You may have to also pay some unaccrued interest, but the loan balance should approximate what you owe.
2. bud68 says:

   July 25, 2010 at 11:45 am

   Yes. If in doubt, check with the lender.
3. EBMT says:

   July 25, 2010 at 11:45 am

   No your payoff will not be what you will pay if you make all the payments,,,your payoff will be lower but you will have to call your lender and ask them what your payoff is. Now be aware that the apr you were charged is also broke down into a daily percentage rate,meaning if you call them on a monday and ask the payoff they will give you the amount if you pay it that same day otherwise they will tell you your payoff is increased ,by a couple of dollars each day it takes for your payment to get to them in the mail….Soooo if your payoff is "x’ on monday and you mail your payment on tuesday and you payoff is increased by $2 each day until it arrives and it arrives on thursday then you must send them the mondays’ payoff amount plus tues,weds,thurs $2 each day or a total of the mondays quote plus $6 as that would be what the payoff will be come thursday…..now are you totally confused ????
4. STEVEN F says:

   July 25, 2010 at 11:45 am

   NO, your pay off is NOT the same as the principle balance. Interest HAS accrued since your last payment. The easiest and ONLY reliable way to find the pay off is to ASK the bank. Be sure to tell them the DATE you want a payoff for. Interest accrues DAILY so today’s amount is NOT correct tomorrow.

   For a very good estimate, divide the interest portion of your NEXT payment by 30 to get the daily amount. Multiply that by the number of days since your last payment and ad to the balance on that date.
5. chatsplas@sbcglobal.net says:

   July 25, 2010 at 11:45 am

   ASK for a loan pay-off amount, giving the date of payment. This will be the accurate pay-off amount. You are ingoring interest in your calculations.