Overhaulin'

To pay off a car loan 12 months early... what would my final amount to pay be?

I am wanting to pay my car off 12 months early on a 36 month loan. The loan was for $9000.00 with a $1700.00 trade in = $7300.00. My interest rate is 9% which brought the total after 36 regular payments of... $9000.00 (weird). The dealer calculated a payment of $250 a month with the last being a little less. I don't know what method they used for the calculation other than what a bank told them to use and the dealer isn't quite sure what my pay off amount would be by paying off the loan on the 24th month and the banks are closed for the weekend. Any ideas as to what my final amount should be roughly? Oh and to add... I have never been late and have always paid $250 a month. No extra payments have been made nor have there been any defferred payments. If I just make a standard payment on the 24th month... my regular balance would be $3000.00 Gerald... I am not lookin to buy a car... I'm tryin to pay off what I currently have. READ

Public Comments

1. Interest accrues DAILY. The correct payoff TODAY is wrong tomorrow. You need to contact your bank and request a payoff amount for a specific date. Your bank SHOULD have a toll free customer service number that is open 24/7. That said, based on the interest rate and payment you listed, your original loan was about $7860. You probably financed taxes and fees. The balance after 24 payments would be $2860. This is NOT exact, but is should be within a dollar or two.