Extra Principal on payments
#1
I love Lamp...
Thread Starter
Extra Principal on payments
Hey all. I'm looking to add extra money to payments on my TLX. I got my first payment in the mail and it does not have a spot for additional principal to be added. I financed mine thought Acura Financial Services and am curious if I add money to the overall payment, will if go directly towards paying down principal? Has anyone gone this? I had some weird issues with my wife's Toyota years ago where I put extra money into the payments and they just counted it toward the next payment so then the next payment would come and it showed I owed my standard payment minus what I overpaid the month prior. Super strange. I thought I would check on here before calling.
The following users liked this post:
MarcoTLX (04-04-2023)
#2
Intermediate
I often paid more than the minimum payment through AFS, any amount above my minimum payment would go to principal. It does not reduce your next monthly payment FYI.
The following 2 users liked this post by max3lv6:
KrylonBlue (04-03-2023),
MarcoTLX (04-04-2023)
#4
Burning Brakes
You can do that, but no ... it goes toward the Principal . Unless you mange to pay it off a year early or something ... you will only be saving the interest on the last few payments.
I would suggest you keep that extra money in the bank. If it turns-out you can pay-it-off-early then do that if you want.
Also, be sure that your finance-contract says you can pay-it-off early without penalties.
I would suggest you keep that extra money in the bank. If it turns-out you can pay-it-off-early then do that if you want.
Also, be sure that your finance-contract says you can pay-it-off early without penalties.
#5
AZ Community Team
You can do that, but no ... it goes toward the Principal . Unless you mange to pay it off a year early or something ... you will only be saving the interest on the last few payments.
I would suggest you keep that extra money in the bank. If it turns-out you can pay-it-off-early then do that if you want.
Also, be sure that your finance-contract says you can pay-it-off early without penalties.
I would suggest you keep that extra money in the bank. If it turns-out you can pay-it-off-early then do that if you want.
Also, be sure that your finance-contract says you can pay-it-off early without penalties.
The following users liked this post:
MarcoTLX (04-05-2023)
#6
If you haven't already, set up your AFS account online. You can automate payments and there should be a section that allows for "additional principal". If you send a physical check every month and give extra, you are at the mercy of assumptions and good intentions.
The following users liked this post:
KrylonBlue (04-05-2023)
#8
I love Lamp...
Thread Starter
Thanks all. I put a good chunk down with rates being so stupid right now and only did a 3 year note. When times are good I'll be making double payments and if things get skinny, I still have my small payment to make. I'd like to pay if off within a year or two. I hate debt lol.
The following users liked this post:
JM2010 SH-AWD (04-06-2023)
Thread
Thread Starter
Forum
Replies
Last Post
dragontales
3G TL (2004-2008)
14
09-21-2006 09:34 PM