RE: Car Loan

Guyz gonna ask some advise from all of u. Recently before i decided to upgrade my ride to a Forte, i called the bank, & ask them how much is my full settlement amt, they said was $33k++ this was a saturday. Then on the following monday, i called again to re-confirm the settlement amt, they said was the same amt $33k++, but after i paid my installment yesterday, i decided to call back to ask again, but to my surprise, the amt is now $44k++ so if you were me, wat will u do?

need some advise pls. i'm feeling like a fool, sold my car for $30k ... now bank settlement amt is $44k..... $44k - $30k = $13k where i got so much $$ sia...

Sorry, I not able to advise you on this but i believe there are some members out there able to...

Anyway I will help u move to appropiate section for more discussion..

Normally I will not call up the bank to check but rather I will go to the bank asking them to print out the statement (normally need a fee).. I will feel more secure in this way as sometimes the tele-operator assisting you might not know anything or able to full access to your existing car loan..

something similar happen to me...but i tink worst...abit my fault too.
I asked one SE from UBI that time to check for me the outstanding, she told me an amount which i tot is quite reasonable and within my means to change car as i do not have to top up much after trade-in.
However, due to unsatisfaction with the SE at Ubi, i go test drive again at Leng Kee and find the SE there good. So I proceeded to purchase the Forte w/o confirming the outstanding loan. Until the day where i about to finalise the payment, i realised i have to cough out TWICE the amount told to me. My jaw dropped....at that point of time, it was too late to stop transaction. I had to go dig money out to settle the outstanding.

Fransge wrote:Guyz gonna ask some advise from all of u. Recently before i decided to upgrade my ride to a Forte, i called the bank, & ask them how much is my full settlement amt, they said was $33k++ this was a saturday. Then on the following monday, i called again to re-confirm the settlement amt, they said was the same amt $33k++, but after i paid my installment yesterday, i decided to call back to ask again, but to my surprise, the amt is now $44k++ so if you were me, wat will u do?

I think if under 78 rule there are some penalty (paid more interest) if settle the loan earlier.

Dun you all have the yearly loan statement?

For me, from the yearly statement...I can roughly know the outstanding amount and follow by giving the loan bank a call to verify the actual amount and should not vary too far.

I believe we all had not answer his question.. He need to knw what we will do next if were him especially he had pay the installment.

TS, you may need to provide us more details.

This is the few i had in my mind..
1) how much u had pay for the installation?
2) had the transaction fully sign off?
3) is it worth it to give up the installment or stick on to pay off the remaining balance..

You can use this to calculate for yourself...

• Original financed amount - $80,000
  
• Flat interest rate - 3.5%
  
• Total interest payable (TI) for 120 months - $28,000
  
• Monthly instalment - $900
  

If
you decide to complete your purchase after 24 months and assuming that
you are up to date with other payments, the computation of your balance
payable is as follows:

• Total instalments paid: 24 x $900 = $21,600
  
• Number of months remaining (n): 120-24 = 96
  

• Outstanding interest (based on rule of 78)
  
• = [n (n+1) x TI] / [N (N+1)]
  
• = [96 (97) x $28,000] / [120 (121)]
  
• = $17,957
  

• Early completion fee for 24 months
  
• = 20% of Outstanding Interest
  
• = 20% x $17,957 = $3,591.40
  

• Amount payable for early completion
  
• = ($80,000 + $28,000 - $21,600 - $17,957) + $3,591.40
  
• = $68,443 + $3,591.40
  
• = $72,034.40
  

jl1500k wrote:I think if under 78 rule there are some penalty (paid more interest) if settle the loan earlier.

Penalties occur only when you have cash rebates?

according to my own calculations in jul, i still bank $45k, but when i called to ask them, they say $33k, this is when i decided to sell my car for $30k & buy new car, FYI, i did not take any cash rebates . my loan amount is $51000 int: 2.8% 10 yrs loan, 25 mths installments paid by now. wat i dun get it is that how come the bank can calculate out $33k settlement as of july, lucky still haven sell car to C&C, if not my credit bureau record will have a super black mark... i've decided to ask my dad to drive my old car, but i need advise on how i shld give bank a gd lesson!!!!

44k is redemption amount.
the bank may be giving u what the scrap value of ur car.
what is ur omv? for that to be scrap value ur omv must be around 20K.....

this is the calcualtion for redemption.

Original Car Price
Inhouse Promotion
Actual Car Price	51,000.00
DownPayment	0.00
Loan amount	51,000.00
Interest	2.80%
Loan Period	10.00
Total Interest	14,280.00
Total Loan	65,280.00
Period of Finance(months)	120.00
Monthly Installments	544.00
No of months paid	25.00
Balance Loan Period	95.00
Total amount Paid	13,600.00
Interest Rebate according to Rule of 78	8,969.26
Interest Rebate / Early Payment Penalty	0.20
Early Payment Amount	1,793.85
Total amount to be paid	44,504.60

Fransge wrote:according to my own calculations in jul, i still bank $45k, but when i called to ask them, they say $33k, this is when i decided to sell my car for $30k & buy new car, FYI, i did not take any cash rebates . my loan amount is $51000 int: 2.8% 10 yrs loan, 25 mths installments paid by now. wat i dun get it is that how come the bank can calculate out $33k settlement as of july, lucky still haven sell car to C&C, if not my credit bureau record will have a super black mark... i've decided to ask my dad to drive my old car, but i need advise on how i shld give bank a gd lesson!!!!

banks usually record all conversations. so i dun know if u can ask them to confirm that u were qouted 33k based on their recorded phone conversations. if u can get them to admit that in writing.... good..... but i doubt they will do since it would be like they shoot their own feet....

thks bro juansobrangtamad for the calculations, was quite close to the banks new settlement amt, amt different a bit due to sometime i pay more. but the manager confirm that he will call me on friday regarding this matter. was wondering is it possible that they close the loan at $33k?

Fransge wrote:thks bro juansobrangtamad for the calculations, was quite close to the banks new settlement amt, amt different a bit due to sometime i pay more. but the manager confirm that he will call me on friday regarding this matter. was wondering is it possible that they close the loan at $33k?

nah... unlikely.. at most u will get an apology and if lucky some free vouchers.... but they wont lose 11k.
however, if they agree to 33k, u can treat all the members here for dinner....

see wat will happen lo, pray for me they accept $33k

Normally for 10 years loan, u need to drive for 5 years to break even. You mentioned the ride is 25 months old. Definitely need to top up alot if u sell your car now.

if u take 10 years, easily take at least 6-7 yrs to break even.....5 yrs unlikely....

Put my name down in anticipation for the dinner treat!

Good luck Frange bro!

still waiting for call, but no worries, i got plan

haha.. sounds like you going to rob a bank or something bro.. lol

First you need to consult Terry Leather aka Jason Statham

After that he will advise you on the Bank Job plans...

Terrier wrote:First you need to consult Terry Leather aka Jason Statham

After that he will advise you on the Bank Job plans...

better ask johnny depp (public enemy)

lol, u guyz no kou fu la, that bank's manager no balls to call me la