RE: Re: Re: RE: 99 RC 318 Sport Lease Price

From: brian.duffey@intelsat.int
Date: Wed Jun 16 1999 - 07:45:54 EDT


As Preacher said, it depends on how your lender has the loan structured.
On my previous car, I got the loan thru my Credit Union, they do not
penalize for early payoff of a loan, but actually encourage it. Each month
I'd pay what extra I could ($50-100/month), and ended up paying the loan off
1 yr early.

Most banks, and especially the Auto Co. financing, really stick it to you if
you want to pay off early. Basically, no breaks, no savings. Look at what
has the highest interest rate you're currently paying off (car loan, credit
cards?). If you have high rate cards with balances that carry over each
month, Pay those off! The high rate cards with balances will drain you
faster then a mortgage/auto loan.

An article I saw over the weekend about college students getting into
trouble with credit cards gave the following example...
A 21 yr old, graduating with $1,500 balance @ 19%, making payments of
$50/month, would take about 22 years to pay off that balance. And that
assumes they make no other purchases on that card. Kind of puts it all into
perspective.

O.K. - that does it for my off topic rambling (ala' SETI, MP3, Smokers,
etc.)

Duff
'95 SLT 4x4 CC 318 4spd/OD - 3.55 LSD
MSD 6AL - MSD Blaster Coil - Rancho 5000/9000
MSD 8.5 wires - K&N FIPK - F&B Stage I TBI

> -----Original Message-----
> From: David Preacher Slocum [mailto:preacher@carolina.rr.com]
> Sent: Wednesday, June 16, 1999 6:51 AM
> To: dakota-truck@buffnet.net
> Subject: Re: DML: Re: Re: RE: 99 RC 318 Sport Lease Price
>
>
> You can answer this yourself by asking two questions. What is
> the interest
> rate on my truck loan? What is the interest I will earn on
> that money in a
> savings account/Short tern CD etc? If the interest rate you
> are PAYING is
> higher than the interest rate you are EARNING, pay off the truck!
>
> The only sang I can see is if you got one of those loans
> where the interest
> is payed first, the pricipal second..... then you might as
> well put the
> money aside as a nest egg against bad times.
>
> Preacher
> 99 5.2L CC 4x4 SLT+
> Charlotte, NC
> http://www.bastaards.org
>
>
> At 11:24 PM 6/15/99 -0700, you wrote:
> >
> >
> >On Tue, 15 Jun 1999 16:41:41 -0500 Mark Mitchell <thorfinn@xta.com>
> >writes:
> >>My 99 is a lease. the only reason you should lease is if
> you can not
> >>afford
> >>the payments otherwise (like me). I normally would not
> lease but, I
> >>did a 4
> >>year lease with monthly payments of $422.91,
> >>
> >
> > This may be a stupid question, but I'm sure some one out
> there has the
> >answer for us
> >financially challenged dodge owners. :)
> > We have just got a refinance on our home for
> improvements and with it
> >some extra cash. With it we
> >have the ability to pay off the loan on our 1996 5.2L,CC,SB, Gibson
> >cat-back, K&N Ram.
> > We owe approx $11,500 on it with payments of $483.00 /
> mo. We have
> >about 2 -1/2 years
> >and it will be paid off. Should we just pay it off now
> with the extra
> >cash or put the extra $$ in the bank, and if we
> >can't make a payment, draw it of savings.? Or pay it off
> now? This is our
> >1st experience with this sort
> >of situation. We really love the truck, but we know that it is
> >depreciating daily.
> >What would be our wisest move? Any answer if very much appreciated?
> >
> Preacher
> 99 5.2L CC 4x4 SLT+
> Charlotte, NC
> http://www.bastaards.org
>



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