Deferred payments

[Deleted member 30519]

Anyone else get suckered into this with a new JT? It's like a double edged sword because you still owe interest every month. After a 3 month deffer I'm assuming none of my first payment will actually go to the loan balance and just interest. Do I have this right?

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[thetruth1983]

I'm interested to know this too. My buddy just got a new Ram and swore up and down that interest doesn't start accumulating until after 90 days.

 

[Deleted member 30519]

I'm interested to know this too. My buddy just got a new Ram and swore up and down that interest doesn't start accumulating until after 90 days.

My balance on my loan is exactly the same as when It got booked over three months ago but I'm guessing they will get you when you make that first payment. Mines with a local credit union.

 

[Apocalypz]

Nothings free. They’re gonna get that 3 months of interest some way some how over the life of the loan.

 

[rmerkushen]

ALL banks will charge interest on any sort of deferment. It makes sense to take advantage of this if your interest is super low, or you hurting financially, in which case it does provide some breathing room financially. I feel for many of the folks suffering financially now, especially small business owners. My temporary pay cut was nothing comparing to some of my neighbors who are still out of work.

 

[Jeeperjamie]

My buddy just paid his first payment and they tacked on the interest to his. Basically nothing to principle all to interest. Not sure how many payments it will last for. He bought his in may.

 

[Deleted member 30519]

My buddy just paid his first payment and they tacked on the interest to his. Basically nothing to principle all to interest. Not sure how many payments it will last for. He bought his in may.

That's what I figured. He probably lost his first payment only. I'm sure his next one will go towards the loan.

 

[JTBurns]

3 months and you'll still be paying plenty of principal on your loan. I don't know how long you financed the truck but as long as it wasn't 20 years and you have a reasonable rate I would say at least 90% would still be to principal. The only place you hurt yourself is it'll take 3 months longer to pay off, the difference will be negligable.

For instance, I financed mine at 3 years with a 2.49% interest rate and I'll pay lest than two payments worth in total interest over the life of the loan

 

[Deleted member 30519]

3 months and you'll still be paying plenty of principal on your loan. I don't know how long you financed the truck but as long as it wasn't 20 years and you have a reasonable rate I would say at least 90% would still be to principal. The only place you hurt yourself is it'll take 3 months longer to pay off, the difference will be negligable.

For instance, I financed mine at 3 years with a 2.49% interest rate and I'll pay lest than two payments worth in total interest over the life of the loan

We are not all in that elite category I'm ashamed to say I have a 7 year loan at 8%. I skipped my first three payments so I'm prepping for the worst on my first payment. It's all good

 

[Jeeperjamie]

We are not all in that elite category I'm ashamed to say I have a 7 year loan at 8%. I skipped my first three payments so I'm prepping for the worst on my first payment. It's all good

My buddy was at 10 for reference at he said nothing went to principle. He also has a 7yr loan

 

[JTBurns]

We are not all in that elite category I'm ashamed to say I have a 7 year loan at 8%. I skipped my first three payments so I'm prepping for worst on my first payment. It's all good

We are not all in that elite category I'm ashamed to say I have a 7 year loan at 8%. I skipped my first three payments so I'm prepping for worst on my first payment. It's all good

Haha well thats different for sure, and nothing elite about me. I sat on a 2012 Sentra til I couldn't stand it anymore and started planning on the next vehicle. My wife and I bought a new house and then sold our old one before we could get the gladiator so I had $15k to put down, fortunately. I financed it for three years cuz I figured it was like ripping off a band-aid more or less.

"Compound interest is the most powerful force in the universe." That's a quote from Albert Einstein

 

[Riccochet]

on a 7 year loan if you can swing some extra, $100, per month to principal, it'll help a lot.

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