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| Title: | DCU |
| Notice: | 1996 BoD Election results in 1004 |
| Moderator: | CPEEDY::BRADLEY |
|
| Created: | Sat Feb 07 1987 |
| Last Modified: | Fri Jun 06 1997 |
| Last Successful Update: | Fri Jun 06 1997 |
| Number of topics: | 1041 |
| Total number of notes: | 18759 |
137.0. "Unscheduled payments could cause problems!" by BTO::EDSON_D () Mon Oct 31 1988 17:45
Has anyone else noticed that if you make an unscheduled loan payment
to DCU, it throws off your next scheduled payment(s)? I had some
extra cash that I decided would go towards my car loan. I figured
this would help reduce the interest I'd end up paying. But, what I
found out was that if this extra payment is equal to, or greater than
your monthly payment, your next scheduled payment will be pushed out.
For example; if I'm scheduled to pay $100 per month and in July my
escrow tranfers $100 towards the loan payment, and then between that
time and my August payment I apply $100+, my next scheduled payment
will be pushed out to September! For August, what's in the escrow
will transfer to my savings account instead of to my loan. This is
a bug in the software as far as I'm concerned!
Don
| T.R | Title | User | Personal
Name | Date | Lines |
|---|
| 137.1 | Or .... | PHAROS::BUREK | Some shine and some keep you guessin' | Tue Nov 01 1988 08:52 | 6 |
|
It may also be a way to get you to pay the loan for the full term
instead of paying it off early.
Rick
|
| 137.2 | Time to make some interest... | BTO::EDSON_D | | Wed Nov 02 1988 15:00 | 6 |
| re .1
Yeah, I thought of that, too! It certainly makes the automatic
process of loan payments a manual one.
Don
|
| 137.3 | you save with weekly manual payments | SMAUG::FLOWERS | IBM Interconnect Eng. 226-7716 | Fri Nov 04 1988 20:27 | 11 |
| Of course you also save a decent amount on interest by 'manually'
making the weekly (or even biweekly) payments directly to the
loan (as opposed to the escrow account).
I've just stopped automatic payments on my car loan and plan on
doing the above (via easy-touch) each week when I get my paycheck.
We'll see how well it goes...
Cheers,
Dan
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