February 22, 2008, Newsletter Issue #66: Final Payments
Tip of the Week
When the time comes to pay off your car loan, there is more involved than simply sending off a check and celebrating. Before making your final payment, you need to contact your lender and find out what the exact amount of the final payment will be. The reason you need to do this is because the payment will depend on the day you make it. Interest accrues daily for most car loans, and if you wind up paying the final payment a day or two early it may change the final payment amount. The same principal applies if you trade a car in and the dealership pays off the remaining balance; they will call and find out the final payment instead of simply sending in the amount you tell them you owe. If you do send in too much money for your final payment, the lender should issue you a refund within a reasonable amount of time. You can avoid this situation, however, by making sure you call and find out your payoff balance before sending in the final payment.
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