SporeHongkong Neutral Newbie March 7, 2012 Share March 7, 2012 Could i just ask if any bro here assist me for a minute,the loan amt 54k, interest at 2% per annum for 7 years,whats the full settlement figure after deducting 13mths paid up installment cause i use the dbs calculator hard to get a figure. thank you. ↡ Advertisement Link to post Share on other sites More sharing options...
Octopus 3rd Gear March 7, 2012 Share March 7, 2012 Its faster and more accurate if you call up the bank and ask them, they can tell you how much to pay for full settlement. Link to post Share on other sites More sharing options...
Desmondtwb Clutched March 7, 2012 Share March 7, 2012 Could i just ask if any bro here assist me for a minute,the loan amt 54k, interest at 2% per annum for 7 years,whats the full settlement figure after deducting 13mths paid up installment cause i use the dbs calculator hard to get a figure. thank you. Call/email your finance company to request for a full settlement sum. Link to post Share on other sites More sharing options...
SporeHongkong Neutral Newbie March 7, 2012 Author Share March 7, 2012 will they give the accurate figures? cause i'm asking for my friend whose loan is in-house loan..will his deposit be refunded or deducted through the full figure? Link to post Share on other sites More sharing options...
Pepe Clutched March 7, 2012 Share March 7, 2012 Could i just ask if any bro here assist me for a minute,the loan amt 54k, interest at 2% per annum for 7 years,whats the full settlement figure after deducting 13mths paid up installment cause i use the dbs calculator hard to get a figure. thank you. Not sure 100% correct or not... Loan $54,000 Interest 2% = $7560 Total loan = $61,560 Tenure 84 mths Monthly installment = $733 Paid 13mths = $9529 Balance installment = 71 Interest charges rebate = $5413 20% Penalty = $1083 Full Settlement = $47,701 Link to post Share on other sites More sharing options...
Maroon5 5th Gear March 7, 2012 Share March 7, 2012 Not sure 100% correct or not... Loan $54,000 Interest 2% = $7560 Total loan = $61,560 Tenure 84 mths Monthly installment = $733 Paid 13mths = $9529 Balance installment = 71 Interest charges rebate = $5413 20% Penalty = $1083 Full Settlement = $47,701 quite close. in some cases, early redemption stil has (1) 1% prepaym penalty, (2) 1 month interest in lieu penalty. but tats prob jus 1k more. Link to post Share on other sites More sharing options...
SporeHongkong Neutral Newbie March 7, 2012 Author Share March 7, 2012 bro so if the sum is anywhere more than 47-48k means something wrong somewhere? if the car dealer take in the car means immed transfer? thank you all for your advice.. Link to post Share on other sites More sharing options...
Maroon5 5th Gear March 7, 2012 Share March 7, 2012 bro so if the sum is anywhere more than 47-48k means something wrong somewhere? if the car dealer take in the car means immed transfer? thank you all for your advice.. not really. it could also mean ur fren took finance/cash rebates that tie him to minimum 2 yr or 3 yrs so early redemption need to pay back this sum. like other bros say, best is call the bank. yes car dealer usually immediate transfer n u shd ensure tat too. Link to post Share on other sites More sharing options...
SporeHongkong Neutral Newbie March 7, 2012 Author Share March 7, 2012 i went with him last year he didnt take cash but also ended up paying abt 5k though..but finance company how we know thru which bank? Link to post Share on other sites More sharing options...
Tyongchi 1st Gear March 7, 2012 Share March 7, 2012 bro so if the sum is anywhere more than 47-48k means something wrong somewhere? if the car dealer take in the car means immed transfer? thank you all for your advice.. Do note that some banks require one month notice. In any case, they will use 1 month notice to compute the interest rebate. For the amt stated above, the formula is (70*71)/(84*85) * 7560 * 0.8 = $4209.88 . The oustanding would be $61560 - $9529 - $4203 = $47,828. Since transfer is now free, the dealer is likely to transfer to their company. This ws not the case earlier to avoid the hefty transfer cost. Link to post Share on other sites More sharing options...
Soblur1 Neutral Newbie March 7, 2012 Share March 7, 2012 Hi SporeHongkong, i just made full settlement to my loan so maybe this will help. You can contact the bank or finance house and inform them you would like to made full settlement to your car loan. They will ask you to verify some details after which they will inform you how much is the outstanding balance. In my case:- My Loan was $47,000 Interest rate was 2.5% Interest incur was $8,225 Total loan was $55,225 Tenure was 84 mths Monthly installment was $657 I had already pay 43 month when i decided to redeem my loan. I called the bank (DBS) and the loan department told me if I want to redeem early the redemption amount will be $24316.91 instead of $26974 if I were to slowly pay it over the next 41 months. Total savings is only $2657.09 Link to post Share on other sites More sharing options...
Bitx Neutral Newbie March 7, 2012 Share March 7, 2012 Hi SporeHongkong, i just made full settlement to my loan so maybe this will help. You can contact the bank or finance house and inform them you would like to made full settlement to your car loan. They will ask you to verify some details after which they will inform you how much is the outstanding balance. In my case:- My Loan was $47,000 Interest rate was 2.5% Interest incur was $8,225 Total loan was $55,225 Tenure was 84 mths Monthly installment was $657 I had already pay 43 month when i decided to redeem my loan. I called the bank (DBS) and the loan department told me if I want to redeem early the redemption amount will be $24316.91 instead of $26974 if I were to slowly pay it over the next 41 months. Total savings is only $2657.09 Mine was ridiculous! Loan 25,000 for 60 months tenure @ 2.5%. After paying for 28 months, called and ask how much for full redemption. All in all, only $500 savings if I chose to fully redeem the loan. Crap.. Decided to slowly pay for the rest of the tenure. Link to post Share on other sites More sharing options...
SporeHongkong Neutral Newbie April 4, 2012 Author Share April 4, 2012 hi bros...jus received news from my that friend, two wks back he sold the car back to the dealer but was only told the full settlement figure via the phone, the full settlement came up to 48k+, and only being paid back 1k based on selling price of 50k for the car. He has 3mths deposit which he said the company told him its all already calculated into the full settlement. The boss of the company he sold to for this 2 wks keep giving excuse to produce the final settlement figures. He have went to small claims n sought legal advice, any bros got other better advices? Link to post Share on other sites More sharing options...
Mllcg 3rd Gear April 4, 2012 Share April 4, 2012 damn banks again..... we give them 30k at 1 shot they also not happy.. zz Link to post Share on other sites More sharing options...
Maroon5 5th Gear April 4, 2012 Share April 4, 2012 the 48k+ full settlement seem abt right until u mentioned the 3mths deposit. tats not norm. Link to post Share on other sites More sharing options...
Sunny Hypersonic April 4, 2012 Share April 4, 2012 damn banks again..... we give them 30k at 1 shot they also not happy.. zz they want to earn your interest ma. if you give them 30k one shot, they have to find how to earn $ from that 30k again. same like ah long, they also hope borrower dun pay up all 1 shot, slowly pay up is better Link to post Share on other sites More sharing options...
SporeHongkong Neutral Newbie April 10, 2012 Author Share April 10, 2012 Bros think u got it wrong..what I meant is that there is 3 mths deposit which is held by the car company n up till now the company said that the 3mths deposit is taken in the full settlement which meant full settlement came up to 50k+ which I believe isnt possible..friend have sought legal advice..but frankly speaking what's his chances like?as some people say some car dealers really dishonest b*#%ards...maybe it's true? Link to post Share on other sites More sharing options...
SimonTan 2nd Gear April 10, 2012 Share April 10, 2012 3months held by private loan company? Interesting and does not seem like common practice. I hope you are not snooked by the loan company when you bought your car 13months ago. I dont think bank loans got such thing. ↡ Advertisement Link to post Share on other sites More sharing options...
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