UGH...I paid my car bill TWICE

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J

jumpr

Golden Member
Jan 2, 2006
1,045
5
81
I forgot that I set up an automatic payment through my bank for my car, so today I woke up realized that my bank had deducted the money AND my check (which I mailed last week) had been deposited. Now I have to spend a half hour on the phone straightening this out.

:|

Update: I just called American Honda Finance Corp., and the rep was very helpful. When the payment gets posted, it'll pay for next months' balance. Thus, I just paid one month ahead.

No harm done. :)
 
L

LukeMan

Platinum Member
Jun 7, 2005
2,380
0
0
If you can afford the extra payment then just let it be paid. That's 1 less month left on your loan.
 
iamwiz82

iamwiz82

Lifer
Jan 10, 2001
30,772
13
81
Originally posted by: LukeMan
If you can afford the extra payment then just let it be paid. That's 1 less month left on your loan.
Click to expand...

Perhaps it is a lease.
 
J

jumpr

Golden Member
Jan 2, 2006
1,045
5
81
Originally posted by: LukeMan
If you can afford the extra payment then just let it be paid. That's 1 less month left on your loan.
Click to expand...
Yeah, I suppose. Will the extra payment just apply to next month's bill?
 
M

MikeMike

Lifer
Feb 6, 2000
45,885
66
91
Originally posted by: jumpr
Originally posted by: LukeMan
If you can afford the extra payment then just let it be paid. That's 1 less month left on your loan.
Click to expand...
Yeah, I suppose. Will the extra payment just apply to next month's bill?
Click to expand...

if its a loan, it will just rduce the amount of time it takes you to pay it off, you could continue paying monthly, and down the road it will come off.

for instance: my payment is 192 a month, if i pay $200, over time the $8 adds up and will reduce the payment time
 
J

JDrake

Banned
Dec 27, 2005
10,246
0
0
That sucks
and it probably will, as that's what they said would happen with me (my dad paid for a bill and I didn't know), but I needed my money so I got it back
 
L

LukeMan

Platinum Member
Jun 7, 2005
2,380
0
0
Originally posted by: iamwiz82
Originally posted by: LukeMan
If you can afford the extra payment then just let it be paid. That's 1 less month left on your loan.
Click to expand...

Perhaps it is a lease.
Click to expand...

through a bank?

And yes jumpr, it counts as paying next month's payment.
 
pontifex

pontifex

Lifer
Dec 5, 2000
43,804
46
91
Originally posted by: LukeMan
Originally posted by: iamwiz82
Originally posted by: LukeMan
If you can afford the extra payment then just let it be paid. That's 1 less month left on your loan.
Click to expand...

Perhaps it is a lease.
Click to expand...

through a bank?

And yes jumpr, it counts as paying next month's payment.
Click to expand...

wouldn't count on that. my grandparents gave me $500 a few years ago to put towards my student loan. so i filled out the little sheets from my loan book and sent them all in. it was like 4 months worht of payment and i had made it so that they applied to the next several months. well, the next month rolled around and i get a call from the company i had the loan through. "We ahven't received your payment for this month."

they applied it to the whole loan, not the several months i wanted it applied to.

i would check with them to make sure.
 
L

LukeMan

Platinum Member
Jun 7, 2005
2,380
0
0
Originally posted by: pontifex
wouldn't count on that. my grandparents gave me $500 a few years ago to put towards my student loan. so i filled out the little sheets from my loan book and sent them all in. it was like 4 months worht of payment and i had made it so that they applied to the next several months. well, the next month rolled around and i get a call from the company i had the loan through. "We ahven't received your payment for this month."

they applied it to the whole loan, not the several months i wanted it applied to.

i would check with them to make sure.
Click to expand...

Student loan payment to a non-bank company and a car payment to a bank may be set up differently. My car payment through my bank allowed me to double pay 1 month and not have to pay the next month's payment no problem.
 
X

xospec1alk

Diamond Member
Mar 4, 2002
4,329
0
0
Originally posted by: LukeMan
Student loan payment to a non-bank company and a car payment to a bank may be set up differently. My car payment through my bank allowed me to double pay 1 month and not have to pay the next month's payment no problem.
Click to expand...

same here.
 
pontifex

pontifex

Lifer
Dec 5, 2000
43,804
46
91
Originally posted by: LukeMan
Originally posted by: pontifex
wouldn't count on that. my grandparents gave me $500 a few years ago to put towards my student loan. so i filled out the little sheets from my loan book and sent them all in. it was like 4 months worht of payment and i had made it so that they applied to the next several months. well, the next month rolled around and i get a call from the company i had the loan through. "We ahven't received your payment for this month."

they applied it to the whole loan, not the several months i wanted it applied to.

i would check with them to make sure.
Click to expand...

Student loan payment to a non-bank company and a car payment to a bank may be set up differently. My car payment through my bank allowed me to double pay 1 month and not have to pay the next month's payment no problem.
Click to expand...

thats why i put that last sentence in there...
 
J

jumpr

Golden Member
Jan 2, 2006
1,045
5
81
I just called American Honda Finance Corp., and the rep was very helpful. When the payment gets posted, it'll pay for next months' balance. Thus, I just paid one month ahead.

No harm done. :)
 
B

Boxxcar

Senior member
Mar 19, 2002
364
0
0
ROFLMAO! And all you people who are replying to this thread are either attending college or have already graduated. Sounds to me like you haven't got a clue as to how finance works. One of you said the extra payment will just come off next months payment, so you will have one less payment to make at the end of the loan. Huh...WTF?
If you don't know how financing a car works, then I say you had better go back to your skateboards!
 
A

altonb1

Diamond Member
Feb 5, 2002
6,432
0
71
Originally posted by: Boxxcar
ROFLMAO! And all you people who are replying to this thread are either attending college or have already graduated. Sounds to me like you haven't got a clue as to how finance works. One of you said the extra payment will just come off next months payment, so you will have one less payment to make at the end of the loan. Huh...WTF?
If you don't know how financing a car works, then I say you had better go back to your skateboards!
Click to expand...

A double payment can be applied 2 ways:

1) pays the note 1 additional month, essentially meaning you paid 1 month in advance.
2) payment applies to principle only. Next month's payment is due normal time, but the interest over the course of the loan will be less and should knock off more than a payment. (principle +saved interest)

What are YOU talking about?
 
J

jumpr

Golden Member
Jan 2, 2006
1,045
5
81
Originally posted by: Boxxcar
ROFLMAO! And all you people who are replying to this thread are either attending college or have already graduated. Sounds to me like you haven't got a clue as to how finance works. One of you said the extra payment will just come off next months payment, so you will have one less payment to make at the end of the loan. Huh...WTF?
If you don't know how financing a car works, then I say you had better go back to your skateboards!
Click to expand...
Uh, actually the rep's answer refutes your statement. Perhaps YOU should get educated on how finance works.
 
sygyzy

sygyzy

Lifer
Oct 21, 2000
14,001
4
76
OH MY GOD. What did you think would happen? They'd steal your money? You are the one that bought a house and two expensive card and then had to sell your WRX a few weeks later, right? Fianancial management is not your strongpoint.
 
J

jumpr

Golden Member
Jan 2, 2006
1,045
5
81
Originally posted by: sygyzy
OH MY GOD. What did you think would happen? They'd steal your money? You are the one that bought a house and two expensive card and then had to sell your WRX a few weeks later, right? Fianancial management is not your strongpoint.
Click to expand...
Nope, that wasn't me. In fact, I railed against that guy for being an idiot.

I didn't ask ATOT for advice in my post; I simply ranted about a situation that I created from my own carelessness. WTH crawled up your butt?
 
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