What's this mean all you smart financial people?

[Greyd]

Ok let's try this:

Prepayment: If you pay the entire Dell Order Total dollar amount on or before the 60th day after the Commencement Date, you will pay no interest or Processing Fee. Thereafter, the Loan may be prepaid in whole, but not in part, upon payment of the next scheduled Payment due under the Loan plus the then outstanding Principal balance of the Loan and all other amounts due and owing under or in connection with this Loan, together with a prepayment fee equal to the following percentages of the original Principal amount at the point in time that the prepayment is made: For a 36 month term: 3% in months 3-12, 2% in months 13-24, 1% in months 25-36. For a 48-month term: 4% in months 3-12, 3% in months 13-24, 2% in months 25-36 and 1% in months 37-48.

So.....what does it mean? There IS a prepayment penalty? or no? If I pay off the balance after the 60 days but before the 36 month term will I have to pay more?

Thanks

 

[PsychoAndy]

I have absolutely no clue how to decipher that, so I'd call Brandy Barton at x58337 and ask.

-PAB

 

[N8Magic]

Wow, now THAT is some legalese.

 

[tm37]

together with a prepayment fee equal

sounds like yes

 

[Greyd]

so I'd call Brandy Barton at x58337 and ask.

With the danger of sounding stupid....is the above comment a joke or serious?


Thx

 

[Greyd]

sounds like yes

Dang.....not worth it then.....if thats true. Anyone else have any idea?

 

[PsychoAndy]

Originally posted by: Greyd

so I'd call Brandy Barton at x58337 and ask.

With the danger of sounding stupid....is the above comment a joke or serious?


Thx

You do realize that in the entire time it took you to formulate, type, and post that you could have called 800.999.3355 already and found out yourself?

-PAB

 

[Greyd]

DOH

 

[glen]

Sounds like the fee starts in the third month, which would start day 61.
So, no fee if before 60 days.
Got it?

 

[Greyd]

D'DOH closed!

 

[glen]

Originally posted by: Greyd
D'DOH closed!

You arn't satisfieid with my explaination?

 

[glen]

a prepayment fee equal to the following percentages of the original Principal amount at the point in time that the prepayment is made: For a 36 month term: 3% in months 3-12

Months 1-2 (60 days or less) are 0%

 

[Greyd]

You arn't satisfieid with my explaination?

Woops..didnt refresh before posting my reply. Thankie.

a prepayment fee equal to the following percentages of the original Principal amount at the point in time that the prepayment is made: For a 36 month term: 3% in months 3-12

Ok, so if I pay it off in say 6 months (after the 60 days window) then I will be paying 3%. But then is there an additionaly penalty for paying it off before the allocated 36 months? So will I be paying amount+3%+penalty fee? I know this happens with some loans.

Thanks for all the help guys...much appreciated

 

[Steve819]

Prepayment: If you pay the entire Dell Order Total dollar amount on or before the 60th day after the Commencement Date, you will pay no interest or Processing Fee.

If you pay the loan entirely off on or before 60 days are up, you pay no interest or additional fees.

Thereafter, the Loan may be prepaid in whole, but not in part, upon payment of the next scheduled Payment due under the Loan plus the then outstanding Principal balance of the Loan and all other amounts due and owing under or in connection with this Loan,

At this point, you can pay the loan off entirely, (not partially), but by doing so, you incur additional fees.

For a 36 month term: 3% in months 3-12, 2% in months 13-24, 1% in months 25-36.

Your fees are equal to 3% of the principle (size of the loan you have taken out) in months 3-12, 2% in months 13-24 and 1% in months 25-36. This is assuming you are on the 36 month loan plan. You are paying the principle plus an additional fee, depending on when you pay back the loan.

For a 48-month term: 4% in months 3-12, 3% in months 13-24, 2% in months 25-36 and 1% in months 37-48.

For a 48 month plan, you pay the following fees.....