Car Payment (Am. Honda) - Paying Extra Principle? - Page 2 - Drive Accord Honda Forums | radio-pro.ru
Reply
LinkBack Thread Tools Search this Thread Rating: Thread Rating: 14 votes, 5.00 average. Display Modes
post #16 of 33 Old 11-09-2008, 05:47 AM
3rd Gear

tbowie's Avatar

Join Date: May 2008
location: Maryland
Posts: 133
Thanks: 0
Thanked 0 Times in 0 Posts
I dont pay through owner link - I use my bank's online billpay to "mail" a check. I pay extra every month and it is automatically applied to the principal and noted on my monthly statement. As stated previously, this decreases your next month amount due. No need for an extra check. From my statement "When making early loan payments or payments greater than your 'Regular Payment Amount', your principal is reduced and a credit shows toward your next month's payment."


2008 Honda Accord Sedan EX-L i4 5AT
Alabaster Silver Metallic / Black
OEM Door Edge Protectors
OEM Splash Guards
OEM Wheel Locks
tbowie is offline
Advertisement

post #17 of 33 Old 11-09-2008, 06:05 AM
ol' school SQ

EvolNtent's Avatar

Join Date: Aug 2008
location: SC
Posts: 482
Thanks: 0
Thanked 0 Times in 0 Posts
I hate the Am. Honda payments. My payment is $516.33 and I usually pay $1000/month. Then the next month they skip payment. I think they do this so it's more difficult for you to pay principle off b/c you will have to manage the account more. That way they get more interest out of you. I'm looking to switch mine and have my bank pay it each month as someone stated.

EvolNtent is offline
post #18 of 33 Old 11-09-2008, 06:26 AM
4th Gear

spikeitaudi's Avatar

Join Date: Aug 2008
Posts: 492
Thanks: 1
Thanked 3 Times in 3 Posts
Don't skip your payment even if you can. Just keep paying 1000 every month.

Current:
13 Honda Accord EXL V6 Crystal Black
12 Honda Pilot 4WD EXL-RES Bali Blue

Previous:
10 Honda Crosstour 4WD EXL Glacier Blue
10 Honda Pilot 4WD EXL-RES Bali Blue
08 Honda Accord EX I4 Sedan PMM
07 Honda Pilot 4WD EXL-RES
06 Honda Accord SE Sedan
04.5 VW Touareg V8
04 VW Touareg V6
01.5 Audi 1.8T Quattro
01.5 VW Jetta VR6
98 Acura Integra RS
spikeitaudi is offline

post #19 of 33 Old 11-09-2008, 06:33 AM
5th Gear

npolite's Avatar

Join Date: Oct 2007
location: Drexel Hill, PA
Posts: 932
Thanks: 1
Thanked 1 Time in 1 Post
I just checked with my sister's loan. It does show how much of the principle is being taken off each month. For example, if you put say $600 in a month then your principle should show as $550 and $50 for interest even though she only needs to pay $350/mth. While next month your total due will be zero, you should still make your normal payment.

[SIZE="1"]
2007 TSX - Auto - 93k miles - Non Nav - CGP - Mine
2009 Altima 2.5 SL - 123k miles - Auto - Sister's
1999 Accord LX Sedan - Auto - 109k miles Dad's
2012 Camry LE - Auto - 18k miles Mom's
2016 Pilot - 22k miles Sister's
npolite is offline
post #20 of 33 Old 11-09-2008, 06:35 AM
3rd Gear

tbowie's Avatar

Join Date: May 2008
location: Maryland
Posts: 133
Thanks: 0
Thanked 0 Times in 0 Posts
Quote:
Originally Posted by spikeitaudi View Post
Don't skip your payment even if you can. Just keep paying 1000 every month.
exactly. My payment is $339 and I epay $700/mo every month regardless of what my statement says.

2008 Honda Accord Sedan EX-L i4 5AT
Alabaster Silver Metallic / Black
OEM Door Edge Protectors
OEM Splash Guards
OEM Wheel Locks
tbowie is offline
post #21 of 33 Old 11-09-2008, 07:07 AM
ol' school SQ

EvolNtent's Avatar

Join Date: Aug 2008
location: SC
Posts: 482
Thanks: 0
Thanked 0 Times in 0 Posts
I know I need to keep paying but it's a hassle. It defeats the whole purpose of "easy" pay if you still manually sign on and make the payment.
EvolNtent is offline
post #22 of 33 Old 11-09-2008, 07:47 AM
4th Gear

spikeitaudi's Avatar

Join Date: Aug 2008
Posts: 492
Thanks: 1
Thanked 3 Times in 3 Posts
And you think writing a check, putting it in the envelope, putting a return address, then sealing the envelope, then putting a stamp, and lastly putting it in the mail is easier?

Current:
13 Honda Accord EXL V6 Crystal Black
12 Honda Pilot 4WD EXL-RES Bali Blue

Previous:
10 Honda Crosstour 4WD EXL Glacier Blue
10 Honda Pilot 4WD EXL-RES Bali Blue
08 Honda Accord EX I4 Sedan PMM
07 Honda Pilot 4WD EXL-RES
06 Honda Accord SE Sedan
04.5 VW Touareg V8
04 VW Touareg V6
01.5 Audi 1.8T Quattro
01.5 VW Jetta VR6
98 Acura Integra RS
spikeitaudi is offline
post #23 of 33 Old 11-09-2008, 09:51 AM
4th Gear

Join Date: Jun 2008
location: Miami
Posts: 400
Thanks: 0
Thanked 0 Times in 0 Posts
Quote:
Originally Posted by EvolNtent View Post
I know I need to keep paying but it's a hassle. It defeats the whole purpose of "easy" pay if you still manually sign on and make the payment.
Every bank I know of has an payment page on their web site where you can schedule single and recurring payments and the bank takes care of sending the money for you. It's your friend, use it. I don't let ANYBODY take money automatically from my checking account ever since on my last Mercedes they decided to withdraw an extra payment from me at the end of the lease, then took them 4 months to refund the money.

2008 Taffeta White Sedan EXL-NAV I4

OEM USDM: Interior Illumination, Back-Up Sensor, Body Side Molding, Door Edge Guards, Splash Guards, Bumper Applique, All-Season Floor Mats, Trunk and Lower-Dash Insulators (from V6), Car Cover
OEM Imported: Illuminated Side Step Garnish, Headlight Protectors
Non-OEM: 3M Clear-Bra, V-LEDS LED's
taffwh2008sedan is offline
post #24 of 33 Old 12-11-2008, 08:21 PM
banned

Join Date: Dec 2008
location: South Florida
Posts: 242
Thanks: 0
Thanked 0 Times in 0 Posts
putting cash toward a depreciating asset is not the wisest decision, even with Honda's 52% resale value. Anything extra you put towards the car must be tallied up over the reduced time period it would take to deplete the principal. Then, take the resale value of your car in that year, say 2012, and see if your decision makes sense. extra 150 over 8 yrs is 8k. I assume the car will lose more than 8k in the first 4 yrs of the car's life. You would probably save under $1000 in interest total, from your strategy too. so, that does not hold water either, I believe.
1stHondasofar.. is offline
post #25 of 33 Old 12-11-2008, 11:05 PM
PKT
4th Gear

Join Date: Jul 2008
location: Indianapolis
Posts: 223
Thanks: 0
Thanked 0 Times in 0 Posts
Quote:
Originally Posted by 1stHondasofar.. View Post
You would probably save under $1000 in interest total, from your strategy too. so, that does not hold water either, I believe.
Yeah.... are you sure about that? It really depends on your interest rate. You can save several thousand dollars by paying off early, depending upon the loan...

2008 EX-L V6 Coupe NBP
PKT is offline
post #26 of 33 Old 12-12-2008, 07:17 AM
5th Gear

clewttu's Avatar

Join Date: Mar 2008
location: Dallas
Posts: 761
Thanks: 0
Thanked 0 Times in 0 Posts
and if you have 0% interest, there really is no point at all...is there?

2008 Accord Coupe EX-L NAVI V6 AT NBP
clewttu is offline
post #27 of 33 Old 12-12-2008, 07:25 AM
8th Gen Audio Expert

JamieJam1AIM's Avatar

Join Date: Mar 2008
location: South Fla.
Posts: 1,713
Thanks: 1
Thanked 1 Time in 1 Post
Send a message via AIM to JamieJam1AIM
FYI Also something so People dont know and they dont always tell you, you can request to defer a payment once every 12 months so If you dont have enough to cover one month... you can skip the payment and then a 60 month finance would become 61 and so on.. it wont go on the credit report so long as you contact AHFC and get a transaction #. But the Intrest on the loan does accrue.. if you have it, just pay the interest for that month... I had to do it some years back with my 5th Gen in 1994 when My gov't job fouled up the payroll and we didnt get paid for a month...

"The Black Widow Accord" SOLD!!!!!!
"Team Hybrids" Hybrid Audio Technologies & JL Audio Sponsored Sound Quality Competitor.


2011-12-13 IASCA Amateur "North American Champion"
2011 IASCA Amateur Sound Quality, (RUNNER UP)"North American Championships"
IASCA 2012-13 Spring Break Nationals SQC Amateur Champion
IASCA 2011-12-13 Spring Break Nationals Install Amateur Champion
2012 IASCA Competitor of the Year
2012 IASCA Triple Crown Champion
Mods:
Full S/Q Competition AudioSystem
JamieJam1AIM is offline
post #28 of 33 Old 12-12-2008, 08:23 AM
4th Gear

Jakerx's Avatar

Join Date: Apr 2008
location: Dallas, TX
Posts: 332
Thanks: 0
Thanked 3 Times in 1 Post
Quote:
Originally Posted by EvolNtent View Post
I hate the Am. Honda payments. My payment is $516.33 and I usually pay $1000/month. Then the next month they skip payment. I think they do this so it's more difficult for you to pay principle off b/c you will have to manage the account more. That way they get more interest out of you. I'm looking to switch mine and have my bank pay it each month as someone stated.
This makes absolutely no sense. They are not "skipping" payment. It's just that no payment is due. You can still make a payment if you wish.

'08 Accord Coupe EX-L V6 w/ Navi - Traded in 07/11
Jakerx is offline
post #29 of 33 Old 12-12-2008, 11:14 AM
ACCORDing to me...

rexflexall's Avatar

Join Date: Aug 2008
location: Las Vegas
Posts: 322
Thanks: 0
Thanked 0 Times in 0 Posts
I called American Honda Financing about this, and the person confirmed that ANY money paid over the monthly payment goes directly toward the principal of the car. I get my monthly statements in the mail and even though the maturity date is the same and the monthly payment goes down, the principal in the car is less than if I were to just make the minimum payment (just compare the principal to the car with the principal if you were only making the minimum payment monthly). If you pay double your monthly minimum payment, you will get the next month's statement saying you owe $0.00 for that month. This is just a ploy for Honda to keep making interest money off of you if you don't pay that month. Even if it says $0.00 dollars you can pay anyway, and all of that money will go straight to the principal of the car. The quicker you pay off the car the less money Honda Financial will get off of you because of their interest rate. And because Honda Financial has no prepayment penalty, you can pay as much as you want every month.

2008 Honda Accord EX coupe in PMM "Kim" |Llumar Tint|Xpel Car Protection|Maui Built LPF|Auto Mirror w/Compass|Cargo Hook|Decklid Spoiler|Tomtom GO 730 GPS|Odyssey Lower Grill|M3 Roof Lip Spoiler|Fog Lights


1997 Honda Prelude "Angelina" 130k miles |3M Tint|Enkei Anthracite J10 rims|Fog Lights
SOLD...I will miss her...


Miss my old ride "Carmen"...she was stolen...
1994 Honda Accord EX sedan (with cell phone!)
rexflexall is offline
post #30 of 33 Old 12-12-2008, 04:56 PM
1st Gear

Join Date: Oct 2008
location: Houston, TX
Posts: 7
Thanks: 0
Thanked 0 Times in 0 Posts
All wrong. You pay your payment as stated in the invoice. But you write another check and send it to a different location. On the check you write Principal and account number. I send my check to

American Honda Finance Corporation, Cash Management Center
P.O. Box 165007
Irving, TX 75016

Please write "Principal Payment" and your full account number on your check to ensure the timely processing of you payment.


2008 Accord Sedan LX-P A/T
Alabaster Silver Metallic
Tints, Trunk Tray, Splash Guards, Deck Lid Spoiler, Hood Insulator Kit, HID 4300k 55watt

Planned Installation:
Trunk Lid Insulator
19" TSW Indy 500 Chrome
JVC KW-NX7000
Alpine PDX-5


1998 Accord Sedan LX
Black 200k miles!
AEM Intake, Carputer use as Audio
tn6478 is offline
Advertisement

Reply

Quick Reply
Message:
Options

Register Now



In order to be able to post messages on the Drive Accord Honda Forums forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.
The answer to the random question may be found under the Off Topic section of the forums and in the "Drive Accord Forums" category.

User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.

Password:


Confirm Password:
Email Address
Please enter a valid email address for yourself.

Email Address:
OR

Log-in









Human Verification

In order to verify that you are a human and not a spam bot, please enter the answer into the following box below based on the instructions contained in the graphic.



Thread Tools Search this Thread
Show Printable Version Show Printable Version
Email this Page Email this Page
Search this Thread:

Advanced Search
Display Modes Rate This Thread
Linear Mode Linear Mode
Rate This Thread:



Posting Rules
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On

For the best viewing experience please update your browser to


Related pages


honda accord modifiedplasti dip anthracite metallictsw willowspark plugs how oftensaturn vue 2003 transmission problems3m pinstripe removalhonda accord 2006 radio code unlockwhen vtec kicks inhonda accord navigation dvdblown head gasket symptoms hondaimage dynamics cxs64vhb tape home depotscreechy brakesreplace sunroofbosch 4508 spark plugsarizonian silver edition reviewngp coiloversleaking front strutmotive power bleederwhat is code p013592 honda accord tail lightshonda distributor problemsacura navi updateclean sweep jl audioredshift motorsportsmaaco paint job pricingradio code for 2007 honda odysseypinstriping costhow much does a honda civic battery costcode p1399megan test pipemegan racing ez2004 acura tl dash kit1990 accord lxhonda accord filters16x6 rims1998 honda civic vtec solenoid gasketbosch platinum ir fusion spark plugsunpass sticker installationhonda fuel injectorhonda obd ii p0420k24z21992 honda accord body kitsthrottle spacerengine code 0420crack in head gaskethonda accord reset oil lifesimoniz glass coatbroadway rear mirrorhomemade keyblade2006 tsx enginehr coilovers2007 honda civic rear shockswill theyfitxxr 531 18cam positioning sensorrecommended spark plugsfalken ziex ze 612castrol edge vs mobil 1civic timing belt replacement costwood trim kits2003 honda accord motor oillong term fuel trim high2002 honda accord maintenance required lighttsx rear window visorhonda accord windshield wipersakebono brakes reviewforgestar super deep concave f14 wheelswhat does an air intake resonator dois transmission flush necessarybutler hondastublinghow to unlock honda crv radiohonda service bulletinswhere to buy simoniz glasscoat for carsacura tl ecu reset