How do you make your payments?

[nerp]

Do you write a check for the exact amount?
Do you pay online?
By phone?

Me? I pay online and throw $20 here, $50 there, $100 there, $40 there, etc. I am overpaying the monthly payment amount in the hopes of paying off my Yaris 2 or 3 years early. I find that throwing a little cash towards it every few days ends up being easier than making the lump payment every month and I end up paying much more.

[TickleTimeTim]

i was told that if you pay more than your monthly payment, you need to send two checks in. one that says car payment, and the other labeled principal.

[nerp]

i was told that if you pay more than your monthly payment, you need to send two checks in. one that says car payment, and the other labeled principal.

I've heard this too. Thankfully, I have 0 percent interest.

I've also heard that you can write on the one check "apply extra towards princpal" or something. Not sure if this is true.

[Jeemee]

I pay online and always overpay.

[Lafiro]

One big lump of cash. eh no sarcasm.

[RHDVIPbB]

Online. I go over every now and then if I have the money.

[MadMax]

automatically deducted from our checking account. The wife's minivan is the same way. I paid cash for the Jeep (which cost more than the Yaris but $3000!).

Cheers! M2

[PETERPOOP]

I pay by.....oh wait, paid cash for the car. ;)

[DefStarYaris]

I pay online. Once in a great while I pay about double just to try and get it over with a little faster.

[Gideon]

A pay one and half my standard payment every month auto deducted from my checking. I'm so scatterbrained that I wouldn't remember to pay otherwise.

[tristan]

pay online, always overpay and try to stay a month ahead

[eii]

1 of my limbs every 12 months...well at least it feels like that. I can do it at my credit union (2.99% interest son! yeeeee!!), online transfer, or phone. Which ever I feel like it. I pay my fixed payment for the duration of my loan, no more no less. I dont think I have an option to pay less actually...i'ze poor :'(

[SailDesign]

Online. I go over every now and then if I have the money.

+1.

[nerp]

A pay one and half my standard payment every month auto deducted from my checking. I'm so scatterbrained that I wouldn't remember to pay otherwise.

FYI, you can configure the online payment system to send you an e-mail reminder when a new statement is ready as well as when payment is due within 9 days. I log in almost daily, but it's a nice backup in case you meet a hot young lady and get absorbed into a torrid affair and forget about the mundane aspects of life. :)

[Kal-El]

I've heard this too. Thankfully, I have 0 percent interest.


IMO, there's no point in paying off early if you have 0% interest. Especially if it means sacrificing in other areas to do so. But if money is no object, go for it.

The main point of paying a loan off early is to save on interest but you are not paying any interest.

Unless you just don't want to be upside down.

[enobmort42]

i have it deducted automatically each month. it's gotten to the point where what was once thought of as the worst time of the month for any man, now takes second place to the day all the bills are taken out... =\

[SaerinRhoe]

I paid double on the first payment and I pay $50 extra each month with checks mailed to the bank and I pay $5 for a return receipt so I know they get the payment. Hopefully when it's all said and done I'll pay the car off a year early.

Hopefully...

S.R.

[GeneralDon7]

I pay online, I try to every now and then pay more, but not always an option for me.

[nerp]

IMO, there's no point in paying off early if you have 0% interest. Especially if it means sacrificing in other areas to do so. But if money is no object, go for it.

The main point of paying a loan off early is to save on interest but you are not paying any interest.

Unless you just don't want to be upside down.

You raise a very fair point. I guess I just want to get the debt off my back sooner than later (it's not that big of a deal). There's something nice about having that title in your hands. Plus, I hope to have the car fully paid off and still have time to enjoy the extended warranty, etc. It also ends up saving a few bucks on insurance.

[nemelek]

15 years ago I sent everything by mail. Now I might use one stamp a month. No wonder the Post Office is going broke.

[AlexNet0]

at 14.9% INterest, I pay as much as possible, as often as possible, all online, because over the phone and mailing costs me extra.

[brainless twit]

I pay online, $50 over every month and an extra payment twice a year when I get 3 paychecks in a month. I'm hoping to pay it off before I wreck it!

[frownonfun]

yeah you really shouldn't pay extra unless you are specifying that the extra cash is to be applied toward the principal.

[Pitt Yaris]

Yea, I can see a lot of people paying extra and then 'expecting' it to go to principal. When I start paying extra I might mail two checks and have a not saying to apply the one ONLY to principal.

[SilverBack]

Mine's on auto-pay with all the other bills because I'm not home most of the time

[Cutie Pie #2]

Mine's all paid. I only had a loan for a year, just paid it off two months ago. What a nice feeling.:thumbup:

[Kal-El]

at 14.9% INterest, I pay as much as possible, as often as possible, all online, because over the phone and mailing costs me extra.

Good to know I'm not the only one with high interest. Mine is 20%!

Had to buy immediately after my bankruptcy discharge to replace a car with 253,000 miles on it. My wife will be getting out of school and starting a new job soon so I'll be able to pay it down quick.

[rningonfumes]

at 14.9% INterest, I pay as much as possible, as often as possible, all online, because over the phone and mailing costs me extra.

Good to know I'm not the only one with high interest. Mine is 20%!

Had to buy immediately after my bankruptcy discharge to replace a car with 253,000 miles on it. My wife will be getting out of school and starting a new job soon so I'll be able to pay it down quick.


You guys aren't alone. I was at 14 %-Toyota Finanacial for the first year and then I refinanced with the local credit union down to 9.74 %... for another 84 months. Why 84? I'll explain: makes my payments low enough to where I can pay off the unsecured debt without worrying about the good loan (carpayment). Went from 378 to 270 a month. Now it looks like I'll be free of credit card debt (unsecured ) by the end of this year and then I'll put as much as I can afford over the 270 a month, maybe pay the car off in a year and half.

So stick with it! And try to refinance after a year or so.

OH, and I pull out money to pay at the bank in person.

[sf180th]

I have it deducted automatically from my bank account, don’t pay any extra and have 6.00% interest. Car will be paid off in full next month!

[mr9865]

I pay my dad 400 a month, nothing beats interest free lol

[AlexNet0]

I pay my dad 400 a month, nothing beats interest free lol

$400!! holy shnikes, well, I guess thats about right, car payment AND insurance land me at 500 a month. jesus I hate being young.

[mr9865]

$400!! holy shnikes, well, I guess thats about right, car payment AND insurance land me at 500 a month. jesus I hate being young.

Yep pretty much all I make a month is 700, and i dont even have a yaris lol

[IllusionX]

my car's on lease.. it's automatically deducted from my account. It's not even an option to do it any other way.

When i financed my echo, and could only do automatic payments through my chequing account. I guess it is possible to overpay, but i would have to send a cheque to Toyota Credit Canada...

[GeneW]

My bank's staff are ass pains. They do not accept online payments, except for automatic bank account deductions. Otherwise you send them a check in the mail. I've literally begged for an online payment system, I even opened a checking account for that purpose. No dice. They've promised me that they'll "have it soon" but every six months or so we have a little phone conversation and they say "No, not yet".

They're stuck in the 1970s..... Every other creditor I have will gladly accept online payments. I sit down in front of the PC and do my thing when I feel like doing it.

Gene

[RagnaCaT]

Well mine is deducted directly from my Paycheck Bi-weekly so it's $122.50 every 2 weeks and I have a month payment ahead. Feels better that way instead of paying the whole payment at the end of the month. I'm glad I got a 5.85% intrest for both yaris's but my wife's SD I have to go monthly to the bank and pay it :frown:

[360cubes]

Interest sucks - pay cash. I've bought all my vehicles up front. You can save more this way, too, as cash incentives can get you an additional 20% off, well, if you buy GM lol.

Toyota wants 3.9-5.9% for finance...no thanks.

[ozmdd]

Good lord! Some of the payments here don't hardly seem worth it! I financed $9000 at 4.00% through my CU, and paid the other $4000 down cash from selling my 1997 CRV privately (Trade-in is always the worst way to go. My dealer offered me $500!). I know we all need reliable transportation, but buying used can really save you money. If you look online, you can find 06 and 07 Yarii for $7-8K, and a good Echo/Corolla can be had for $4k.
Kudos to the folks here who mentioned paying off their credit card debt; its the single best thing you can do for yourself. I learned the hard way too, but its been really satisfying to live debt-free since I bit the bullet and paid everything off. It took over a year of living on a shoestring and skipping ALL fun spending, but you'll never regret it. Once that Yaris is paid off, drive it till at least 200,000 miles! That's how you get your money's worth. My CRV had 190,000 and ran fine. Wife's 2000 Accord has 160K, my 92 Chevy p/u has 205K, all run perfect. Today's Hondas, Toyotas and Mazdas will easily go 200,000 with simple maintenance. OK, no more preaching...just wanted to share that you don't have to spend $500/month to own a good car like the banks/car companies want you to believe you do.

[nerp]

Wow, 14 and 20 percent interest!?! I feel for you guys. Holy smokes. I wouldn't have bought a new Yaris unless I could get 0 percent financing -- and I did. That made it a no-brainer for me since the price was great and I knew I could pay it off aggressively. I had spent the previous two-to-three years like the poster above me to clear my debts and rebuild my credit score, so the timing was just right for me.