When I called Harley Credit to get the payoff on the bike I got from my brother they told me the payoff quote was good for 10 days as long as no payment was recieved on the account during that time period.
I got my loan from the credit union and they deposited the money in my checking account and I called Harley and did an electronic transfer and they had there money that night. If only all my other dealings with them had been that easy.

 

Not sure about harley never dealt with them.....But on a conventional loan you can call and get a ten day payoff......What you save is the interest you would have paid if you would have taken the note to term..............Should be cheaper to pay off early...............................LO............ ........................

 

Its a straight auto loan, I had never heard of anything like this either but I recently refinanced my home to pay off some bills and do some remodeling, the guy that was working my home loan is the one who told me to try and haggle with my creditors on the payoff amounts. I thought it was B.S. myself untill the finance company with the car said they would take less as long as I could have the payoff to them by the end of the week. Needless to say there payoff is on its way.

 

When you call and get a payoff amount, they are figuring what principle is left, less the interest. That is why you think they knock off $$ and why they give you a few days before you have to check again. Interest incuurs. Payoff includes only outstanding principle. It is smart to pay it off and save the interest if you can afford it. If you actually call to negotiate the true amount still owed, it will and should affect your credit. You agreed to a certain amount when you bought the bike. Time to negotiate is then.

 

I prefer to use the equity in my home to make larger purchases (car, truck, etc) the rate is deductible and I can reuse it once I pay it off....the bank I use, we have an open line of credit..once we spend an amount, we can then lock the rate at that time on that balance until paid in full. Works great for me, and limits reapplying for loans thru a dealer...just walk in deal, and then cut a check

 

Nope, Im not a complete moron I know the difference in a payoff amount and the loan balance. The loan balance is the amount owed if the loan goes full term. Payoff is the amount owed right now to payoff and save on intrest charges. I haggled on the payoff amount not the loan balance thank you very much.

 

I deal with and have checks written for auto, home, you name it loans and have dealt with probably in the neighborhhod of over 10k checks written like this and have NEVER found an account in good standing that would haggle. A pay off amount with no intrest is normal and will be less then a term pay off... but their is no benefit to them to do it. No reason too. you got a wierd lucky deal!!

 

go in and cancel your gap so that they can get that working I found out the hard way almost three weeks after I payed mine off.

 

Actually the loan balance is the net principal due at the time you make the inquiry - it reflects whatever prinicple you've paid to date since inception. Your payoff amount would include this PLUS any total NETinterest NOT already paid down since inception which accrued during the outstanding term to dateof the loan.

Doubt you haggled on anything...by paying the note off early, you simply eliminated any REMAINING accrued interest that would have been due IF you had the loan out for the full term as planned.

 

Could be your negotiating out of a early payoff fee . Some loans could have them.
I always inquire and won't take outa loan with it .
All the loans I paid off early ........................ I must be owed kathousands .