I'm over being angry about the interest the auto finance company is deducting from each payment. I am still shocked each time I see how much it is. I wish I new what formula they use to calculate it. Then I would know ahead of time what to expect.
Last week some of my bills were less than expected and I found an extra $40.41 to send them. This time only $14.55 was applied to the principal. $25.86 went to interest. That's still so crazy to me. I wonder if there is a difference dollar for dollar if I send the payments in as one large lump sum instead of the smaller payments. I mean do they charge less interest for one $300 payment than they do for six $50 payments? It sure seems like it works that way.
On an extremely positive note ** I AM ONE WHOLE MONTH AHEAD ON MY CAR NOTE!** I am so happy. My next payment is not due until April 28, 2008. I don't get paid until next week, so I haven't even sent this month's regular payment or extra payment. By the end of this month I should be 3.5 months ahead and I may even be under $13k owed on the car.
Plain and simple before April rolls in I will be right side up on my auto loan! Yay!!!! Maybe around June I can look into refinancing at a lower rate. I don't know anything about refinancing so I have to do my research and be careful.