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Question

Submitted 189 days ago...

Forged983

Forged983

New User (1)

Car loan buy out

Loan amount $36,213.30
Interest rate 5.9%
Term 60 months
What is the buy out at month 11 after 10 payments have been made?

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Answer 1 / 2 - Submitted 188 days ago...

jamieboyster

jamieboyster

Authority (586)

Ask your lender, They will give you a '10 day payoff'.
That means that they will give you an amount to pay the note off, it will be good for 10 days.
I would guess around $33,000
It won't be very low, in the first part of a loan most of the payments go to interest. Even if the interest is low.

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Answer 2 / 2 - Submitted 180 days ago...

mgsteele

mgsteele

Beginner (26)

IF I figured this right, I'm guessing your payments were around $698 or $699 per month. If that is correct, after the 10th payment your principle balance should be around $30,893. I used an online amortization schedule and it shows that the interest on the loan is between $160 and $180 per month. jaimeboyster was correct, as your lender should be able to give you a 10 day payoff over the phone, but you can use an online amortization tool like the one at www.bankrate.com and it gives a pretty good break down of your payments. So it is correct to say that your payoff will probably be around $32,000 since only about $500 or so of your payments has been going to interest. Hope this helps! Good luck!

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Car loan buy out

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