Vehicle finance settlement.

[blue-eye-boy]

How do you calculate the settlement amount of vehicle finance? I bought my car 1,5 year back, so it stands on 36 months left. I paid R107 000 for it, and it was on prime interest. I know I can ask bankfin, but they're closed now. Ideas?

 

[undesign]

Do an amortisation schedule. I think Excel has templates - I'm too lazy to do it now. My best guess is after 18 months you've paid mostly interest and not too much capital.

Or use your HP business calculator

 

[blue-eye-boy]

Thanks, I just found This: http://www.suncorp.com.au/suncorp/p...tors_tools/lump_sum_repayment_calculator.aspx , and according to that the settlement will be R 74 000. Sound right?

 

[Maelly]

Just to be sure, u may want to call bankfin on monday in order to get the exact amount. Im also told that the figure is valid for a months or something.

 

[blue-eye-boy]

Just to be sure, u may want to call bankfin on monday in order to get the exact amount. Im also told that the figure is valid for a months or something.

Yes I will. This is just for some calculations.

 

[hj2k_x]

Thanks, I just found This: http://www.suncorp.com.au/suncorp/p...tors_tools/lump_sum_repayment_calculator.aspx , and according to that the settlement will be R 74 000. Sound right?

Looks like a useful link...Excuse me for being a bit dof, but what did you enter to arrive at that amount?

Edit: NVM. I figured it out

 

[Smurfatefrog]

Thanks, I just found This: http://www.suncorp.com.au/suncorp/p...tors_tools/lump_sum_repayment_calculator.aspx , and according to that the settlement will be R 74 000. Sound right?

Remember that the prime rate has changed a lot over the last 18 months and those calculators generally just allow you to use a set rate
R74k seems very low though, using 15% average i get around R80k
It needs to be around 3% to be R74k, maybe you financed it in the UK at their prime of 1.5%