morganthedog
New member
I have a 2007 Corolla that I got in Feb of 08 (I've had it 2 years now). I keep checking my payoff amount online because I'm interested in paying it down enough to trade it in/sell it/ get rid of it/ whatever. Now let me defend myself for a second here- I know that right now is possibly the worst time ever to get rid of a toyota. But I'm willing to wait, take less for the car, whatever I have to do to get rid of it. The only reason I got a toyota was because of reliability. Now toyota has shot themselves in the foot on that one and I'm so pissed off at this company that I want nothing to do with them anymore. This corolla is NOT a recall by the way.
Anyways! I keep checking my payoff amount. It keeps going up every day by a few dollars. For example yesterday it was $10311. Today it's $10319. I guess the only thing it could be is interest but my normal payment is $270 a month and I'm paying between $700 and $800 on it every month in a dire attempt to pay it down. I thought whatever you pay extra goes toward principle, not interest. Is that completely wrong? I do online payments by the way. My payoff amount has gone up $45 in a week and 1/2 since the last time I paid on it. WTF?
Oh and for what it's worth I'm trying to get the payoff amount to $6000 or less. That's kelly blue book for a trade in on a fair condition one. Or I may try to sell it for $7000. Though I doubt anyone would buy a toyota right now.
oh. I didn't realize that interest was calculated daily. Kind of sucks, but that's the price you pay when you buy a car, huh? lol
Anyways! I keep checking my payoff amount. It keeps going up every day by a few dollars. For example yesterday it was $10311. Today it's $10319. I guess the only thing it could be is interest but my normal payment is $270 a month and I'm paying between $700 and $800 on it every month in a dire attempt to pay it down. I thought whatever you pay extra goes toward principle, not interest. Is that completely wrong? I do online payments by the way. My payoff amount has gone up $45 in a week and 1/2 since the last time I paid on it. WTF?
Oh and for what it's worth I'm trying to get the payoff amount to $6000 or less. That's kelly blue book for a trade in on a fair condition one. Or I may try to sell it for $7000. Though I doubt anyone would buy a toyota right now.
oh. I didn't realize that interest was calculated daily. Kind of sucks, but that's the price you pay when you buy a car, huh? lol