[Yamez]

I've only had my 3 for about a month and made my first payment recently. I'm already thinking about trade in value. I'm thinking about getting a Mazdaspeed when they are available but don't want to be upside down on my trade. I have about $2000 available for wheels and upgrades to my new 3 but I'm thinking about sending extra payments to get my balance down.

1. How do extra payments work? If you send extra on every payment, does the extra go towards the principal or are you paid in full for the next X amount of months?

2. How much do you think the balance remaining on a loan would be to come out even or ahead on a trade in, even if it's a year from now?

3. Any predictions on what a MS3 will cost?

I know it's a lot of questions, thanks for your time.

 

[autoXsheep]

I don't know about 2 & 3 but you need to talk to whoever you got your financing about #1. Some companies will apply any extra paid towards the principal. Others will just credit the extra towards the next payment. You might have to specifically note that you want the extra to go towards the principal and not the next payment. I'd check after a month or two to make sure it was being applied properly too.

I worked with a guy that had financing through Chrysler and he had been sending in extra each month for a while. He called to get a payoff amount and found that the extra hadn't been put towards the principal only. Instead he it was just 5 months before his next payment would be do.

 

[n1smo]

I don't know about 2 & 3 but you need to talk to whoever you got your financing about #1. Some companies will apply any extra paid towards the principal. Others will just credit the extra towards the next payment. You might have to specifically note that you want the extra to go towards the principal and not the next payment. I'd check after a month or two to make sure it was being applied properly too.

I worked with a guy that had financing through Chrysler and he had been sending in extra each month for a while. He called to get a payoff amount and found that the extra hadn't been put towards the principal only. Instead he it was just 5 months before his next payment would be do.

Unless stated otherwise, it should be a simple finance? simple loan? whatever it is called. So, whatever you pay extra goes toward the principle and there are no penalties for early payoff. If you are financed through Mazda, you should be good.

 

[Yamez]

I'm financed through Mazda Now I'm thinking if I should pay this loan down to get into a Mazdaspeed. I have my S-plan that I can use if it's available for the MS3 and hopefully owner loyalty. I think my wanting a MS3 comes from purchasing an AT 3s, I find myself using the manual shift alot :?

 

[cowtown]

If it's a purchase then any extra payments will apply to the Principle, if it's a lease your throwing money into the trash.

 

[Anarkraft]

my plan is to work towards paying off my 3, and any money i can save on the side i will. And at the time i pay off my car, i will then decide whether to get a MS3 or mod this one. However, if I know me, and I think I do, I will probably get I/H/E as soon as they come out, and maybe get some lightweight 17s(14.5lbs ea.) that should quicken her up a bit more.

 

[dinu01]

May we take this to Pricing since it relates to the finacial aspect of owning the 3? Thnaks!