Payment for Secured Loans

[bige1030]

I'm sorry to hear about your terrible situation. Charging interest like that ought to be a crime! If I'm not mistaken, it looks like your interest rate is around 18.24% to 19.8%. (I'm a mathematician...so I got curious and ran your numbers!) I can't believe that loans are even allowed to be written at that rate of interest! It's just terrible!

I really hope that things will go well for you and that your truck doesn't suffer from a major breakdown. If you can afford to do so, baby that truck! Treat it to more frequent routine maintenance with the hopes of it treating to you to lower maintenance costs in the long run. Perhaps, in the process, you could make a good friend in a diesel mechanic...and hopefully this friendship means discounts for you! (But of course, make the friendship mutual...take care of his/her kids every once in a while, or help them out in whatever way you can.)

[Granny]

I'm sorry to hear about your terrible situation. Charging interest like that ought to be a crime! If I'm not mistaken, it looks like your interest rate is around 18.24% to 19.8%. (I'm a mathematician...so I got curious and ran your numbers!) I can't believe that loans are even allowed to be written at that rate of interest! It's just terrible!

Actually, it's 12% and 13.95%. There was some double dipping done when the paralegal worked out the deal with the creditors attorney, and that skews the numbers. We are paying 12% for the note, but they added the interest that accrued before I filed 48 days later. Then we are paying interest on their attorney fees too and finally, we are paying 13.95% on the arrearage of the first payment that was due 4 days before I filed. So it probably does work out to 18-19%. They claimed that my pre-BK interest rate was 13.95, but it amoritized out to 15.52%. Like you, I crunch numbers all the time. Finance companies for trucking companies are notorious for not stating the actual interest and because they are not consumer loans, the disclosure requirements for APR are non-existant.

I really hope that things will go well for you and that your truck doesn't suffer from a major breakdown. If you can afford to do so, baby that truck! Treat it to more frequent routine maintenance with the hopes of it treating to you to lower maintenance costs in the long run. Perhaps, in the process, you could make a good friend in a diesel mechanic...and hopefully this friendship means discounts for you! (But of course, make the friendship mutual...take care of his/her kids every once in a while, or help them out in whatever way you can.)

We have a friend who could do the end frame when the time comes, that runs about 15K. But like most repairs, there is usually no warning and you are at the mercy of the mechanics of where you happen to break down. We lost the transmission in October and he was trying to baby it home because we knew that local repairs would be cheaper, but he only made it as far as Arkansas. It cost us an extra 1500, the total was 7K. That's what caused the refi...we should have given them the truck then, or rather told 'em where they could pick it up. Wanna bet that's what we tell them in a few years.

Anyway, thanks for the good wishes.