Settle Bank Vehicle Financing
Prepaid debt repayment is everyone’s right. Check out how to pay off vehicle financing at banks.
If you are considering repaying your vehicle financing and are having difficulty with your bank, be aware of your rights, as the Consumer Protection Code guarantees the right to repayment and the proportional discount of interest and finance charges in case discharge in full or in part.
How to pay off vehicle financing
The first step is to look to the bank that has contracted the vehicle financing to inquire about the amount to be paid and how much discount is being offered. Check your contract for the total amount that was financed, the term and the interest rate.
You have the right to pay off your vehicle financing, but be aware that you will not only pay the outstanding balance (interest free), you will be charged more than the actual outstanding balance for the unpaid installments at the actual interest rate (updated ).
The Consumer Protection Code () guarantees the right to early discharge, but banks often take a long time or often refuse to report the outstanding balance to continue to receive interest any longer. In this case, you can look for the nearest Consumer Protection Agency
How to calculate the outstanding balance of your financing
To help you calculate the outstanding balance of your financing and estimate the discount amount you can use the PRICE table (used by Best Loan) to do the simulation. This simulator applies to financing or leasing. Minor variations in amounts may occur due to other financing costs not entered in the calculator or the interest rate that may vary by bank.
Be aware of Total Effective Cost (CET) and Financial Transactions Tax (IOF), as these rates may also change the values entered in the calculator.
There will be no charge for early settlement of installments for contracts signed after December 10, 2007. For contracts made before that date, charges will be allowed.
How to repay vehicle financing at five banks
Good Finance – If your financing was done by Good Finance, you can do everything online through the Good Finance website. Simply go to the customer area, enter your social security number and select the “early settlement” option. You can also contact the Relationship Center.
Honest Bank – In order to pay off the financing made by Honest Bank, you must go to the Honest Bank website and select the “restricted area for customers”. Select the Payments-Payments menu in installments calculation and select “Total Contract Settlement”. Or contact the Honest Bank Relations Center.