Has anyone tried to pay off their Mahindra early?

[Nissan197]

This thread has opened my eyes. I have been paying 50 to 75 dollars extra a month for the last two years. I guess I better pay just what I have to. Bummer.....

[AchingBack]

My 36 mo. zero interest contract with AgriCredit contained a $225.00 administrative fee. If I would have had the cash, I could have bought the tractor for about $450 less. So, in reality, I paid $225 use someone elses money, I guess.

[DonWorrell]

Originally Posted by walt5500

Don,
It could be paid off early but you are still paying the same as 3 payments from April to July. 3 x 243.65 = 730.94 so looks like no break on the interest for early pay.

True but I opted for 0% interest for 36 months instead of a $500.00 rebate.

Don

[Drexel]

By calling it a no interest loan their is no benefit to paying off the loan early. I'm betting that most of you are like me in thinking that if you pay someone to use their money that's interest (sounds like the definition of interest to me). Example: I loan you 100 dollars at 10% interest. Because it's called interest if you pay it off early you won't have to pay me the interest left on the loan. Sooo what I do is loan you 110.00 with no interest. You can pay me off the next day and it won't matter. You owe me 110.00. If you want to give me extra money go ahead, I'll call it a future payment and apply it to the 110.00 that you owe. Funny how companies can twist the english language around to get it to say what they want.

[Duffster]

Originally Posted by Drexel

By calling it a no interest loan their is no benefit to paying off the loan early. I'm betting that most of you are like me in thinking that if you pay someone to use their money that's interest (sounds like the definition of interest to me). Example: I loan you 100 dollars at 10% interest. Because it's called interest if you pay it off early you won't have to pay me the interest left on the loan. Sooo what I do is loan you 110.00 with no interest. You can pay me off the next day and it won't matter. You owe me 110.00. If you want to give me extra money go ahead, I'll call it a future payment and apply it to the 110.00 that you owe. Funny how companies can twist the english language around to get it to say what they want.

Did the "company" put a gun to your head to get you to sign the papers?

Did you read what you where signing?

[Drexel]

Originally Posted by Duffster

Did the "company" put a gun to your head to get you to sign the papers?

Did you read what you where signing?

And here I thought I did pretty good just to catch the higher price of the "no interest loan"
Because I don't make my living in the finance world it's hard to keep up with a company that has a couple of Oxford degrees who spend their days trying to figure out ways to put the shaft to you.
But that's not the point anyway. To me the point is, do I want to deal with a company that does business in this fashion? I won't again. My intent is not to bash anyone or any company. The money I would have paid off the loan with is making a little interest for me and it's still available to me, so I'm not even complaining. I was just sharing my experience. My personal reason for not doing business with such a company is, what will they try next? To me it shows poor corporate character, but hey that's just the way I think

[Nightrain1]

So are you mad at Mahindra or agri credit? When I purchased my little humble set up, I asked if I paid it off early, would I save the interest. They told me no, but at a 1 or 2% rate, I decided I could live with that.
If this little loan bothers you, don't ever get a 30 yr mortgage, you will be madder then a hornet once you figure out you paid 3 times the original note over time.

[Drexel]

I guess I'm not making my point real clear, my fault. I'm good with the loan Mahindra/Agricredit gave me. After a number of questions and wading through the fine print I knew what I was getting into and still took it. I just didn't like the idea that they advertise a 0% interest loan and having to read the fine print to find out that you were being charged for the loan. As I said earlier if you pay someone to use their money to me that's interest. I just felt they could have been a little more upfront about it instead of sneeking around the backway. Maybe I am being a little hard headed about this (wouldn't be the first time) but I felt it was a bit sneeky. I always thought caveat emptor was a warning not justification. As for my home loan? Your right about not liking paying triple for the cost of he house. But..the bank called it interest from the git go. Even gave me a printout detailing exactly what the house would end up costing me in the end.

[Rider61]

Yep. Don't know if you read the really fine print, but there's a "prepayment refund" of part of the finance charge (that "administration fee" but not that "physical damage insurance" fee). Whether it's applicable depends on the local jurisdiction's laws.

[donawilcox]

There is no such thing as a true 0% interest. No matter if it is on a sofa or a car. The price is raised by the retailer to pay the interest up front. I have an RV loan and other past loans that would apply to future payments but think I could request to pay it towards principal if I mailed in a check. I am with the others call and talk to someone else. I am sure those guys are trained to make you think that for the people that will accept that and go on.

good luck and let us know what you find out.