Tanlc Neutral Newbie July 12, 2006 Share July 12, 2006 Dear all, Just for curosity, does anyone know how to calculate the remaining bank loan of the following car? Bank Loan = $58k Interest Rate = 2.3% Date of Registration = 28 Jun 2004 Loan Period = 120 months Monthly installment = $595 If I chose to de-register my car on 31 Aug 2006, the following are the info: OMV = $13591 PARF Rebate = $13251 COE Rebate = $19084 What will be the amount$ loss that I will have to bear? ↡ Advertisement Link to post Share on other sites More sharing options...
Ac67 Neutral Newbie July 12, 2006 Share July 12, 2006 Try the online car loan calculator available in http://www.xxxxxxx.com Just select the make and model of the car, and input the values accordingly. Link to post Share on other sites More sharing options...
Dgwee Neutral Newbie July 12, 2006 Share July 12, 2006 (edited) Give a call to the bank. They will give you the amount you have to settle straight away. Edited July 12, 2006 by Dgwee Link to post Share on other sites More sharing options...
Toeknee_33 Turbocharged July 12, 2006 Share July 12, 2006 The Rule 78 formula is as follow: 1) Rebate = n(n+1)/N(N+1) x Total Interest, where N = HP Period, n = no of unpaid mths. 2) Settlement = Bal Loan - Rebate Hope it helps. Link to post Share on other sites More sharing options...
Robinyip Neutral Newbie July 12, 2006 Share July 12, 2006 may i know what is meant by HP period? Link to post Share on other sites More sharing options...
Ac67 Neutral Newbie July 12, 2006 Share July 12, 2006 Hire Purchase period - number of months of loan period. Link to post Share on other sites More sharing options...
Tanlc Neutral Newbie July 12, 2006 Author Share July 12, 2006 Thanks TOEKNEE_33, Based on your formula, 1) Rebate = $8,204 2) Settlement = $47,071 That means if I de-register my car in Aug, I will incur a loss of $1,145? (OMV + PARF Rebate + COE Rebate) - Settlement = -$1,145? Am I right? Link to post Share on other sites More sharing options...
Guyver 1st Gear July 12, 2006 Share July 12, 2006 Dear all, Just for curosity, does anyone know how to calculate the remaining bank loan of the following car? Bank Loan = $58k Interest Rate = 2.3% Date of Registration = 28 Jun 2004 Loan Period = 120 months Monthly installment = $595 If I chose to de-register my car on 31 Aug 2006, the following are the info: OMV = $13591 PARF Rebate = $13251 COE Rebate = $19084 What will be the amount$ loss that I will have to bear? Based on estimates, your car paper value is about $31K, outstanding loans about $48K .... let's say you can find a buyer that offers say $35K ... then you'll need to top up $13K lor... but if nobody wants your car... and you pass to dealer to scrap, then you many only get about $29K back... so you'll owe finance about $19K. So ... the only question is only how much are you going to prepare to lose.... Link to post Share on other sites More sharing options...
S7834g Clutched July 12, 2006 Share July 12, 2006 Wow, that worked real good! great for referencing! Thanks for link! Link to post Share on other sites More sharing options...
Tanlc Neutral Newbie July 12, 2006 Author Share July 12, 2006 How to you get the following amounts? $31K? $48K? $29K? Link to post Share on other sites More sharing options...
Tanjkp Clutched July 12, 2006 Share July 12, 2006 Just for curosity, does anyone know how to calculate the remaining bank loan of the following car? Bank Loan = $58k Interest Rate = 2.3% Date of Registration = 28 Jun 2004 Loan Period = 120 months Monthly installment = $595 If I chose to de-register my car on 31 Aug 2006, the following are the info: OMV = $13591 PARF Rebate = $13251 COE Rebate = $19084 What will be the amount$ loss that I will have to bear? -------------------------------------------------------------------------------- Based on estimates, your car paper value is about $32K, outstanding loans about $48K .... let's say you can find a buyer that offers say $35K ... then you'll need to top up $13K lor... but if nobody wants your car... and you pass to dealer to scrap, then you many only get about $29K back... so you'll owe finance about $19K. So ... the only question is only how much are you going to prepare to lose.... ============================================================ Halt, that's based on theory, there are thing as "body" value -- mean value you can get for exporting the car since it's quite new. Some popular model can get as high as $10K. Check with those export agent, you'll get a closer loss amount. Anyway for 10 yr loan, it's hard to breakeven. Link to post Share on other sites More sharing options...
Tanlc Neutral Newbie July 12, 2006 Author Share July 12, 2006 Thanks for the info, TANJKP I don't expect to breakeven anyway Link to post Share on other sites More sharing options...
Guyver 1st Gear July 12, 2006 Share July 12, 2006 Parf + COE rebate = ~$31K Take your loan minus 24mths installment = ~$48K Now if you were to scrap your car and pass it to dealer, the deduct 6% off = ~$29K Hope this is clear. Link to post Share on other sites More sharing options...
Miles 4th Gear July 12, 2006 Share July 12, 2006 Use this attached formulated excel file for rule of 78 calculation as well as effective rate calculation. Car Early Settlement.xls Link to post Share on other sites More sharing options...
Tanlc Neutral Newbie July 13, 2006 Author Share July 13, 2006 Thanks MILES! But how do I know whether mine is Rule of 78 or Effective Rate calculation? Link to post Share on other sites More sharing options...
Miles 4th Gear July 13, 2006 Share July 13, 2006 if you take more than $55,000 loan - it will be under rule of 78. less than $55,000 loan - will be under effective rate. Link to post Share on other sites More sharing options...
Tanlc Neutral Newbie July 13, 2006 Author Share July 13, 2006 Wow! I see! Didn't know that. Thanks for the enlightening Link to post Share on other sites More sharing options...
King 1st Gear July 13, 2006 Share July 13, 2006 i dun think so.... is your car price is above 55k excluding COE..then u are under rule 78... but if ur car price is 55k include coe...u r not under rule 78 ↡ Advertisement Link to post Share on other sites More sharing options...
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