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ANyone here know about or have experience w/ peoplefirst.com?

I just want to make sure that they are legit and not some random internet scam company or soemthing :))
 

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They're not a random internet scam, but you should beware their lending policy. They calculate the balance of your interest payments from the time that you purchase your car and it does not decline as the balance decreases.

Most banks, will calculate the interest owed on the balance of the loan, and as that balance declines so do your contributions to the interest. I.E. more goes to principal.

Not with their policy.

If you buy a car at 25000 at 5.9% interest, you pay $1475 in interest to them. EVEN IF YOU PAY OFF THE BALANCE EARLY THE AMOUNT THE GET DOESN'T CHANGE.

I read their policy carefully and wound up going somewhere else.
 

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Nice catch, koji!!! w00t!
 

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koji said:
EVEN IF YOU PAY OFF THE BALANCE EARLY THE AMOUNT THE GET DOESN'T CHANGE.
Are you sure about that? I'm on my second car loan from them and my payoff balance is what's left on the principle only. There's no penalty for paying it off early either. This was certainly the case for my prior loan, and reps have personally told me such was the case on my present loan. I can go their website and get an up to date payoff quote, and it's the balance of the principle only.

Of course, we're all subject to different loan terms, base on whatever their factors are.
 

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bedabi,

Do you have a copy of their loan agreement that you can post? If your terms aren't the same as what I was offered, I'd be really interested to see it.

Right now, my early payment schedule looks something like the attached image. This is incorporating an additional $100 payment to the loan each month, and $5000 dollar payments in the middle of the year. Over the term that I plan on paying for this car, I save a little money on interest (not much granted, but some). Their terms are good if you plan on paying for the car over the entire time period that the loan is setup for.

I wasn't trying to flame the company, I'm just saying read the fine print. For most cases, this place has awesome rates. It wasn't the right way for me because I want to pay it off fairly quickly.
 
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