www.hardwarezone.com.sg - View Single Post - What does it mean by No Early Settlement Rebate?

GenuineSeller · 19-06-2019, 11:31 AM

Normal Case, Say $40K loan, 7yr, 2.28%... Interest payable $6,384 over 7yrs.

After paying for 36mths (3yrs), if you sell your car and make full redemption, the left over interest unpaid is $3,648.... based on Rule 78, you can get back Interest rebate of $2,102.96 (depending on T&C, there might be 20% penalty charge).

SO in your case, even if you sell your car.... you will need to pay $2,102.96.

After 36mths, full settlement amount is:-

Normal without 20% penalty....$24,402.18
Normal with 20% penalty.........$24,822.77
No rebate..............................$26,505.14

19-06-2019, 11:31 AM	#8
GenuineSeller Senior Member Join Date: Sep 2009 Posts: 1,400	Normal Case, Say $40K loan, 7yr, 2.28%... Interest payable $6,384 over 7yrs. After paying for 36mths (3yrs), if you sell your car and make full redemption, the left over interest unpaid is $3,648.... based on Rule 78, you can get back Interest rebate of $2,102.96 (depending on T&C, there might be 20% penalty charge). SO in your case, even if you sell your car.... you will need to pay $2,102.96. After 36mths, full settlement amount is:- Normal without 20% penalty....$24,402.18 Normal with 20% penalty.........$24,822.77 No rebate..............................$26,505.14 Last edited by GenuineSeller; 19-06-2019 at 11:37 AM..