Awesome math Q: How much does what i owe on my car differ from what it's worth?

Last may i bought a 2007 Chevy Cobalt. The bank wrote a check to the dealership for $14,681.90 of which i actually financed $12981.90 so i think that my down payment covered the gap between those two numbers. Okay so i%26#039;ve got a finance charge of $1682.44, according to my %26quot;truth in lending disclosure%26quot; paper (where i%26#039;m getting this all from) and my monthly payments are $305.51 which began 5-21-2007 and continue until the final payment on 4-21-2011, and today is 2-15-2008.

Now, my father co-signed the loan, but now my mom%26#039;s car died, and i%26#039;m looking to get a subaru instead (Fwd has failed me this winter), so i%26#039;m wondering if i just let him take over payments, how much the loan would still have left for him to pay off, versus how much my car is worth. Kelly Blue Book says my car is worth $12,065 for private party value.

So, how much have i paid already, and if my dad took over the remainder of the loan, how much would he have to pay me back, to meet the $12,065 price tag?

Awesome math Q: How much does what i owe on my car differ from what it%26#039;s worth?

The 2-21-2008 will be the 10th payment

loan 12981.90

charges 1682.44

payments 10x305.51 = -3055.10

You owe

12981.90 + 1682.44 - 3055.10 = $11609.24

after you%26#039;ve made the payment on 2-21-2008

If he was going to pay $12065 for the car, then he would give

$11609.24 to the bank (+ any future interest),

and give

12065 - 11609.24 = $455.76 to you

.,.,.,.

Awesome math Q: How much does what i owe on my car differ from what it%26#039;s worth?

well, for the finance charges, the bank charges interest on the loan, because they want to make money, on the money that they could be using to invest that money. if you have made payments on time,then you have paid $3055.10, *this includes feb. payment* but the total payoff would be over $14,000, generally the last payment is lower, because of interest and principle, and that some people will pay extra money to go to principle (the amount borrowed) to try to pay it off early. but for simplicity, assume that the last payment will be the same:

then, you will end up paying the bank $14, 664.48

so, you are paying $1682.58 in interest.

so, if you have paid $3055.10 already, there is a $11,609.38 difference and you sell the vehicle for Kelley blue book price, then there is a $455.62 difference.

but if the 4wd on that car failed you, then the vehicle will actually be worth less than Kelley Blue Book