So I purchased a used plane with credit instead of leasing because the down payment was the same and then the weekly rate was less. Well I was looking at my upcoming payments due and it shows 2.1mil for loan instead of 130k. I guess there is interest, but this seems a little excessive.
Aaron
You can check the weekly interest rate on the server main info page. Interested is paid on outstanding loan amount.
So is there anyway to unload the plane sooner than waiting until 90%? All the tabs are greyed out to sell it. I did not expect to get screwed this bad other wise I would have leased the damn plane.
You cannot sell a plane which you have bought on credit. You must pay the whole sum first and then you might sell it.
Prior to purchasing the plane I was a AAA rating, you'd think a 2.1million weekly payment is absurd for a 35mil dollar plane when the installment was supposed to be 130k. Something has to be wrong here.
Nothing is wrong. The interest is a weekly rate.
If your airline is new, just reset.
If this is nothing wrong, that is clearly a bait and switch. To show a 130k weekly payment then it jumps to 2.1 million without any warning. Clearly the system knows how much interest it going to charge, it would not be hard to program an extra line to show what your weekly payment would be with the interest before buying it.
It probabaly wouldn’t, but it is no bait and switch.
It tells you how much you will be repaying every week and it also tells you the interest rate on the total owned.
This, as other things, have been discussed. Where do you want to draw the line when it comes to protect players from themselves?
First image shows 130k, not 2.1 million. When you click bid it doesnt show anything else. Its not a matter of protecting players from bad decisions but giving them in the information to make decisions that will not bankrupt a 3 week old company. As slow as this game is starting it sucks wasting your time to just start over because of something like this.
The problem is that it will only cost 2.1m the first week. Every week will be different ergo you can’t put an accurate number on interest, just the repayment
I hope it drops by a lot because I could have leased the plane for $173k. I can't see how 1.9 mil is considered reasonable interest rate for a week. There would be a good chance you'd pay the cost of the plane 2-3 times over if its a flat 7%+ each week of the total loan price.
You have missed something off your screenshot which is just to the right of your screenshot on the aircraft used market...
Your current interest rate for aircraft purchases is XXXX%. Note that weekly interest payments have to be added on top of the loan installments stated in the offers!
So if I were to purchase on credit a similar aircraft on the market now on Otto (Value = 37,559,434), I would agree to be paying the loan installments (137,236) per week as well as the interest payment on top as per the message. I'm assuming your interest rate is similar to 5.5%. With that Week 1 you would pay 137,236 + (still to be paid off = 35,681,462/100 x 5.5 = 1,962,480) = 2,099,716. Week 53 (after one year) that payment will be 1,707,221. The numbers are all there, you just have to work them out yourself (or not press credit!)
So is that 1.9 mil a lump sum for the rest of the 52 months all at once? So week two my payment would only be 130k until next year (even though the world ends well before the year)? Or is that 1.9 mil weekly?
No, as per the instruction on the Used Aircraft Market it is a weekly interest payment . Therefore Week 1 will be 1.9mil, slowly decreasing every week, after year one it will be 1.7mil
No, it is 1.9 weekly, but decreasing slightly every week, until it’s 1.7 million weekly in week 53. By week 52 you would have paid 20% of loan principal, and have only 80% of loan principal outstanding.
WOW. So basically I am going to pay easily 98.8 million in interest on a plane in one year that costs only 35mil to purchase. Buying planes are completely broken compared to leasing. There is no reason to ever buy a plane at that point.
You buy plane cash. Only cash, full purchase. No credit. That way you get your investment paid after 3.8 years. If you use aircraft for 5 years (time when maintenance costs start to increase) you make money, vs paying lease fee. So buying does make sense… If you plan to stick around with AirlineSim and your particular airline for 4 or 5 years at least .
You buy plane cash. Only cash, full purchase. No credit.
I see that now because other wise you getting raped by loan sharks. In 1 year I'd pay 109.2 million dollars with only 6.76 million going to the principle. That is insane.
Sucks but guess I have to start my airline over, there goes almost 3 weeks wasted. sigh
Sucks but guess I have to start my airline over, there goes almost 3 weeks wasted. sigh
Copy the good... the routes that work, profiles you have set etc. those 3 weeks will be recouped in less than a week.
ALL of us had reset many times in the beginning... few years later many are enjoying tens or even hundreds of billions on their airlinesim accounts or paid assets (if only they could be converted to real money even at 1000000:1 rate)
Or... write to support a ticket kindly asking them to buy back the aircraft from you (and post a ticket # here) ... sometimes miracles do happen.