Going to pay off my car loan

[HydroSqueegee]

the day the title for my car came in the mail, we went out and bought a minivan for a second car.

its not too bad having one car, but getting 2 people to work in the morning can be a little frantic.

I'll have that paid off in another couple years...

 

[HardcoreRobot]

nice work. id like to pay off mine faster too, but its rate is lower than the 2nd mortgage so that goes away first

 

[7window]

I don't think its worth it to pay it off for $3000. You probably save $40

 

[alkemyst]

I've had 3 claims totalling over $3400 over the last 2 years. My insurance went up a whopping $4.

My father totalled his 300C and they paid off $25k, and his insurance stood the same.

My point is, people panic too much when they have to make a claim. Insurance rates usually jump up when you get moving violations - that's when you get raped.

mine went up $54 every 6 months for an accident surcharge. The funny thing though is at this renewal the rest of the coverages rose enough to make for a $20 higher payment per month.

I called and they insist that the rest of the rate increase has nothing to do with the accident...

My claim was a little over $15k..($5k to repair my car and $10k to pay off the people looking to get $300k out of it).

 

[alkemyst]

How many months of payments is that OP? Being unemployed is a scary thing. My parents are going 4 years unemployed. They fortunately have the savings to make it a non-issue.

I'd make sure you could still outlast the normal payoff period if you don't find another job during it.

 

[CRXican]

At this point it's nearly all principal so paying it off won't be a huge savings. Payment amount is $350/month so about 9 months of payments.

I'm at home not paying rent so this car payment (plus insurance and reg) is really my only "irresponsible" debt which is why I'd be happy to end it once and for all.

 

[*kjm]

At this point it's nearly all principal so paying it off won't be a huge savings. Payment amount is $350/month so about 9 months of payments.

I'm at home not paying rent so this car payment (plus insurance and reg) is really my only "irresponsible" debt which is why I'd be happy to end it once and for all.

Me and my wife did that about ten years ago and just put the "car payment" in the bank.... we have bought the last two cars with cash. We always get a great deal now!

 

[wiredspider]

Of course I am serious, you can carry liability instead if the car is paid off.

Better check what the difference is in the coverage that you give up. You get nothing if your car is stolen, broken into, vandalized, etc.