# Car payment question (payoff)
**URL:** https://forums.speedlife.net/t/car-payment-question-payoff/45930
**Category:** NYSpeed Off Topic
**Created:** [March 31, 2008, 7:45am UTC](https://forums.speedlife.net/t/car-payment-question-payoff/45930 "2008-03-31T07:45:21Z")
**Posts on this page:** 19
**Page:** 1
### Author:  [@snowracer101](https://forums.speedlife.net/u/snowracer101)
#### Post date: [March 31, 2008, 7:45am UTC](https://forums.speedlife.net/t/car-payment-question-payoff/45930/1 "2008-03-31T07:45:21Z")
So, I plan on paying off about 80% of my car this month, I’m just going to send a check to Chase (subaru) along with my monthly statement and write Apply towards principal.
Now, obviously this will reduce my principal that I owe, so, what will change?
The amount of months it will take to pay off, or will my payment drop?
---
### Author:  [@cougarspeed](https://forums.speedlife.net/u/cougarspeed)
#### Post date: [March 31, 2008, 7:47am UTC](https://forums.speedlife.net/t/car-payment-question-payoff/45930/2 "2008-03-31T07:47:28Z")
Before you do anything crazy answer this. What is your current interest rate?
---
### Author:  [@tpgsr](https://forums.speedlife.net/u/tpgsr)
#### Post date: [March 31, 2008, 7:48am UTC](https://forums.speedlife.net/t/car-payment-question-payoff/45930/3 "2008-03-31T07:48:54Z")
your monthly payment will not change. Only how much longer you have to make them.
---
### Author:  [@walter](https://forums.speedlife.net/u/walter)
#### Post date: [March 31, 2008, 7:49am UTC](https://forums.speedlife.net/t/car-payment-question-payoff/45930/4 "2008-03-31T07:49:15Z")
Call the bank.
Why do people ask the internet instead so they can get 25 wrong answers in a span of 8 hours rather than spending 15 seconds on the phone to get the correct answer?
---
### Author:  [@Viper966](https://forums.speedlife.net/u/Viper966)
#### Post date: [March 31, 2008, 7:53am UTC](https://forums.speedlife.net/t/car-payment-question-payoff/45930/5 "2008-03-31T07:53:09Z")
yes, call the bank…
chances are the remaining balance on the loan is differant then the payoff amount…
/thread
---
### Author:  [@snowracer101](https://forums.speedlife.net/u/snowracer101)
#### Post date: [March 31, 2008, 7:53am UTC](https://forums.speedlife.net/t/car-payment-question-payoff/45930/6 "2008-03-31T07:53:17Z")
> [@cougarspeed](#):
>
> Before you do anything crazy answer this. What is your current interest rate?
4.9%
My highest savings account interest is 3.25% so, this is my highest interest rate I have, might as well pay it off.
---
### Author:  [@snowracer101](https://forums.speedlife.net/u/snowracer101)
#### Post date: [March 31, 2008, 7:54am UTC](https://forums.speedlife.net/t/car-payment-question-payoff/45930/7 "2008-03-31T07:54:32Z")
> [@Viper966](#):
>
> yes, call the bank…
>
> chances are the remaining balance on the loan is differant then the payoff amount…
>
> /thread
Yeah, i’ll probably just call the bank but I was on this site so I figured i’d ask here. I’m not paying the entire thing off just yet just about 80% of it.
---
### Author:  [@cougarspeed](https://forums.speedlife.net/u/cougarspeed)
#### Post date: [March 31, 2008, 7:56am UTC](https://forums.speedlife.net/t/car-payment-question-payoff/45930/8 "2008-03-31T07:56:35Z")
> [@walter](#):
>
> Call the bank.
>
> Why do people ask the internet instead so they can get 25 wrong answers in a span of 8 hours rather than spending 15 seconds on the phone to get the correct answer?
Well because the bank is going to want his money and what if his interest rate is like 1.9% or something. You think someone at the bank will be like “Oh btw homie i think it would be a etter move financially to hold onto your money and invest it while making payments. But thanks for callin dawg.”
But i agree that you should call the bank for the definate answer to the question you asked.
---
### Author:  [@cougarspeed](https://forums.speedlife.net/u/cougarspeed)
#### Post date: [March 31, 2008, 7:59am UTC](https://forums.speedlife.net/t/car-payment-question-payoff/45930/9 "2008-03-31T07:59:39Z")
> [@sedlmeier101](#):
>
> 4.9%
> My highest savings account interest is 3.25% so, this is my highest interest rate I have, might as well pay it off.
It is your call but beating 4.9% isn’t too hard.
---
### Author:  [@boxxa](https://forums.speedlife.net/u/boxxa)
#### Post date: [March 31, 2008, 8:16am UTC](https://forums.speedlife.net/t/car-payment-question-payoff/45930/10 "2008-03-31T08:16:59Z")
I have dealt with banks and hate them. I want to just keep all my money in a safe.
Call the bank, get the name of the person you talk to and the time, and ask them what fees are there with paying over the amount. Some banks I found have fees for paying more since the bank naturally wants to profit the most on the loan.
Tell them you are going to be paying X amount on your next payment and would like to know the terms of the loan on doing so. Write down their answer and call again in 5 minutes and get another name and time and ask them the same thing. If both answers line up, there you go.
---
### Author:  [@walter](https://forums.speedlife.net/u/walter)
#### Post date: [March 31, 2008, 9:41am UTC](https://forums.speedlife.net/t/car-payment-question-payoff/45930/11 "2008-03-31T09:41:17Z")
> [@walter](#):
>
> Why do people ask the internet instead so they can get 25 wrong answers in a span of 8 hours rather than spending 15 seconds on the phone to get the correct answer?
To wich you quoted and replied…
> [@cougarspeed](#):
>
> Well because the bank is going to want his money and what if his interest rate is like 1.9% or something. You think someone at the bank will be like “Oh btw homie i think it would be a etter move financially to hold onto your money and invest it while making payments. But thanks for callin dawg.”
:picard:
Show me where he was asking for advice, and where I said to go ask the bank for advice.
-edited to clarify for the short bus riders-
---
### Author:  [@snowracer101](https://forums.speedlife.net/u/snowracer101)
#### Post date: [March 31, 2008, 9:47am UTC](https://forums.speedlife.net/t/car-payment-question-payoff/45930/12 "2008-03-31T09:47:46Z")
> [@boxxa](#):
>
> I have dealt with banks and hate them. I want to just keep all my money in a safe.
>
> Call the bank, get the name of the person you talk to and the time, and ask them what fees are there with paying over the amount. Some banks I found have fees for paying more since the bank naturally wants to profit the most on the loan.
>
> Tell them you are going to be paying X amount on your next payment and would like to know the terms of the loan on doing so. Write down their answer and call again in 5 minutes and get another name and time and ask them the same thing. If both answers line up, there you go.
meh, car loans are different from other loans…you can pay it off when ever with out any fees or penalties
---
### Author:  [@cougarspeed](https://forums.speedlife.net/u/cougarspeed)
#### Post date: [March 31, 2008, 9:49am UTC](https://forums.speedlife.net/t/car-payment-question-payoff/45930/13 "2008-03-31T09:49:44Z")
> [@walter](#):
>
> :picard:
>
> Show me where he was asking for advice, and where I said to go ask the bank for advice.
I know he wasn’t asking for advice. Also at the end of what i said i included the bank will answer the question. Walter sometimes you crack me up but other times i wonder about someone who feel the constant need to try to be mean to people on the internet. You seem like you need a hug. I will give you one if i ever meet you. :hay:
---
### Author:  [@Daddie](https://forums.speedlife.net/u/Daddie)
#### Post date: [March 31, 2008, 9:59am UTC](https://forums.speedlife.net/t/car-payment-question-payoff/45930/14 "2008-03-31T09:59:02Z")
Drew hugs are weird, he touches you in places that people normally don’t.
---
### Author:  [@cougarspeed](https://forums.speedlife.net/u/cougarspeed)
#### Post date: [March 31, 2008, 10:05am UTC](https://forums.speedlife.net/t/car-payment-question-payoff/45930/15 "2008-03-31T10:05:32Z")
> [@Daddie](#):
>
> Drew hugs are weird, he touches you in places that people normally don’t.
Uncomfortable places? Like the backseat of a beetle? 😢
Yo go and move into your place so i can come visit. KTHANX!/thread hijack
---
### Author:  [@walter](https://forums.speedlife.net/u/walter)
#### Post date: [March 31, 2008, 10:19am UTC](https://forums.speedlife.net/t/car-payment-question-payoff/45930/16 "2008-03-31T10:19:12Z")
> [@cougarspeed](#):
>
> I know he wasn’t asking for advice. Also at the end of what i said i included the bank will answer the question. Walter sometimes you crack me up but other times i wonder about someone who feel the constant need to try to be mean to people on the internet. You seem like you need a hug. I will give you one if i ever meet you. :hay:
:suckoff:
I edited it to clarify the intent of the post for you.
---
### Author:  [@cougarspeed](https://forums.speedlife.net/u/cougarspeed)
#### Post date: [March 31, 2008, 10:27am UTC](https://forums.speedlife.net/t/car-payment-question-payoff/45930/17 "2008-03-31T10:27:38Z")
Thanks Walter i don’t know what i would do without you.
---
### Author:  [@theblue](https://forums.speedlife.net/u/theblue)
#### Post date: [March 31, 2008, 11:18am UTC](https://forums.speedlife.net/t/car-payment-question-payoff/45930/18 "2008-03-31T11:18:12Z")
make sure there is no prepayment penalty.
paying off 80% is a strange thing to do. I would either pay it all off by dipping into savings for the extra 20%.
if to pay this 80% takes ALL of your savings then you’re a fool for doing it and would be better paying off maybe 50%
either way, paying 80% doesn’t really make sense.
---
### Author:  [@snowracer101](https://forums.speedlife.net/u/snowracer101)
#### Post date: [March 31, 2008, 11:31am UTC](https://forums.speedlife.net/t/car-payment-question-payoff/45930/19 "2008-03-31T11:31:02Z")
> [@theblue](#):
>
> make sure there is no prepayment penalty.
>
> paying off 80% is a strange thing to do. I would either pay it all off by dipping into savings for the extra 20%.
>
> if to pay this 80% takes ALL of your savings then you’re a fool for doing it and would be better paying off maybe 50%
>
> either way, paying 80% doesn’t really make sense.
Nah, i’m just getting a lump sum of money this month, and I don’t have much to do with it, I could put it in savings or I could just pay most of my car off…this way when I make my car payment each month, I’ll pay minimal interest on it, because the interest is determined by the amount still owed on the car.