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Old 10-07-2008, 09:24 PM   #1
gaowners32
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Which should I pay off?

I have over $10,000 in one of my savings accounts. Currently I still owe $3,852.67 as of October 1st on my Grand am.


Here are my options:

1. Pay off the car and use what ever my old monthly payment was towards helping my mom pay her amex off. ( I owe her lots of cash)

2. Pay her amex off which is $3,016.25 and continue paying for my car($311.65 usual car payment but I pay $400.00 to get it done quicker).

3. Just pay the usual just in case I lose my job because of market conditions.

Interest rate on my car loan...... 6.1%

Interest on the amex............. 12.99%
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Old 10-07-2008, 09:26 PM   #2
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I say pay off the Amex since it has the bigger interest rate.

Your mom will love you more for it too...
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Old 10-07-2008, 09:35 PM   #3
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x2. help your mom.
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Old 10-07-2008, 09:43 PM   #4
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Aren't you some kind of finance person of some sorts? You really wanna ask random people for advice?
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Old 10-07-2008, 09:48 PM   #5
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Aren't you some kind of finance person of some sorts? You really wanna ask random people for advice?
Yes I'm a licensed banker, but it doesn't mean I can't ask others for there opinions.
It's easier to work with other people's money because it is not my own. When it comes to your own you want the help of other because they have another view of things that might be clouded in your (my) mind.
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Old 10-07-2008, 09:48 PM   #6
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help your mom out. Family First!!!
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Old 10-07-2008, 09:49 PM   #7
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Pay both off then continue to save! 1. Your mom will be happy and less burden on her and 2. You will be saving $400 a month and the car will be all your's!
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Old 10-07-2008, 09:59 PM   #8
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Pay both off then continue to save! 1. Your mom will be happy and less burden on her and 2. You will be saving $400 a month and the car will be all your's!

I wish I could do that. But I've always been raised to at least have $6,000 in saving in case of emergency.

Thanks the quick help you guys. I'm going to pay off her amex and maybe a little extra on my car.
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Old 10-07-2008, 10:02 PM   #9
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Quote:
Originally Posted by gaowners32 View Post
Yes I'm a licensed banker, but it doesn't mean I can't ask others for there opinions.
It's easier to work with other people's money because it is not my own. When it comes to your own you want the help of other because they have another view of things that might be clouded in your (my) mind.
Well, never good to carry high-interest debt. Pay off as much as you can.
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Old 10-07-2008, 10:04 PM   #10
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Quote:
Originally Posted by gaowners32 View Post
I have over $10,000 in one of my savings accounts. Currently I still owe $3,852.67 as of October 1st on my Grand am.


Here are my options:

1. Pay off the car and use what ever my old monthly payment was towards helping my mom pay her amex off. ( I owe her lots of cash)

2. Pay her amex off which is $3,016.25 and continue paying for my car($311.65 usual car payment but I pay $400.00 to get it done quicker).

3. Just pay the usual just in case I lose my job because of market conditions.

Interest rate on my car loan...... 6.1%

Interest on the amex............. 12.99%
Ideally, pay off both debts.

But if you are going to only pay off only one:
(Maybe, I am just selfish...)
Pay off your debt(s); before others.

Without knowing the situation for the reason your Mom has a balance on her Amex.
It is kind of hard to say.

Why is she carrying a balance at 12.99% ?
(That is Prime Rate + 7.99%.)
Doesn't she have access to a lower interest rate line of credit ?
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Old 10-08-2008, 05:34 AM   #11
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Im with MJ until I know the reason behind the charging. If its something you pay off is she just going to run up a balance again? A few more details could make that decision easier.

As for living if you have three months of expences saved up you should be good in the event you loose your job but 4-5 would be better. If you can pay both and keep enough to live on in the event of loosing your job Id go that route (pay off both). That way you can save the money that would have been going to interest on your car loan.
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Old 10-08-2008, 06:31 AM   #12
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^^^ He owes his mom money, so if he pays that off, he won't owe her any more. More than likely, she used the card to pay for stuff for him.
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Oh, and I'm now house trained, so no more urinary issues to worry about.

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GA's ONLY SC/T'ed Grand Am according to CarDomain
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Old 10-08-2008, 06:58 AM   #13
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^^^ He owes his mom money, so if he pays that off, he won't owe her any more. More than likely, she used the card to pay for stuff for him.
Ding Ding Ding......... Grand AM'S are expensive when your LIM, brakes, and both hubs go at one time.
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Old 10-08-2008, 09:25 AM   #14
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Wow. Sounds like a Scoop that I had for <6 months. Clutch and brakes went out at the same time. Stepped on the brakes, heard a "pop" and the pedal went to the floor. Started down shifting and the clutch goes to the floor... Not a good day at all. I left that sh1t sit on the side of the road in Ft. Polk...
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Oh, and I'm now house trained, so no more urinary issues to worry about.

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Old 10-08-2008, 09:42 AM   #15
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I would pay both at once since you have more than enough. You wont have to pay anymore interest rates and no more monthly headaches. And, if you do lose your job everything is already paid for (considering you have more money saved after)
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Old 10-08-2008, 10:01 AM   #16
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I would pay both at once since you have more than enough. You wont have to pay anymore interest rates and no more monthly headaches. And, if you do lose your job everything is already paid for (considering you have more money saved after)
The rest I put into T-bills(paying 6.75 %) 2 weeks before all this market bull**** started.So its locked up right now for 1 year.

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Old 10-08-2008, 10:52 AM   #17
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I wish I could do that. But I've always been raised to at least have $6,000 in saving in case of emergency.

Thanks the quick help you guys. I'm going to pay off her amex and maybe a little extra on my car.
what the fock is so magical about $6000?? Nothing.

Pay off the Amex. Leave the Grand Am balance and continue to make your general monthly payment. You can get more than your remaining balance in trade in value or private party value for your car, so you are in the "positive" for that if worse came to worse. Amex, your p1ssing money away to nowhere. Pay it off, don't let your mom spend anything on you. If she decides to pile on her Amex herself, let her take care of it herself!

Now you've closed out your debt to mom, still have a good amount in the bank, can still make your monthly payment in the future on the car plus put extra in savings, and you always know your car's worth more than you owe.
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Old 10-08-2008, 06:17 PM   #18
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what the fock is so magical about $6000?? Nothing.

Pay off the Amex. Leave the Grand Am balance and continue to make your general monthly payment. You can get more than your remaining balance in trade in value or private party value for your car, so you are in the "positive" for that if worse came to worse. Amex, your p1ssing money away to nowhere. Pay it off, don't let your mom spend anything on you. If she decides to pile on her Amex herself, let her take care of it herself!

Now you've closed out your debt to mom, still have a good amount in the bank, can still make your monthly payment in the future on the car plus put extra in savings, and you always know your car's worth more than you owe.
Good point.


And if you do choose to over pay, make sure you specify that it is to be put toward the principle on the loan, not the interest. A lot of companies will use any extra for their own benefit unless otherwise specified.
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Old 10-08-2008, 08:08 PM   #19
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pay off both you will still have money left in savings. then you can put your would be car payments in savings. that is what I would do.
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Old 10-08-2008, 08:16 PM   #20
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Just give me the money Cory. It'll go to a good cause... I swear it will..
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