Car loan payoff?
Date: Mon, 08/09/2010 - 12:24
Here is my story: I filed for Chapter 13, but lost my job due to downsizing, so I then filed for a dismissal of the bk since the 13 would have saddled me with too much of a payment schedule for the next 5 years (REALLY f-ed up lawyer story there!). Due to the downsizing I received a good amount of money as a walk away. I proceeded to settle $138k in cc's over the last month for 16.4% overall - not too bad! I am current on everything secured (car, home) but was curious: I can pay off my car loan (~$4500 left on it) but from a credit standpoint am I better to continue making payments? This will wait until I am re-employed in the event I need the money to live on, but which is better for me to help rebuild my credit? - pay off or make payments? Or does it matter given the late and then settled CC's and the filed-but-never-consummated BK?
$4500 at 7% with ~2 years left.... ~$50 month in interest...
Thanks for looking!
$4500 at 7% with ~2 years left.... ~$50 month in interest...
Thanks for looking!
From a credit standpoint, you took a major hit from the bk even
From a credit standpoint, you took a major hit from the bk even though it was dismissed. I would make the payments and keep them consistent.
