17 August 2007

My car will be paid off in 2 weeks

At some point there was going to be a crossover, where it made my emergency fund balance better if I took money out of it to pay my car off (since I drop 3 payments from its calculation). That point is coming up at my next paycheck. Between the payoff amount, my reserve balance, and my paycheck, I'll come out ahead by paying the car off at the first of the month. Basically, right now I'm $1150 below where I want to be in my emergency fund. To make the payoff and pay my additional monthly bills, I have to pull $1150 out of the fund. By making the payoff, I reduce the need in my emergency fund by about $1800.

The net result? I wind up about $500 down from where I want to be, an improvement from $1150 down before the payoff. With my usual car payment out of the way, my emergency fund will be at full strength by my next paycheck, and I'll have the title in hand. It's a win/win situation and I'm thrilled that I'll be seeing a significant bump in my true take-home pay so soon.

I'm glad I waited the extra month to do this, as this is really the time it finally makes sense. After this payoff my only debt will be my mortgage! What a good feeling. As I've discussed, I consider this car purchase to have been a financial mistake . . . one that I plan to not repeat if possible. Will I have a car loan again? That depends on the terms and interest rates at the time. I don't plan to have one anytime soon though, and that's a nice feeling.

17 comments:

Beyond the Consumer said...

Congrats. I think auto loans are a rip. To get any decent rate, you have to buy new. If you buy new, you're paying too much for the car. These things depreciate so fast it isn't funny. Buy used, pay cash. My opinion.

JLP said...

We just paid off our 2002 Rendezvous in June. It felt great! Unfortunately, I replaced my wife's Civic and so we have 3 more years of payments, but they are significantly less than we were paying on the Rendezvous.

JLP
AllFinancialMatters

adam said...
This comment has been removed by a blog administrator.
Anonymous said...

The insurance direct The best insurance guide and resource on the net.

Anonymous said...

Nice fill someone in on and this post helped me alot in my college assignement. Thanks you as your information.

Anonymous said...

evidence nuker -
fap turbo -
fatburningfurnace -
fat burning furnace -
fatloss4idiots -
fat loss 4 idiots -
final uninstaller -
fitnessmodelprogram -
fitness model program -
fit yummy yummy -
flattenyourabs -
flatten your abs -
flat to fab -
governmentregistry -
government registry -
heartburn no more -
hippo jaw -
homemadeenergy -
home made energy -
honest riches -
hot video squeeze templates -
instant website creation -
jump manual -
keyword research pro -
linden method -
malware removal bot -
maternityacupressure -
maternity acupressure -
meet your sweet -
micro niche finder -
musclegainingsecrets -
muscle gaining secrets -
muscle gain truth -
my traffic strategy -

Anonymous said...

nasty dirty money -
negative calorie diet -
no adware -
pc optimizer pro -
perfect uninstaller -
pergola plans -
pick the gender of your bady -
plr ebook club -
pregnancy without pounds -
profit lance -
publicrecordspro -
public records pro -
questions for couples -
quit smoking today -
ready made review sites -
reg genie -
registry easy -
registry easy download -
registry winner -
registry winner download -
retrievea lover -
reverse mobile -
richard mackenzie direct -
rocket italian -
rocket spanish -
roulette sniper -
rss ground -
secret affiliate weapon -
secrets book -
spam bully -
spyware cease -
spyware nuker -
spyware remover -
spy zooka -

Anonymous said...

starting a day care center -
tattoo fever -
team idemise -
the bad breath report -
the cb code -
thedietsolutionprogram -
the diet solution program -
the rich jerk -
the super mind evolution system -
turbulencetraining -
turbulence training -
vincedelmontefitness -
vince del monte fitness -
warp speed fat loss -
wedding speech 4u -
windo fix -
wrap candy -
zygor guides -
7day ebook -
360 fix kit -
advanced pc tweaker -
adware bot -
affiliate naire -
art of approaching -
beating adwords -
believe and manifest -
blogging in action -
body building revealed -
burthefat -
burn the fat -
carb rotation diet -
cheat your way thin -
cold sore freedom in 3 days -
conversationalhypnosis -

Anonymous said...

conversational hypnosis -
convert 2 ev -
cure for bruxism -
cure hemorrhoids -
digi cam cash -
digital media solution -
dl guard -
driver checker -
earth4energy -
earth 4 energy -
easy backup wizard -
easy member pro -
easy tv soft -
eatstopeat -
eat stop eat -
error fix -
error killer -
evidence nuker -
fap turbo -
fatburningfurnace -
fat burning furnace -
fatloss4idiots -
fat loss 4 idiots -
final uninstaller -
fitnessmodelprogram -
fitness model program -
flatten your abs -
gamers testing ground -
gov auction -
governmentregistry -
government registry -
gov records -
herbal hair solution -
homebre ware -

Anonymous said...

home job group -
homemadeenergy -
home made energy -
inteli gator -
joanas world -
joyful tomato -
kidney stone remedy -
learn digital photography now -
learn elements now -
linden method -
lose man boobs -
malware removal bot -
maternityacupressure -
maternity acupressure -
meet your sweet -
muscle gaining secrets -
muscle gain truth -
niche adsense themes -
ninety day powerseller -
pc optimizer pro -
pregnancy miracle -
pregnancy without pounds -
privacy control -
publicrecordspro -
public records pro -
quit smoking today -
reg genie -
registry easy -
registry genius -
registry smart -
registry winner -
registry winner download -
retrievea lover -
reverse mobile -

Anonymous said...

richard mackenzie direct -
rocket italian -
save my marriage today -
secrets book -
seo elite -
spyware cease -
spyware remover -
spy zooka -
stock assault -
talking to toddlers -
the action machine -
thebadbreathreport -
the bad breath report -
thedietsolutionprogram -
the diet solution program -
the rich jerk -
tonsil stones remedies -
top secret fat loss secret -
turbo cash generator -
turbulence training -
twitter online system -
uncle sams money -
underground hypnosis -
vincedelmontefitness -
vince del monte fitness -
warp speed fat loss -
water 4 gas -
wedding speech 4u -
wp goldmine -
wrap candy -
xsite pro -
zygor guides -
37 days to clean credit -
advanced defrag -

Anonymous said...

adware alert -
adware bot -
affiliate prophet -
affiliate video brander -
anti spyware -
art of approaching -
atomic blogging -
auction classified cash -
automated cash formula -
bbq book -
bloggers pay check -
blogging in action -
body building revealed -
burnthefat -
burn the fat -
carb rotation diet -
cheat your way thin -
chopper tattoo -
cleanup the profits -
cold sore freedom in 3 days -
commission blueprint -
conversationalhypnosis -
conversational hypnosis -
cure for bruxism -
declutter fast -
driver checker -
earth4energy -
earth 4 energy -
easy member pro -
easy tv soft -
eatstopeat -
eat stop eat -
fap turbo -
fatburningfurnace -

Anonymous said...

fat burning furnace -
fatloss4idiots -
final sync -
final uninstaller -
fitness model program -
fit yummy yummy -
flatten your abs -
forex ambush -
governmentregistry -
government registry -
healthy urban kitchen -
homebrew installer -
homemadeenergy -
home made energy -
instant article wizard -
jamo rama -
joyful tomato -
lose man boobs -
lower body make over -
maternityacupressure -
maternity acupressure -
maverick money makers -
meet your sweet -
muscle gaining secrets -
muscle gain truth -
natural cancer treatments -
niche review templates -
nyhms warcraft guides -
pappa pc -
pc booster -
pc optimizer pro -
pc secret formula -
pda flix -
privacy control -

Anonymous said...

publicrecordspro -
public records pro -
push button ecover -
reg defense -
reg genie -
registry easy -
registry genius -
registry smart -
registry winner -
registry winner download -
reverse mobile -
richard mackenzie direct -
rocket japanese -
rotator cuff training -
save my marriage today -
secrets book -
silent sales machine -
silver lotto -
spyware cease -
super affiliate handbook -
the 11 forgotten laws -
thebadbreathreport -
the bad breath report -
thedietsolutionprogram -
the diet solution program -
the power pause -
tmj help -
tonsil stones remedies -
top secret fat loss secret -
turbulence training -
twitter rockstar -
uncle sams money -
underground hypnosis -
vincedelmontefitness -

Anonymous said...

vince del monte fitness -
warcraft millionaire -
warcraft wealth -
warp speed fat loss -
webcomp analyst -
wedding speech 4u -
win back love -
your software website -
zox pro -
zygor guides -
500 love making tips -
acid alkaline diet -
acne no more -
advanced defrag -
adware alert -
adware bot -
affiliate elite -
anti spyware -
anti spyware bot -
article bully -
art of approaching -
auto pilot profits -
bbq book -
blogging in action -
body building revealed -
burnthefat -
burn the fat -
carb rotation diet -
chopper tattoo -
conversationalhypnosis -
conversational hypnosis -
cure for tinnitus -
debt free in three -
driver checker -

Anonymous said...

Thеre's certainly a great deal to know about this issue. I like all the points you've madе.
Raspberry Ketone - Raspberry ketones -
raspberry ketone side effects

Fееl fгee to surf tο my web-ѕite :: raspberry ketone scam

Anonymous said...

Eхcellent post. I abѕolutelу loѵе this ωebsіtе.

Keep wrіting! raspberry ketone side effects - raspberry ketone side effects - raspberry ketone scam

My weblog :: raspberry ketone scam