Won't know how to act without a vette payment. 
Lower payments
Le Mans Master
Joined: Apr 2006
Posts: 5,933
Likes: 13
From: The Beautiful Inland Empire WA.
Nope, not unless you refinance the principal that will be left. Your payments will remain the same as the original loan amount stays the same. You will get it paid off earlier by making extra principal payments though.................
Melting Slicks
Joined: Apr 2007
Posts: 2,508
Likes: 71
From: round rock tx
If you want lower payments put the 5k in an interest bearing account and withdrawal once a month over the period of your loan to make your out of checkbook payment lower.
IMO if you have an interest loan just send in the whole 5k to save yourself the charged interest unless you have no savings.
IMO if you have an interest loan just send in the whole 5k to save yourself the charged interest unless you have no savings.
Safety Car
Joined: Dec 2007
Posts: 4,070
Likes: 160
From: Coralville Iowa
If you want lower payments put the 5k in an interest bearing account and withdrawal once a month over the period of your loan to make your out of checkbook payment lower.
IMO if you have an interest loan just send in the whole 5k to save yourself the charged interest unless you have no savings.
IMO if you have an interest loan just send in the whole 5k to save yourself the charged interest unless you have no savings.
Team Owner
Joined: Dec 2003
Posts: 57,408
Likes: 164
From: queensbury ny
Nope, not unless you refinance the principal that will be left
Le Mans Master
Joined: Mar 2009
Posts: 6,893
Likes: 1
St. Jude Donor '09-'10-'11
You need to call GMAC and ask them. They may take that payment and apply it towards your next six payments instead of reducing your principal. Only they can tell you.
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Le Mans Master
Joined: Jun 2008
Posts: 8,233
Likes: 411
From: Mt. Sinai NY
Race Director
Joined: Dec 2007
Posts: 19,574
Likes: 167
From: Frederick, MD
Make sure you stress it goes towards the principal, not future payments. They won't lower your payments. If you want to lower your payments in around about way then put the money where it will draw some interest. Take as much money out of your new account as you want to reduce your current source of payment. This unfortunately will depend on your ability to use the money only for that purpose. If you feel that you'll use it otherwise then it is best to just put the $5k down.
Make sure your work has taken taxes out of it already which will be about $1k or so also.
Make sure your work has taken taxes out of it already which will be about $1k or so also.
Melting Slicks
Joined: Oct 2008
Posts: 2,098
Likes: 8
From: Dayton Ohio
Le Mans Master
Joined: Apr 2006
Posts: 5,933
Likes: 13
From: The Beautiful Inland Empire WA.